Topic
Earnings / Ratings
How P&C investment returns will impact carriers in 2024
December 5, 2023 by Alyssa DiSabatinoWhile 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…
Electric truck/bus maker cuts jobs
November 27, 2023 THE CANADIAN PRESSMONTREAL – 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…
Fighting inflation half-heartedly would be ‘huge mistake,’ Bank of Canada warns
November 22, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – 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…
How the M&A environment will affect carriers’ business models
November 17, 2023 by Jason ContantCanadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in…
OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job
October 30, 2023 by David GambrillCanada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is…
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
Why P&C execs predict 2024 will look similar to 2023
October 23, 2023 by David GambrillThanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens…
How this ratings agency views the Canadian MGA market
October 10, 2023 by Jason ContantRatings agency AM Best will likely maintain its positive outlook on the global delegated underwriting authority enterprises (DUAE) market, an executive said Friday during AM Best’s Canada Insurance Market Briefing in Toronto. “On Dec. 5, 2022, we did assign a…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
How Canada’s P&C insurers are faring under IFRS 17
September 21, 2023 by Jason ContantDespite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
No comparison: Industry’s Q2 results under IFRS 17
September 6, 2023 by David GambrillFederally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely…
Weakening economy convinces BoC to hold key rate, but door to more hikes stays open
September 6, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,…