Q Quarterly CatIQ CatWATCH. Six Months Slim Pickings. S&P Rating Roundup. Disjointed - A Look at Joint and Several Liability

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1 Q Six Months Slim Pickings Disjointed - A Look at Joint and Several Liability Examining the Threats Posed by Climate Change Quarterly CatIQ CatWATCH S&P Rating Roundup Second Quarter Company Results Released September 2014

2 IQ Canada s Catastrophic Loss Index Provider and Analysis Company Catastrophe Indices and Quantification Inc. Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical, insured loss estimates and meteorological information on Canadian natural and man-made catastrophes. A Smart Decision 2014/2015 CatIQ Advisory Committee: Claudette Cantin, SVP, Client Management and Chief Actuary, Munich Re of Canada Paul Cutbush, SVP, Catastrophe Management, Aon Benfield Analytics Lisa Guglietti, VP, Corporate Actuarial, The Co-operators Jocelyn Laflamme, VP, Ratemaking & Business Solutions, Desjardins General Ins. Group CatIQ offers an extensive range of services and features with an unparalleled degree of estimate precision and data granularity. Differentiating benefits include: Canada s most comprehensive database of Catastrophes and Notable Events 1. Industry loss estimation techniques to improve estimate/index reliability and transparency, line of business granularity, territorial foot printing and market-share coverage scoring. GIS mapping technology to identify catastrophe footprints, meteorological metrics, affected postal codes and other data feeds. Dispersion analytics to provide subscribers with more than just industry-wide point estimates of insured losses. Unrivaled industry support - CatIQ was designed by the industry for the industry and is guided by an eight member industry advisory committee. Overwhelming industry support for CatIQ makes CatIQ Canada s dominant cat data provider. 1 Notable Events (NEs) are designated events that cause insured losses between $10 million and $25 million to the industry. NEs do not meet CatIQ s Cat threshold. Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction (ICLR) Industry Partners Mazdak Moini, VP Commercial Lines & Reinsurance, Aviva Canada Sean Russell, Managing Director, Guy Carpenter Ltd. Eric Steen, EVP, JLT Re, Canada For more information please contact: Joel Baker CEO x21 joel.baker@catiq.com Carolyn Rennie Director, Catastrophic Loss Analysis x28 carolyn.rennie@catiq.com CatIQ Inc.

3 Introduction We are pleased to release the second quarter 2014 MSA Quarterly Outlook Report covering the Canadian P&C industry. Our mission of providing Canada s insurance professionals with unwavering, unbiased analysis of this dynamic industry remains steadfast. We welcome your comments and feedback regarding any aspect of these reports. You are invited to send your messages to msaquarterly@msaresearch.com, or contact the undersigned directly. In this issue, you will find: Six Months 2014 Slim Pickings Disjointed A Look at Joint and Several Liability Examining the Threats Posed by Climate Change Quarterly CatIQ CatWATCH S&P Rating Roundup Second Quarter Company Results For detailed company results login to MSA s Online Researcher Software at

4 The MSA Quarterly Outlook Report is produced by MSA Research Inc., Canada s leading provider of insurance analytics. Our Readers This report is subscribed to by approximately 1,400 industry professionals including most Canadian insurance/reinsurance executives, commercial brokers, retail brokers, adjusters, regulators, associations, auditors, analysts & TPA s. All TIC member brokers courtesy of Lloyd s. All RCCAQ member brokerages in Quebec courtesy of Aviva Canada Interested in sponsoring these reports to other broker associations or industry groups? If so, please contact us. Subscription information can be found on the outside back cover. Sincerely, Joel Baker, President and CEO, MSA Research Inc. and The National Insurance Conference of Canada joel.baker@msaresearch.com 2014 by MSA Research Inc. All rights reserved. No part of this report shall be reproduced or redistributed without prior written consent of the copyright holders. Information contained in this report is deemed to be trustworthy; however, MSA Research Inc. does not guarantee its accuracy. No representations or warranties are provided as to the completeness or accuracy of the information presented here. If you are aware of any errors or inaccuracies, you are encouraged to notify any of the contributors so that problems can be rectified. Printed in Canada ISSN

