Industry
An environment of dynamic capital growth and ample reinsurance capacity saw pricing stabilize in most regions at Apr. 1 reinsurance renewal, Guy Carpenter & Company notes in a briefing released Wednesday. “Guy Carpenter feels that an accurate understanding of how the market is converging and where the capacity will be deployed is essential to creating […]
By Canadian Underwriter | April 10, 2013
2 min read
Water damage accounts for approximately 40% of all home insurance claims, according to data released Tuesday from Aviva Canada Inc. The average cost of water damage claims rose 117% over 10 years, from $71,92 in 2002 to more than $15,500 in 2012, the insurer says. Aviva Canada paid out more than $111 million in property […]
Fitch Ratings Inc. reported this week that insurance carriers in U.S. commercial lines earned more premiums last year than in 2011, while loss ratios in those lines also dropped year-over-year. On Tuesday, Fitch announced the release of a special report, the U.S. Commercial Lines Market Update, which included a graph depicting aggregate earned premiums in […]
3 min read
Global reinsurer capital totalled a record US$505 billion at the end of 2012, and increase of 11% over the year prior, according to estimates by reinsurance intermediary and capital advisor Aon Benfield. The calculation is a broad measure of capital available for insurers to trade risk with and includes both traditional and non-traditional forms of reinsurance […]
By Canadian Underwriter | April 9, 2013
The Ontario legislative assembly’s Standing Committee on General Government is conducting a study of auto insurance in the province, similar to a review it began last year that was stopped short because of prorogation. The committee will be looking at the insurance industry’s practices and trends, and will develop recommendations for making rates more affordable, […]
1 min read
State Farm Canada has teamed up with Parachute, a charity focused on injury prevention, for a safe driving campaign targeting young drivers. Canadian teens between 16 and 19 are at a higher risk of death per kilometre than all other age groups, State Farm says. There are roughly 13% of licensed drivers in Canada that […]
Archway Insurance, one of the largest independently-owned insurance brokerages in Atlantic Canada has announced that it will purchase Halifax-based SNC Insurance through the acquisition of all its outstanding shares. “The addition of the SNC office dramatically increases our presence in the HRM market,” Archway vice president Michael Stack noted in the announcement. “Archway and SNC […]
The Office of the Superintendent of Financial Services (OSFI) has set out its priorities for this year and through to 2016, touching on the low interest rate environment and monitoring insurance reforms in other jurisdictions. In its Plans and Priorities 2013-2016 document, released April 2, the regulator said that the impact of low interest rates […]
A slight majority of insurance companies in a recent survey associated “big data” with risk, fraud or research initiatives, but most insurers also said the promise of big data is “overblown,” according to a recent report from Celent. The report, titled How Big is Big Data? was based on a survey of 36 business and information […]
The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Royal Insurance Company and Stock Exchange Insurance are not licensed to do insurance business in the province.
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