National Bank Insurance recently presented the Quebec Breast Cancer Foundation with a cheque for $36,800. This donation was made possible through the participation of its clients with Truly Me insurance coverage, which protects women if they are diagnosed with any one of the seven most common types of female cancer. For each Truly Me policy [...]
The Alberta Automobile Insurance Rate Board (AIRB) has released its business plan for the three years starting April 1, 2010. In the plan, AIRB Chair Alfred Savage says that the Board’s priorities were developed in the context of the government’s overall business and fiscal plans. The AIRB has identified five goals for the upcoming three [...]
After three consecutive years of increases, basic auto insurance rates will soon fall for some Ontario drivers – but not enough to compensate for the increases of previous years. The provincial regulator announced that rates in the province will decrease an average of one per cent starting this September. The change will affect motorists who [...]
The Risk and Insurance Management Society (RIMS) has released its 2010 RIMS Benchmark Survey which shows that the combined impact of lower insurance costs and lower risk management administrative costs led to a 3.1 percent drop in average total cost of risk (TCOR) per $1,000 of revenue in 2009. Other major conclusions drawn from the [...]
According to Swiss Re’s latest “World insurance in 2009” sigma study, world insurance premium volume fell 1.1% on an inflation-adjusted basis. Life premiums fell 2% while non-life stagnated. Premium growth in the emerging markets slowed but remained positive. The industry’s profitability and capital recovered significantly, but have not yet reached pre-crisis levels. In most countries, [...]
Online insurance quote website Kanetix.ca has released the results of its quarterly review of auto insurance rates in Ontario, Quebec and Alberta. The results varied considerably between provinces when comparing year over year quoted rates in the second quarter of 2010; rates increased by 15.2 per cent in Ontario, fell 8.2 per cent in [...]
Despite a changing and uncertain marketplace, U.S. terrorism insurance take-up rates continued to climb in 2009 as companies of all sizes and across all industries continued to purchase terrorism coverage, according to a report released by Marsh. Sixty-one percent of firms surveyed by Marsh purchased property terrorism insurance in 2009, an increase from 57 [...]
On June 15, 2010, the Alberta Automobile Insurance Rate Board (AIRB) met to discuss premium setting that would come into effect in November. While the Board is set to release its decision on basic coverage by August 1, both IBC and AIRB’s actuary said they support no change to the mandatory basic auto coverage. However, [...]
Manitoba Public Insurance released its 2009 annual report. MPI reported income from annual operations of $86.9 million. Investment income of $96.3 million helped reduce the cost of the average Basic Autopac premium by $103. The Basic plan also surpassed its goals by providing claimants with 86 cents in benefits for every $1 in premium [...]
Manitoba Public Insurance is proposing to decrease auto insurance rates next year, in addition to providing its customers with a $92 million rebate in the spring. In its general insurance rate application filed with the Public Utilities Board, the corporation is proposing an overall average four per cent decrease in premium revenue for the 2011/12 [...]
Oliver Wyman, actuarial consultants for the Alberta Automobile Insurance Rate Board (AIRB), have released their analysis for industry-wide private passenger automobile premium and loss experience in Alberta that will be considered by the Board in deciding on the annual Industry-wide Adjustment to become effective on November 1, 2010. Rates will be set after the AIRB’s [...]
ICBC applied to the British Columbia Utilities Commission (BCUC) to reduce basic insurance rates by an average of 1.9%, effective November 1, 2010. The application for the rate reduction was included in a revenue requirements application that has been filed with the BCUC, which is responsible for regulating basic insurance rates and service in British [...]
Oliver Wyman was contracted by the Superintendent of Insurance for the Province of Nova Scotia to provide actuarial services in regards to possible changes to the Minor Injury Regulations (MIR) that became effective on November 1, 2003 under the "Automobile Insurance Tort Recovery Limitation Regulations." The firm found the following: • The enactment of the [...]
Standard Life Financial says premiums and deposits in Canada grew 15 per cent to $1.3 billion in the first quarter, as investors regained some confidence in their savings. The company, which is Standard Life PLC’s largest operation outside of the United Kingdom, said the increase for the three months ended March 31 compares to $1.1 [...]
IBC has responded to the increase in the cap for minor injuries that was announced in Nova Scotia on April 28. IBC said auto insurance changes announced by the government will add to claims costs, but the effect on premiums won’t be known for some time until consumers and the insurance industry have had time [...]
While the New Brunswick legislature has wrapped up and won’t sit until after the Sept. 27 provincial election, the issue of credit scoring and the use of credit histories for insurance purposes is still a hot topic. Superintendent of Insurance Deborah McQuade has issued a discussion paper that addresses the province’s concerns with credit scoring. [...]
Canada’s budget watchdog says employment insurance premiums may have to go up, and by a lot. The parliamentary budget office estimates that EI premiums paid by workers and employers would have to rise by the maximum allowable limit of 15 cents per $100 of insurable earnings if the fund is return to near balance in [...]
In its quarterly auto insurance rate approvals notice, the Financial Services Commission of Ontario (FSCO) has indicated that auto premiums in that province average an increase of 5.37%, based on the entire market. FSCO said in the first quarter of 2010, for the 97.18% of the market that had rate changes approved, the average rate [...]
On April 13 the U.S. Federal Deposit Insurance Corp. proposed changes to the way it determines how much it charges big banks to insure their deposits, with the aim of having large, higher-risk institutions pay bigger premiums. Large financial institutions “pose unique and concentrated risks” to the deposit insurance fund, something that came to the [...]
