Industry
Carriers are slowly introducing supply chain interruption to downstream energy firms such as petroleum refineries, suggests a recent report from Willis Group Holdings plc, but many potential clients are not able to provide enough underwriting information for such coverage. “After a slow start, stand-alone Supply Chain Interruption (SCI) insurance products are gradually being introduced to […]
By Canadian Underwriter | April 17, 2013
2 min read
Claims and premiums for airline insurance were lower in 2012 than in 2011, a recent report from Aon Risk Solutions suggests, while competition will be intense in 2013. Lead hull and liability premiums were US$1.61 billion in 2012, down from US$1.81 billion in 2011, according to the report, titled Airline Insurance: Market Outlook 2013 Rewards […]
By Canadian Underwriter | April 16, 2013
1 min read
New Brunswick’s Office of the Consumer Advocate for Insurance has released its annual report for 2012, reporting that while the auto insurance market in the province has continued to be stable, rising home insurance rates are still an issue. The report, for the fiscal year ending March 31, 2013, says that the average premium for […]
The Insurance Bureau of Canada and the Financial Services Commission of Ontario were among the groups who have made submissions to a provincial legislative committee looking at auto insurance issues. The Standing Committee on General Government first began examining auto insurance last May, but its work was interrupted when the provincial parliament was prorogued. This […]
Mutual insurers are in a strong position to take advantage of changes in the traditional reinsurance market, including a flood of capital, Willis Re said this week. In its recent April 1 renewals report, the global reinsurance broker said that there is currently about $35 billion of capital that has the reinsurance entered the market […]
The competitive arm of Saskatchewan Government Insurance (SGI) witnessed record underwriting profits in 2012, although a current rate increase proposal seeks to replenish the Saskatchewan Auto Fund’s rate stabilization reserve (RSR), which took a hit as a result of poor winter driving conditions. SGI released its financial and operational highlights yesterday when the 2012 annual […]
Auto insurer Allstate has expanded availability of its usage-based insurance tool, dubbed Drivewise, in the United States. The device is now available in 16 states, the company said Monday, after adding availability in Missouri, Indiana, Minnesota,Maryland, Utah, and Washington State. Drivewise, a device that plugs into a vehicle’s on-board diagnostics port, measures elements such as […]
By Canadian Underwriter | April 15, 2013
The Manitoba government is encouraging homeowners in the province to take advantage of a subsidized program to reduce the risk of basement flooding. The Municipal Sewer Backup Subsidy program came into effect in 2011 and is now offered by 22 municipalities and the province provides half of the cost-shared funds. Read more: Manitoba government says […]
ACE Group announced Thursday that it has formed an agriculture property and casualty business, reflecting the integration of two recent acquisitions. Dubbed ACE Agribusiness, the new business is comprised of Penn Millers Insurance Company, which ACE acquired in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service, acquired in 2010. The […]
By Canadian Underwriter | April 12, 2013
Private passenger auto insurers saw marginal net returns in 2012 and 2011 after recovering from a severe loss situation prior to the 2010 auto reforms, Insurance Bureau of Canada (IBC) reports. IBC commissioned J.S. Cheng & Partners Inc. (JSCP) and KPMG to analyze Ontario Private Passenger Automobile Insurance from 2008 to 2012. Both independent firms […]
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