Claims Costs In Auto Lines Trending Upward In Canada

 Thursday, May 31, 2018

 Canadian Underwriter

Federally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator. Net incurred claims costs in the auto line increased 16.4% in 2018 Q1, according to data released by the Office of the Superintendent of Financial Institutions (OSFI). Direct written premiums, in contrast, have remained more or less flat, decreasing by 1% during the first quarter this year compared to the same time last year.