Canadian Underwriter

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2018 Outlook: Ulrich Kadow, Chief Agent of Canada, Allianz Global Corporate & Specialty Americas

December 29, 2017 Ulrich Kadow

Across all markets, including Canada, pricing levels are generally at historic lows, which in many cases are well below technical pricing recommendations. Globally, recent natural catastrophes have highlighted the increasing frequency and potential severity of major events, potentially leading to

News Earnings / RatingsInsuranceMarkets / Coverages

Politicians at odds with industry over territorial rating

December 18, 2017 by Canadian Underwriter

Using postal codes to determine auto insurance rates could come to an end if the Progressive Conservatives win the next Ontario election. “Geographic discrimination should be eliminated while not raising rates on other parts of the province,” a spokesperson for

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Catastrophes likely to have “muted” effect on Canadian reinsurance pricing

December 4, 2017 Jason Contant, Online Editor

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Will nat cats increase product pricing in Canada?

November 28, 2017 Jason Contant, Online Editor

Increases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price of

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Feds looking to tax broker dividend strategy

November 20, 2017 Greg Meckbach, Associate Editor

Brokerage owners who pay their young adult children dividends to help with post-secondary education should “reassess” that strategy in light of proposed tax changes, an accounting expert suggested Monday. Among the proposed changes announced in July by Finance Minister Bill

News Earnings / RatingsInsuranceMarkets / CoveragesTechnology

Cyber influence on insurer ratings mostly gradual: Fitch

November 13, 2017 by Canadian Underwriter

The influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty

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New Editor-in-Chief for Canadian Underwriter as veteran journalist David Gambrill returns

November 13, 2017 Canadian Underwriter

TORONTO, Nov. 13, 2017 /insPRESS/ – Newcom Business Media Inc. is pleased to announce the appointment of David Gambrill as Editor-in-Chief of Canadian Underwriter. “David is an award-winning writer and editor who’s arguably Canada’s most experienced and knowledgeable insurance journalist,”

News CatastrophesEarnings / RatingsInsurance

Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best

November 11, 2017 by Canadian Underwriter

The United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,

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Allianz reports third-quarter revenues up 2.1% to 28.3 billion euros in Q3 2017

November 10, 2017 by Canadian Underwriter

Allianz Group has reported total third-quarter revenues of 28.3 billion euros, up 2.1% from 27.7 billion euros in the prior-year quarter. Allianz, which offers insurance and fund products to over 86 million customers in more than 70 countries, reported a

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P&C gross written premiums for Zurich down 2% to US$25.3 billion in 9M 2017

November 10, 2017 by Canadian Underwriter

Property & Casualty gross written premiums (GWP) for the nine months ending Sept. 30 declined 2% in U.S. dollars to US$25.3 billion from US$25.7 billion, Zurich Insurance Group reported on Thursday. In particular, P&C GWP in North America for 9M

News CatastrophesEarnings / RatingsInsuranceMarkets / Coverages

Munich Re reports Q3 combined ratio of 160.9%, predicts 112% for full year

November 9, 2017 by Canadian Underwriter

Despite losing about 2.7 billion euros on three recent North Atlantic hurricanes alone, Munich Re said Thursday it is “expecting to generate a small profit” this year. Munich Re released its financial results for the period ending Sept. 30, reporting

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Hannover Re records Group net income of 549 million euros in Q3 despite substantial nat cat losses

November 9, 2017 by Canadian Underwriter

Hannover Re reported on Wednesday a Group net income of 548.9 million euros for the third quarter of the year ending Sept. 30, despite an above-average burden of catastrophes losses. The Group net income was down from 791.9 million euros