Canadian Underwriter

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Earnings / Ratings

Discussing financial results
News ClaimsClaims CanadaEarnings / RatingsInsuranceMarkets / CoveragesTechnology

How Aviva Canada is handling personal lines’ pressures

March 8, 2024 by Jason Contant

Aviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines.  The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up

Aviva Canada's 2023 financial results
News CatastrophesClaimsClaims CanadaCommercial LinesEarnings / RatingsInsuranceMarkets / Coverages

How Aviva Canada fared in 2023

March 7, 2024 by Jason Contant

Aviva 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

Looking at accounting results
News Earnings / RatingsInsuranceLegislation / Regulation

How to reconcile financial results pre- and post-IFRS 17

January 24, 2024 by Jason Contant

Insurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.

Autumn background with falling maple leaves.
News CatastrophesEarnings / RatingsInsurance

The rise and fall of the P&C industry’s financial results

January 22, 2024 by David Gambrill

As the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran

Signing a new contract
News BrokersEarnings / Ratings

Why broker commissions are going down

January 3, 2024 by David Gambrill

Broker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal

fortunetelling 2024 with a golden crystal ball in a hand, festive atmosphere for happy new year party or award ceremony or other holiday celebrations, 3d illustration
News BrokersCatastrophesClaimsEarnings / RatingsInsurance

Introducing our 2024 Executive Outlook series

December 19, 2023 by David Gambrill

In the 1942 classic film Casablanca, Ilsa Lund, played by Ingrid Bergman, urges the piano player Sam to play the song “As time goes by.” It’s a favourite tune she shares with the lead man in the film, Rick Blaine,

Magnifying glass with documents
News CatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceLegislation / Regulation

Why you can expect more insurance regulation next year

December 11, 2023 by David Gambrill

As the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing

Seismograph Recording an Earthquake Activity on Grid Paper
News CatastrophesClaimsEarnings / RatingsInsuranceRisk

Where the feds stand with an earthquake backstop

December 7, 2023 by David Gambrill

Canada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there

The Bank of Canada building in Ottawa
News Earnings / RatingsInsurance

Bank of Canada holds its key interest rate steady at 5% in final decision of 2023

December 7, 2023 The Canadian Press

OTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing

Financial volatility
News Earnings / RatingsInsurance

How P&C investment returns will impact carriers in 2024

December 5, 2023 by Alyssa DiSabatino

While repricing risk has no doubt helped P&C insurers improve profitability, investment returns driven by a higher interest rate environment are increasing insurers’ profits globally, a new Swiss Re sigma report shows.  And yet, most carriers will not earn their

Row of electric semi trucks at charging stations
News AnnouncementsCommercial LinesEarnings / RatingsEmploymentInsuranceTechnology

Electric truck/bus maker cuts jobs

November 27, 2023 THE CANADIAN PRESS

MONTREAL – The Lion Electric Co. says it is cutting 150 jobs or about 10% of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives. Lion Electric chief executive and founder

Declining interest rates
News Earnings / RatingsInsuranceMarkets / Coverages

Fighting inflation half-heartedly would be ‘huge mistake,’ Bank of Canada warns

November 22, 2023 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation