Economical reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%
August 4, 2017 by Canadian UnderwriterEconomical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written…
Intact CEO hopes B.C. is ‘starting to think about introducing more competition’ in auto insurance
August 2, 2017 by Canadian UnderwriterNine days after Insurance Corporation of British Columbia released a report it commissioned to Ernst & Young LLP on reforming auto insurance, the chief executive officer of Intact Financial Corp. suggested it is “better to have a competitive marketplace” in…
Alternate dispute resolution, tripling accident benefits among potential solutions for B.C. auto insurance: EY
July 26, 2017 by Canadian UnderwriterThe process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
Combined ratio down 4.6 points for Everest Re
July 25, 2017 by Canadian UnderwriterEverest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…
Allstate estimates June catastrophe losses at US$335 million
July 24, 2017 by Canadian UnderwriterThe Allstate Corp. announced July 20 it estimates its catastrophe losses for the three months ending June 30 will be $993 million, pre-tax, of which $310 million is from 17 events in June alone. Northbrook, Ill.-based Allstate reported in August,…
Ontario auto rates up 0.76% in Q2: FSCO
July 20, 2017 by Canadian UnderwriterApproved rate increases for auto insurance in Ontario were an average of 0.76% in the second quarter of 2017 for insurers representing slightly more than half the market, the Financial Services Commission of Ontario reported recently. FSCO said that for…
Chubb’s multi-line practice to focus on large transportation clients in U.S. and Canada, help address wide range of risks
July 20, 2017 by Canadian UnderwriterChubb’s newly launched multi-line industry practice will focus on providing insurance products, service and risk management solutions for best-in-class large risk transportation clients in both the United States and Canada. The formalization of the practice, within the insurer’s Major Accounts…
Judicial determination on interpretation of property Cat XOL with reinsurers sought
July 18, 2017 by Angela StelmakowichAlberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess…
Bank of Canada raises interest rate to 0.75% from 0.5%
July 13, 2017 by Canadian UnderwriterThe Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the…
Insurance Analytics Canada Summit speaker explains how brokerage caters to ‘need for speed demographic’
July 3, 2017 Greg Meckbach, Associate EditorThere are “all sorts of insights” that an insurance brokerage can get from customer data, but that data needs to be trustworthy, the head of an online commercial insurance brokerage told attendees at a recent conference. “If you don’t have…
New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution
June 27, 2017 by Canadian UnderwriterNew Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify…
Canadian CEOs view disruption as an opportunity, report disrupting their sectors: KPMG study
June 13, 2017 by Canadian UnderwriterThree-quarters of Canadian CEOs (75%) see disruption as an opportunity for their business, not a threat, and 86% said their business is actively disrupting its sector rather than waiting for disruption by competitors, according to a new survey from audit,…