Industry
Reinsurance pricing has hit a low note. Global conditions continue to put downward pressure on rates, but forces are in place that could foster more effective and efficient response. Will innovation and partnerships both within and outside the industry allow reinsurers to hit a higher note in future?
By Angela Stelmakowich, Editor | July 20, 2017
9 min read
The Supreme Court of Canada announced Thursday it will hear an appeal from the British Columbia government, of a production order, in a lawsuit seeking to recover health care costs from tobacco companies. A B.C. court previously ordered the provincial government – which is suing several tobacco firms – to produce individual health records for […]
By Canadian Underwriter | July 20, 2017
4 min read
Approved 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 filings reviewed between April 1 and June 30, “approved rates increased on average by 0.76% […]
CHURCHILL, Man. – Omnitrax says the flooded-out rail line to Churchill, Man., could be fixed before this winter, but the company won’t be putting up the money to do it. Omnitrax officials said Tuesday the price tag for the repairs would be between $20 million and $60 million and the work would take 60 days, […]
By The Canadian Press | July 19, 2017
2 min read
Manitoba Public Insurance Corporation reported Friday its total earned revenues for the three months ending May 31 increased 3.7% year over year, while bodily injury claims were up $34.5 million year over year. MPI, a crown corporation with a monopoly on compulsory auto insurance in Manitoba, said July 14 that net income was $38.9 million […]
By Canadian Underwriter | July 17, 2017
Trisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has received its Certificate of Authority from the Oklahoma Insurance Department for Trisura Specialty Insurance Company.” […]
By Canadian Underwriter | July 14, 2017
The 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 absorption of excess capacity in the economy,” the Bank of Canada said in a press […]
By Canadian Underwriter | July 13, 2017
3 min read
Risk professionals are no strangers to change. But as technology continues to transform the risk landscape at top speed - sometimes in surprising ways - professionals will need to keep pace to remain current.
By Angela Stelmakowich, Editor | July 12, 2017
6 min read
Drivers in nearly all age groups in the United Kingdom are paying record amounts for their car insurance and could face further increases unless the government takes action to reduce claims costs, the Association of British Insurers (ABI) warned recently. According to new figures from ABI, between 2015 and 2016, all age groups except those […]
By Canadian Underwriter | July 10, 2017
Lindsay, Ont.-based The Commonwell Mutual Insurance Group, a home and auto insurance company, announced on Monday the launch of a new policy designed to protect clients against “home sharing rentals gone wrong” on popular sites like Airbnb, FlipKey and HomeAway. Known as Host Shield Insurance, the policy protects many of the areas where occasional home […]
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