Canadian Underwriter

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Reinsurance


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News BrokersCatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsurance

What kind of retentions insurers took on during reinsurance renewals

April 24, 2023 by David Gambrill

Although pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been

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News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why consumers may feel the impact of higher reinsurance costs for insurers

April 19, 2023 by David Gambrill

Canada’s primary insurers will need to run at sustained combined operating ratios of 95% or lower in the future in order to withstand future NatCat losses (and the cost of reinsuring them), without having to pass costs on to consumers,

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News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

2 reasons why Canadian P&C industry’s hard market may linger

April 18, 2023 by David Gambrill

Coming out of the pandemic, the global economic environment still contains two ingredients for ongoing hard market conditions in Canada’s P&C insurance sector — high inflation, and a lack of global reinsurance capacity. “If you look at the picture behind

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News Commercial LinesInsuranceMarkets / CoveragesReinsurance

2022 financials: Industry barely keeping pace with inflation

April 12, 2023 by Alyssa DiSabatino

Editor’s Note: This updated version of the article corrects the industry’s net investment income from -$61,400 to -$61.4 million. And $1.1 million OCI has been updated to $1.1 billion. Canadian Underwriter apologizes for the errors.   A combined ratio of

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News Commercial LinesInsuranceReinsurance

What we can expect from future reinsurance renewals

April 11, 2023 by Alyssa DiSabatino

The economic parameters that marked a tough reinsurance cycle in 2023 won’t be going anywhere in the next year, experts predict in a Canadian Underwriter webinar.   However, the extreme rate increases that insurers saw this year won’t be sustainable

News CatastrophesClaimsInsuranceReinsurance

What’s driving Canadian insurers’ reinsurance rates?

April 6, 2023 by Alyssa DiSabatino

An exceedingly tough reinsurance cycle saw insurers quoted double digit rate increases upon the Jan. 1 2023 renewal. Some portfolios without a significant loss history saw increases of 25% to 30%, while other portfolios with losses saw their reinsurance rate

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News Earnings / RatingsInsuranceReinsurance

How the reinsurance sector netted out after renewals

March 23, 2023 by David Gambrill

Inflation took a small bite of out of global reinsurers’ generally profitable combined ratios, and rising interest rates made a 27% dent in the reinsurers’ shareholder equity, but overall the global reinsurance sector came out of 2022 in decent shape,

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News Earnings / RatingsInsurance

Munich Re’s global growth target in 2023

February 27, 2023 by Alyssa DiSabatino

Munich Re is aiming for a profit of 4 billion euros (Cdn$5.8 billion) in 2023. The global reinsurer posted a profit of 3.4 billion euros (approximately Cdn$4.9 billion) in 2022. Its gross premiums written amount to 67 million euros (Cdn$96.5

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News BrokersCommercial LinesInsuranceMarkets / Coverages

Will cyber bonds help reinsurers transfer risk?

February 3, 2023 Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said

Profitability trending toward positive
News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why P&C industry profitability is trending toward positive

January 23, 2023 by Jason Contant

Canada’s property and casualty insurers should see increased overall profitability and premium rate increases as the industry’s 2023 outlook trends to positive, ratings firm DBRS Morningstar said in a new report. “The credit rating trend for the majority of DBRS

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News CatastrophesClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesReinsurance

What’s driving reinsurer underwriting margins in 2023?

January 16, 2023 Philip Porado

Underwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal

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News BrokersCatastrophesCommercial LinesInsuranceReinsurance

What do January reinsurance renewals have in store for property insurers?

December 5, 2022 by Alyssa DiSabatino

With January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd.  Catastrophic losses are making leading property insurers selective about the amount