Keyword
Reinsurance
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…
What P&C execs predict for 2024 reinsurance rates
October 24, 2023 by David GambrillCanada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of…
Reinsurers examining alternative ways to insure cyber
October 6, 2023 by David GambrillCyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for…
Reinsurance in Canada unlikely to cost less in 2024
August 24, 2023 by David GambrillIf Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years…
AXA XL names country manager for Canada
August 23, 2023 by David GambrillAXA XL has named Glen Hopkinson the new country manager for Canada. Removing the ‘interim’ tag from his title, the company said Monday that Hopkinson will lead AXA XL’s insurance operations in the country, effective immediately. “Glen’s extensive insurance expertise,…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 Alyssa Di SabatinoNew risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
How reinsurers fared in Canada last year
July 26, 2023 by David GambrillLloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada. Composed of 22 reinsurers that write business in…
What the math says about P&C return rates
July 24, 2023 Alyssa Di SabatinoWhat’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,…
Can insurers and reinsurers survive looming NatCat trends?
July 21, 2023 Glenn McGillivrayOne 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…
Will reinsurers pass rate increases to consumers?
July 20, 2023 Alyssa Di SabatinoReinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have…
How new sources of capital are changing (re)insurance
July 18, 2023 Glenn McGillivrayBack 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…
What’s keeping reinsurance renewals steady?
July 6, 2023 Philip PoradoIn the lead-up to the July 1 reinsurance renewals, both the pricing and structural market dynamics that defined the Jan. 1, 2023 renewal period held steady, said Gallagher Re’s most recent 1st View renewals report. During the July 1 renewals,…