New regulations will likely force mortgage insurers to hike premiums for homeowners by an average of 15 per cent next year, says the head of Canada’s largest private-sector mortgage insurer.
“The industry needs to revisit premium rates because, in the absence of that, the returns on the business we start writing will be single-digit,” Stuart Levings, CEO of Genworth MI Canada Inc., said in an interview. “And no business is going to write single-digit-return mortgage insurance.”
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