Aviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines. The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up…
Aviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
Insurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.…
As the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran…
Broker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal…
In the 1942 classic film Casablanca, Ilsa Lund, played by Ingrid Bergman, urges the piano player Sam to play the song “As time goes by.” It’s a favourite tune she shares with the lead man in the film, Rick Blaine,…
As the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing…
Canada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there…
OTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing…
While repricing risk has no doubt helped P&C insurers improve profitability, investment returns driven by a higher interest rate environment are increasing insurers’ profits globally, a new Swiss Re sigma report shows. And yet, most carriers will not earn their…
MONTREAL – The Lion Electric Co. says it is cutting 150 jobs or about 10% of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives. Lion Electric chief executive and founder…
OTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation…