Industry
FitchRatings expects the U.S. property and casualty industry to experience higher underwriting losses and below average returns on capital in 2010.The agency’s outlook on the industry remains negative. The negative rating outlook on the industry implies that downgrade actions are likely to outpace upgrades within the property and casualty sector going into 2010, although the […]
By Canadian Underwriter | December 9, 2009
1 min read
It may be a few years before the insurance industry sees a return to relative stability and certainty, according to PricewaterhouseCoopers LLP (PWC). This will occur as the industry reacts to the effects of regulatory reform, increased government intervention and potential tax law changes in the aftermath of the financial crisis, according to a PWC […]
By Canadian Underwriter | December 8, 2009
The composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online index ‘Market Barometre.’“If all of the mega-brokers start acquiring independent retail agencies, they could easily […]
2 min read
The lowest rate of car crashes in Ontario is in St. Thomas, according to an Ontario Safe Driving Study conducted by Allstate Insurance Company of Canada. The highest crash rates by community went to Thornhill, Ajax, Maple, Brampton and Bolton. Communities in the Greater Toronto Area have collision rates more than twice as high as […]
Twenty-five per cent of students surveyed by the Centre for Addiction and Mental Health reported being a passenger in a car driven by a drunk driver, and 17% said they drive after smoking cannabis. These survey statistics are part of a new French-language campaign in Quebec called ‘Fini,’ launched by MADD Canada and Allstate Insurance […]
By Canadian Underwriter | December 7, 2009
The Autorité des marchés financiers (AMF) has launched a program to audit compliance with the use of the Fichier central des sinistres automobiles (FCSA), an automobile claims database. The new program will come into effect on Jan. 1, 2010. Established in 1990, the FCSA contains information on all automobile insurance claims made by Québec drivers […]
Most vehicle owners in Manitoba will pay the same or less for auto insurance in 2010-11, Manitoba Public Insurance has announced. For 11 out of the last 12 years, MPI has held the line on basic Autopac rates, as approved by the Public Utilities Board (PUB). The approved rate application for 2010-11 means 333,290 passenger […]
Canadian property and casualty insurers reported a 24.7% drop in net income in the first half of 2009, to Cdn$1.1 billion, reported Swiss Re in its Canadian Property and Casualty Quarterly.Direct premiums written growth slowed to 1.4% in 2009 H1, down from 2.3% in the same period of 2008. Property premiums grew 3.8% during the […]
By Canadian Underwriter | December 4, 2009
The Toronto Financial Services Working Group (TFSWG) has recommended the establishment of a global institute for integrative risk management as part of a four-pillar strategy for turning the Toronto region into one of North America’s top five to seven financial centres.Commissioned by the TFSWG, The Boston Consulting Group published its Toronto Region Financial Services Strategy […]
B.C. public insurer ICBC has teamed up with Vancouver police and B.C.’s solicitor general to launch the annual holiday Drinking and Driving CounterAttack campaign.The campaign will use automated licence plate recognition technology, alcohol screening devices and road checks to catch and charge impaired drivers. PPG’s MVP Business Solutions team announced its Green Belt training schedule […]
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