News
Low interest rates put upward pressure on p&c insurance premiums: S&P
January 24, 2013 by Canadian UnderwriterLow interest rates have increased the risk for insurance companies worldwide but have produced some benefits for property and casualty firms, according to a recent report from ratings agency Standard & Poor’s Financial Services LLC. “For P/C insurers, although investment…
Bermuda market entering 2013 on a strong note
January 24, 2013 by Canadian UnderwriterBermuda reinsurers have entered the year strong, withstanding natural catastrophe losses in 2012 well because of “strong capitalization and favorable risk management,” reports Fitch Ratings. While companies will take a hit to their fourth quarter earnings from 2012, October’s Hurricane…
Updated appraisals key to ensuring artworks are properly insured
January 24, 2013 by Canadian UnderwriterCanadian art owners should be looking into the true value of their collections and make sure they’re properly protected, especially following art losses from Hurricane Sandy, notes a prominent insurer. XL Group’s Fine Art and Specie insurance team suggests that…
Telematics expected to drive auto premiums in future
January 23, 2013 by Angela Stelmakowich, EditorBrigid Murphy, president and CEO of The Dominion, says she can see a time when telematics will be used to determine auto insurance premiums. “This is potentially a game changer from the automobile point of view,” Murphy said on Tuesday…
Auto insurance rates down in Ontario and Alberta, up in Quebec in Q4 2012
January 23, 2013 by Canadian UnderwriterAuto insurance rates in Ontario and Alberta decreased in the fourth quarter of 2012 over the same period the previous year, but increased in Quebec, suggests review from comparison website Kanetix.ca. Comparing rates in Q4 2012 with the same quarter…
Ontario auto reforms produced a switch from accident benefits to tort
January 23, 2013 by Angela Stelmakowich, EditorThe Greater Toronto Area (GTA) remains Ontario’s trouble spot for auto despite the fact that the September 2010 reforms are working well on the accident benefits side, Brigid Murphy, president and CEO of The Dominion, said during a speech on…
Catastrophe losses including Sandy affect Travelers’ fourth-quarter financials
January 23, 2013 by Canadian UnderwriterThe Travelers Companies Inc. of New York released Tuesday its financial results for 2012, recording a 73% year-over-year increase in net income and a 1% increase in revenues. Net income for 2012 was $2.473 billion on revenues of $25.74 billion.…
FSCO warns consumers about insurance scam involving unlicensed person
January 23, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that an individual who goes by the name Sally Brown is not licensed to do insurance business in Ontario. Sally Brown claimed to sell auto insurance on behalf of…
Canadian Underwriter and Swiss Re team up for webinar on Canadian risk landscape
January 22, 2013 by Canadian UnderwriterCanadian Underwriter and Swiss Re have teamed up to host a live webinar, entitled the Changing Canadian Risk Landscape, reflecting on natural hazards throughout the country and what Canada can expect for the future. The free webinar, scheduled for Feb.…
Insurance industry achieves change to provincial building code aimed at limiting damage
January 22, 2013 by Canadian UnderwriterCanadian insurers have successfully lobbied a change to the Ontario Building Code regarding roofing on new homes, after research suggested damage following several Ontario tornadoes could have been minimized by some small changes. The Institute for Catastrophic Loss Reduction (ICLR)…
Majority of U.K. insurance respondents somewhat pessimistic about investment outlook
January 22, 2013 by Canadian UnderwriterInsurance respondents taking part in an investment outlook survey in the United Kingdom were least optimistic about global financial markets in 2013, reports CAMRADATA Analytical Services Limited, an investment information specialist. “It was the insurance respondents who were the gloomiest…
Californians urged to update preparedness plans
January 22, 2013 by Canadian UnderwriterThe recent 19th anniversary of California’s catastrophic Northridge Quake served as an opportunity for state insurance commissioner Dave Jones to remind homeowners and renters, the vast majority of whom do not have earthquake insurance, to beef up preparedness. On Jan.…