Canada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
Federally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely…
OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,…
So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or…
Despite facing a heavy loss year and an unusually active wildfire season, four of Canada’s publicly traded P&C companies — Intact Financial Corporation, Fairfax Financial Holdings, Definity Financial Corporation and Trisura Group Ltd. — reported positive underwriting profits thus far,…
Canada’s commercial lines market is starting to become more competitive in certain segments after a few years of a hard market during the post-COVID period, Aviva Canada’s CEO observes. But future economic uncertainty suggests insurers aren’t yet ready to plunge…
Aviva Canada’s 2023 half-year results in personal lines are a mixed bag, with strong results on the personal property side, but the insurer is taking initiative to shore up its personal auto results. Overall, the company reported half-year growth of…
M&A transactions involving large-value brokerage deals do not reflect a trend and likely aren’t sustainable, Intact Financial Corporation CEO Charles Brindamour suggested during a recent earnings call. “If I go towards distribution, which are smaller transactions, I think we’ve seen…
Lloyd’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…
For 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may…
Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing…