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News InsuranceLegislation / Regulation

Public insurer proposes major shake-up to auto insurance rating model

August 9, 2018 by David Gambrill

The Insurance Corporation of B.C. is proposing a significant shake-up of its auto insurance rating system, introducing a “fair rate” system that would have higher-risk drivers paying higher premiums than lower-risk drivers. “We want to make Basic insurance premiums more

News InsuranceMarkets / CoveragesProfessional DevelopmentTechnology

Incremental disruption in insurance industry “like death by a thousand cuts”: Insurance Analytics Canada speaker

June 30, 2017 Jason Contant, Online Editor

The insurance industry has been very incremental in dealing with disruption and needs a drastic shift from historical analysis to predictive, future risk models, a speaker suggested on Wednesday at the Insurance Analytics Canada Summit. “You cannot disrupt with incrementalism,”

News InsuranceMarkets / Coverages

U.S. insurance broker profitability to persist in 2017, be supplemented by organic revenue growth: Fitch

December 2, 2016 by Canadian Underwriter

Fitch Ratings expects insurance broker earnings and revenue south of the border to likely to modestly improve in 2017 compared to the first nine months of 2016. “In 2017, Fitch expects brokers will continue to supplement organic revenue growth through

News CatastrophesInsuranceMergers and Aqcuisitions

Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide

November 18, 2016 by Canadian Underwriter

The largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property

News CatastrophesInsuranceMergers and Aqcuisitions

Hurricane Matthew damage significant, but manageable, for U.S. insurers: A.M. Best

October 18, 2016 by Canadian Underwriter

Most insurance carriers rated by A.M. Best have sufficient capital and appropriate reinsurance programs to effectively absorb Hurricane Matthew losses, notes a new briefing from the rating agency. That being the case, A.M. Best reports it does not anticipate a

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

Verisk Insurance Solutions expands FireLine to Western Canada

May 26, 2016 by Canadian Underwriter

Verisk Insurance Solutions announced on Thursday that it is expanding its FireLine wildfire risk management service to include the provinces of Alberta and British Columbia. FireLine, which is well-established in the western United States, enables property-specific assessment of wildfire risk

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and Aqcuisitions

Fort McMurray wildfire could hurt 2016 Q2 results for some Canadian p&c insurers, companies offering help

May 9, 2016 by Angela Stelmakowich

Credit rating agency Moody’s does not anticipate the massive wildfire in and around Fort McMurray will be a credit event for Canada’s property and casualty industry, but is likely to have an impact on 2016 Q2 results for property insurers.