Canadian Underwriter

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Earnings / Ratings


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How the M&A environment will affect carriers’ business models

November 17, 2023 by Jason Contant

Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in

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OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job

October 30, 2023 by David Gambrill

Canada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is

Financial volatility
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Is it time for a new reinsurer to enter the market?

October 25, 2023 by Jason Contant

Canada’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

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Why P&C execs predict 2024 will look similar to 2023

October 23, 2023 by David Gambrill

Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens

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How this ratings agency views the Canadian MGA market

October 10, 2023 by Jason Contant

Ratings agency AM Best will likely maintain its positive outlook on the global delegated underwriting authority enterprises (DUAE) market, an executive said Friday during AM Best’s Canada Insurance Market Briefing in Toronto. “On Dec. 5, 2022, we did assign a

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How well the industry protects policyholders against insolvency

September 22, 2023 by Jason Contant

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

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How Canada’s P&C insurers are faring under IFRS 17

September 21, 2023 by Jason Contant

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

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No comparison: Industry’s Q2 results under IFRS 17

September 6, 2023 by David Gambrill

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

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Weakening economy convinces BoC to hold key rate, but door to more hikes stays open

September 6, 2023 Nojoud Al Mallees - THE CANADIAN PRESS

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,

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Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

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

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How wildfires are affecting some of Canada’s largest P&C insurers

August 22, 2023 by Alyssa DiSabatino

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,

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Aviva Canada CEO’s take on the commercial lines market

August 17, 2023 by David Gambrill

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