Industry
Commercial insurance prices remained flat during 2009 Q4, reports Towers Watson’s Commercial Lines Insurance Pricing Survey.The survey compared prices charged on policies underwritten by 36 participating insurance companies during 2009 Q4 to the prices charged for the same coverage during the same quarter in 2008.“This latest data points to a stabilization of the soft market […]
By Canadian Underwriter | March 19, 2010
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More than half (51%) of the 216 insurance companies reporting 2009 year-end data to MSA Research posted an underwriting income for the year.Eighty-eight of the 216 companies reported a combined ratio of 100% or more. MSA Research has posted a summary of the 2009 year-end results on its Web site (www.msaresearch.com). The summary represents about […]
By Canadian Underwriter | March 18, 2010
The Registered Insurance Brokers of Ontario (RIBO), a self-regulating body for the province’s brokers, will be preparing best practices for its membership to help brokers understand their obligations toward clients with respect to the auto reforms.In its spring bulletin, RIBO also encouraged members to participate in the Insurance Brokers Association of Ontario (IBAO)’s province-wide ‘road […]
Underwriting profits for the US property and casualty insurers were modestly better in 2009, reports FitchRatings. The modest improvement was due to the combined impact of unusually light catastrophe losses and favourable loss reserves, according to Fitch’s Property/Casualty Insurers’ Year-End 2009 Review.The group of insurers in the ‘Fitch universe’ reported an overall combined ratio of […]
Fitch Ratings downgraded 74 companies in the insurance sector — 39.2% of sector ratings — in 2009.Conversely, zero companies were upgraded, Fitch Ratings Global Corporate Finance 2008 Transition and Default Study reports. “The global recession, severe in breadth and depth, affected nearly every corner of the credit markets in 2009,” the study reported. “No sector […]
The Financial Services Commission of Ontario (FSCO) has released its new requirements for its ‘Certificate of Automobile Insurance’ form to reflect the government’s reforms.The new certificate must be used for all policies that are issued or renewed on or after Sept. 1, 2010 (the effective date of the reforms).Insurers can choose to either use a […]
By Canadian Underwriter | March 17, 2010
A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the subsidiaries of The Co-operators Group Limited (The Co-operators). The FSR of A- (Excellent) have been affirmed for Co-Operators General Insurance Company.The outlook for the ratings is stable, A.M. Best reports. “The ratings of Co-operators General are reflective of […]
A new pilot program in Saskatoon, Report Impaired Drivers (RID), encourages residents to call 9-1-1 to report suspected impaired drivers to the police. “Drinking and driving continues to be the number one contributing factor in fatal collisions in Saskatchewan,” June Draude, the minister responsible for SGI, said. “RID promotes the public’s assistance in reporting impaired […]
A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and issuer credit ratings (ICR) of “aa+” of the Chubb Group of Insurance Companies (Chubb Group) and its property/casualty members. The outlook for all ratings is stable, A.M. Best reports. “The ratings reflect Chubb Group’s superior risk-adjusted capitalization, excellent underwriting and overall […]
Three major aviation loss events cost the market roughly $1.2 billion in 2009, according to a GC Capitals report. The first major loss saw 49 people die when a Bombardier Dash 8 crashed while heading into Buffalo Niagara International Airport in February. On June 1, one of the largest losses in the aviation market occurred […]
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