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…
What’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…
One of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For…
Back in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
Unions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter. Standard policies typically exclude important coverages for unions,…
Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
Canadians are becoming increasingly interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice. Seventy-seven per cent…
During Danish Yusuf’s morning routine, his work phone rarely rings and seldom is there an appointment with his Toronto insurance company staff. The lack of disruptions is no coincidence. Yusuf instructed staff not to plan meetings or send electronic communications…
An Ontario court has ordered Sovereign General to pay $187,313 to cover the legal costs of former Ontario Progressive Conservative Party leader Patrick Brown, who personally incurred the expenses while defending a defamation lawsuit arising from the publication of his…
What the P&C industry promises to itself and Canadians over the next year
Martin Thompson, President, CEO, RSA Canada Disciplined underwriting is the anchor that the P&C industry needs right now. The insurance industry is currently experiencing some pain. Investment returns have been following a general downtrend over the last two decades, from…
Alberta is reviewing auto insurance in the province to ensure that the industry can remain viable and drivers can get affordable coverage. Finance Minister Travis Toews says Albertans are paying some of the highest rates in Canada but are having…