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Insurance Market Briefing Canada
New rating methodology from A.M. Best expected in Q4
September 8, 2017 Greg Meckbach, Associate EditorA.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm…
‘Persistent low interest rate environment’ among factors affecting Canadian P&C financial performance in 2016: A.M. Best
September 6, 2017 Greg Meckbach, Associate EditorAs the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that a 2.1-point increase in the industry-wide operating ratio in the Canadian property…
Canadian industry underwriting income down 81% in 2016: MSA
April 18, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released…
Combined ratio up 2 points for SCOR
February 22, 2017 by Canadian UnderwriterParis-based reinsurer SCOR SE released Wednesday its latest financial results, reporting a combined ratio of 93.1% in 2016, up 2 points from 91.1% in 2015. The combined ratio in the most recent quarter was 93.3%, up 1.1 points from 92.2%…
Canadian insurers ‘in a tough time for investments,’ A.M. Best analysts warn
November 15, 2016 Greg Meckbach, Associate EditorMergers and acquisitions in the reinsurance sector sometimes involve carriers acquiring managing general agents, while in Canada, M&As have involved insurers trying to “beef up certain parts of their enterprise,” analysts from A.M. Best Company Inc. suggested at a recent…
Impact of June Ontario auto changes ‘will be something to see going forward:’ A.M. Best
November 13, 2016 Greg Meckbach, Associate EditorIt is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios,…
Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn
November 10, 2016 Greg Meckbach, Associate EditorThe insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers…