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KPMG
KPMG buys insurance claims practice
February 2, 2024 by Jason ContantProfessional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of…
Is your board looking at their own diversity?
December 5, 2023 by Jason ContantIt’s no longer sufficient for insurance industry board members to talk about diversity across the organization — boards need to actively look at their own diversity and address any gaps, KPMG suggested in a recent thought leadership piece. “To build…
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…
How insurers are handling IFRS 17 reporting requirements
May 23, 2023 by Jason ContantThis is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we…
How your commercial clients are faring with fraud prevention
March 2, 2023 by Jason ContantThree-quarters of small and medium-sized enterprises (SME) in Canada experienced fraud within the past year, even though nearly nine in 10 reported having a fraud prevention and response program in place, according to a new survey from KPMG in Canada.…
Is cyber insurance underwriting headed in the right direction?
November 29, 2022 by Jason ContantNew exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
The spreading tentacles of staged collision operations
November 22, 2022 by Jason ContantStaged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent…
Small businesses bullish on future growth despite recession concerns: KPMG survey
October 17, 2022 by Jason ContantTORONTO – A new KPMG survey has found Canada’s small and medium-sized businesses are banking on strong growth in the next three years, even as a possible economic downturn remains top of mind in the near term. The survey of…
These three business models will dominate large commercial insurers
August 4, 2022 by Alyssa DiSabatinoBusiness changes rapidly, and not all business models can weather the storm — but three models will dominate the future large commercial insurance (LCI) market, KPMG said in a new report. The three models — named the agile global player,…
Why pressure could mount for large commercial insurers
August 3, 2022 by Alyssa DiSabatinoA more assertive regulatory landscape may prove concerning for large commercial insurers (LCI) in the near future, especially those with multinational clients, a survey from KPMG suggested. Evolving client and broker expectations, economic uncertainty, technological evolution and environmental, social and…
Consumers increasingly concerned with EV insurance
July 28, 2022 by Alyssa DiSabatinoCanadians 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…
What’s on Insurance Bureau of Canada’s agenda?
November 23, 2021 by Jason ContantDigitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to…