5 MSA Quarterly Outlook Report Q Abstract

6 NICC Advisory Committee Members 2015 Joel Baker, MSA Research Inc. Save the Date September 30 - October Tim Bzowey Head, Home & Auto Insurance RBC Insurance Donald Callahan Guy Carpenter & Company Ltd. Tim Fisher SVP, Canadian Branch Director XL Reinsurance America, Canada Don Forgeron IBC Karen Gavan Economical Insurance Group Brian Gilbert, MIG Insurance Group Inc., representing IBAC Peter Hohman Insurance Institute of Canada Bob McLean Chairman & CEO, Aon Benfield Canada Sean Murphy President, Lloyd`s Canada Rob Seal Cunningham Lindsey Canada Ltd. Future NICC s Sept 28-30, 2016 The Westin Bayshore Vancouver, BC Sept 23-25, 2017 Hilton Québec Québec, QC Le Centre Sheraton Montréal, Montréal, QC For updates please visit: Sept 25-28, 2018 Hilton Lac-Leamy Gatineau, QC NICC 2015 M.C., Amanda Lang CBC News 2014 by the National Insurance Conference of Canada, a division of MSA Research Inc.

7 2014 Price List To order, please complete the form below and return it to: MSA Research Inc. via mail or courier. Alternatively you can fax it to: MSA Researcher P&C Software Each license includes: One copy of the MSA Report, One copy of the MSA Benchmark Report, and One copy of the MSA Market Share Report. First License $3799 Each Additional license $2449 Corporate Site License - Includes: Up to 25 users within corporate group Administrative web controls. Users and Super-Users* Open databases w/underlying data Ten copies of The MSA Report, Ten copies of the MSA Benchmark Report, Two copies of the MSA Market Share Report, Thirty subscriptions to the quarterly MSA Quarterly Outlook Reports Historical Site License w/ data going back to Includes: Up to 25 users within corporate group Administrative web controls. Users and Super-Users* Open MS-Access databases w/underlying data Ten copies of the MSA Report, Ten copies of the MSA Benchmark Report, Five copies of the MSA Market Share Report, Thirty subscriptions to the quarterly MSA Quarterly Outlook Reports Call Call MSA Report First Copy $499 Additional Copies $199 MSA Benchmark Report First Copy $299 Additional Copies $199 MSA Market Share Report First Copy $399 Additional Copies $199 Annual subscription to the MSA Quarterly Outlook Report, P&C Canadian insurers and groups with over $1billion in NPW Thirty Copies $1500 Canadian insurers and groups with $750 million-$1b in NPW Fifteen Copies $1000 Canadian insurers and groups with $500 million-$750m in NPW Five Copies $599 All others (1st copy) $299 Additional copies (same location) $150 ea. Need more than 30 copies? Call us for pricing. MSA Researcher Life/Health/Fraternal Software Ten years of data + quarterly updates Licenses (each) $2295 Corporate Site License Call Historical Site License Call w/ data going back to 1996 All prices in Canadian dollars. Prices subject to tax where applicable. Recognized educational institutions, deduct 25%. Ontario/NB/NFLD orders add 13% HST Prince Edward Island orders add 14% HST Nova Scotia orders add 15% HST Quebec orders add 9.975% QST British Columbia orders add 7% PST Outside Canada add S+H (CAD) $100 Items Quantity (CAD) SUBTOTAL All other Canadian orders add 5% GST TOTAL (CAD) (GST/HST Reg #R ) (QST#: ) (BC PST #: PST ) Name Company Address City Postal/Zip Code Payment Method (Check One) Title Phone Fax Prov/State Country Cheque or money order Cheques must be payable to MSA Research Inc. All non-canadian or non-us cheques must be drawn on a Canadian bank. Alternatively, payment should be made by credit-card or wire transfer. Visa Mastercard Amex Number: Expiration Date: Name on Card: Signature: Address of card holder: Bill me (subject to credit approval). 133 Richmond St. W., Suite 401, Toronto, ON, Canada M5H 2L3. T , F , info@msaresearch.com, web: msaresearch.com Definitive insurance information for intelligent business decisions.