Segment
P&C Companies
How Aviva Canada fared in 2023
March 7, 2024 by Jason ContantAviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
How auto theft, inflation and vehicle complexity boost claims costs
March 6, 2024 Philip PoradoLate last year, Toronto’s police department wrapped an auto theft intervention, codenamed Project Stallion, that recovered 1,080 vehicles stolen citywide with a combined value of $59 million. That works out to just shy of $55,000 per vehicle. Auto theft is…
FSRA’s plans for auto coverage regulation
March 5, 2024 Philip PoradoOntario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA…
Biggest barriers to selling cyber policies
March 1, 2024 David GambrillProduct complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…
Why complex cars create costly problems
February 28, 2024 Philip PoradoAn acute shortage of semiconductors is a big contributor to rising auto claims costs for auto insurers. “That’s had a significant impact in certain types of cars,” says Paul Gilbody, president of ClaimsPro Canada. “A huge amount of electronics now…
Pricing still affects brokers’ ability to sell cyber
February 27, 2024 David GambrillTo the surprise of no one in the broker channel, the ongoing hard market in cyber still plays a significant role in why clients decline to buy coverage. About 40% of brokers responding to a recent CU survey selected ‘Price…
Here’s what creates risks for hospitality providers in 2024
February 26, 2024 Philip PoradoAs Canada eases out of the COVID-19 pandemic, the country’s restaurateurs, hoteliers, and event venue operators face a multitude of risks. Changes over the past four years have hospitality providers swimming in a toxic soup of pandemic-stunted social habits, inflation-dented…
Employees may dig their heels in on hybrid work
February 22, 2024 Alyssa Di SabatinoWorking five days a week in an insurance office is a thing of the past, industry experts are saying. But P&C industry leaders are still debating whether client experience, workplace culture, and productivity gels with a hybrid work model. “Within…
Managing insurer concerns about knob-and-tube wiring
February 21, 2024 Brian Cook, PowerCheckMost insurers see homes with knob-and-tube wiring, aluminum wiring, and 60-amp service as high-risk, which prevents clients with those systems from easily obtaining home insurance. But are wiring types and service levels really the culprits causing fires? I’ve examined electrical…
Co-operators acquires home inspection firm
February 16, 2024 by Jason ContantThe Co-operators has entered the home services line of business with the acquisition of the parent company of home inspection firm Carson Dunlop & Associates Ltd. Co-operators Financial Services Limited, a wholly-owned subsidiary of The Co-operators Group Limited, announced the…
Why D&O price cuts may not be justified
February 15, 2024 David GambrillSofter market conditions reported in some professional liability lines are premature and unjustified, a global reinsurer told September’s National Insurance Conference of Canada (NICC) in Montreal. The NICC reinsurance panel followed a presentation on the global economy by Swiss Re’s…
Why you need to know the limits of your underwriting models
February 13, 2024 by Jason ContantVendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data…