Topic
Earnings / Ratings
Why secondary perils are of primary concern to insurers
August 25, 2023 by David GambrillSo-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…
How wildfires are affecting some of Canada’s largest P&C insurers
August 22, 2023 by Alyssa DiSabatinoDespite 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,…
Aviva Canada CEO’s take on the commercial lines market
August 17, 2023 by David GambrillCanada’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 first-half experience in personal lines
August 16, 2023 by David GambrillAviva 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…
How Intact CEO views the M&A landscape
August 11, 2023 by Jason ContantM&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…
How reinsurers fared in Canada last year
July 26, 2023 by David GambrillLloyd’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…
Will markets soften after 2022’s strong performance?
July 14, 2023 Glenn McGillivrayFor 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…
Reserve uncertainty could sustain hard market: Swiss Re
June 26, 2023 by David GambrillOngoing 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…
How Canadian P&C insurers look in 2023 Q1 (the IFRS 17 Remix)
June 21, 2023 by David GambrillCanada’s solvency regulator released the property and casualty insurance industry’s first-quarter financial results for 2023, and under IFRS 17 reporting standards, the results look – er, different. Gone are the industry’s familiar financial metrics and key performance indicators (KPIs), such…
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,…
What’s behind Aviva Canada’s 2023 Q1 growth
June 12, 2023 by David GambrillAviva Canada grew its overall property and casualty gross written premiums (GWP) by 9% in 2023 Q1, largely on the strength of rate increases, a benign catastrophe season, and despite the fact claims frequency is increasing to pre-pandemic levels. In…
Bank of Canada raises key interest rate amid stubbornly high inflation
June 7, 2023 The Canadian PressOTTAWA – The Bank of Canada announced a quarter-percentage point rate hike Wednesday, the first interest rate increase since January, as high inflation persists. Its key interest rate now sits at 4.75 per cent, the highest it’s been since 2001.…