Industry
A.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm analyzes insurance providers, a company senior director suggested Wednesday in Toronto. Oldwick, N.J.-based A.M. Best […]
By Jason Contant | September 8, 2017
3 min read
The auto personal accident loss ratio in Canada “remains a concern,” with Canadian auto insurers being affected by distracted driving and rising repair costs, A.M. Best Company Inc. suggested in a recent report. In 2016, ratings firm A.M. Best said in a report on the Canadian market that auto personal accident lines results “are of […]
By Canadian Underwriter | September 5, 2017
OTTAWA – The economy’s surprisingly powerful second-quarter performance is pushing forecasters to change their outlooks – starting with predictions for Wednesday’s central bank rate announcement. Fresh data released last week showed the economy expanded at an annual pace of 4.5 per cent between April and June – which followed an impressive jolt of 3.7 per […]
By Jason Contant | September 5, 2017
1 min read
While Economical Insurance plans to submit next year a conversion proposal outlining a proposal to demutualize, if a smaller mutual property and casualty insurer were to go through the same process as Economical, it “may not realize the benefits when all practicalities are considered,” A.M. Best Company Inc. suggested in a report released Thursday. Economical […]
By Canadian Underwriter | September 1, 2017
There is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian commercial P&C deteriorated 14.3 points in 2016, A.M. Best Company Inc. suggested in a report […]
Jeremy Harrison, a candidate for the leadership of the Saskatchewan Party and MLA for Meadow Lake, said on Tuesday that he would roll back the charging of provincial sales tax (PST) to insurance products as announced recently as part of Budget 2017. “Part of the role of government is to encourage responsible behaviour – be […]
By Canadian Underwriter | August 30, 2017
2 min read
The property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%...
By Canadian Underwriter | August 29, 2017
More than four months after the release of David Marshall’s report on auto insurance, Insurance Bureau of Canada’s president and chief executive officer is hoping Ontario’s brokers will “add their voice” to calls from the industry to “fundamentally overhaul” auto insurance regulation in the province. The Marshall report “is an excellent precis of what is […]
By Jason Contant | August 25, 2017
4 min read
Outsourcing looks poised to become even more popular for many organizations in many different sectors. Arguments for its use seem to be rightly moving down the well-trodden path of cost reduction to a place where quality, performance and — likely most important — customer service is the main focus. But what risks can moving out potentially bring in?
By Angela Stelmakowich, Editor | August 24, 2017
11 min read
OTTAWA – Inflation picked up its pace last month for the first time since January as the annualized rate accelerated to 1.2 per cent, Statistics Canada said Friday. The latest inflation number increased from its June reading of one per cent, which had represented the data point’s lowest mark in almost two years. The higher […]
By Jason Contant | August 18, 2017
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