Topic
Earnings / Ratings
How Canada’s Top 5 carriers performed in 2022
April 13, 2023 by Jason ContantCanada’s Top 5 insurers — Intact, Aviva, Desjardins, TD Insurance and The Co-operators — wrote a combined 42% of the insurance business in the country in 2022, but each showed different growth trends, MSA Research said in its latest quarterly…
Bank of Canada holds key interest rate at 4.5%, bumps up growth forecast for 2023
April 12, 2023 The Canadian PressOTTAWA – The Bank of Canada is once again holding its key interest rate steady at 4.5 per cent but isn’t ruling out the possibility of more rate hikes down the line. The central bank said Wednesday that recent economic…
Canada heading into ‘mild recession,’ Deloitte report suggests
March 28, 2023 The Canadian PressOTTAWA – New research says Canada is heading into a mild recession as elevated borrowing costs, a downturn in the U.S. and persistent inflation dial up the country’s economic uncertainty. Deloitte Canada’s latest economic outlook, released ahead of the federal…
How the reinsurance sector netted out after renewals
March 23, 2023 by David GambrillInflation took a small bite of out of global reinsurers’ generally profitable combined ratios, and rising interest rates made a 27% dent in the reinsurers’ shareholder equity, but overall the global reinsurance sector came out of 2022 in decent shape,…
High interest rates crater the P&C industry’s investment income
March 21, 2023 by David GambrillDespite an 8% increase in direct premiums written in 2022, and generally stabilizing—if not decreasing—loss ratios in several key business lines, Canadian P&C insurers’ net investment returns took a huge hit from the impact of rising interest rates last year,…
Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show
March 10, 2023 by David GambrillWhen it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s…
Where Aviva Canada’s 2022 results rank them in Canada’s P&C marketplace
March 9, 2023 by David GambrillAviva Canada’s year-end 2022 P&C results have vaulted the company into second place in the Canadian market, the company’s CEO announced Thursday. “Aviva Canada delivered strong results for fiscal year 2022, achieving a combined operating ratio of 92.5% (90.7% in…
How four P&C insurers closed out 2022
March 8, 2023 by Alyssa DiSabatinoFour of Canada’s publicly-traded insurance companies — Intact Financial Corporation, Definity Financial Corporation, Fairfax Financial Holdings Limited, and Trisura Group — reported strong underwriting performance and “very good” combined ratios for the final quarter of 2022, DBRS Morningstar says in…
Bank of Canada holds key rate for first time in a year, leaves door open to hikes
March 8, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating its wait-and-see approach to monetary policy. The central bank said Wednesday that it has decided to hold its…
How a recession could affect M&A deals in P&C insurance
March 3, 2023 by David GambrillThreats of an economic recession in Canada are not likely to dampen mergers and acquisitions activity in the property and casualty insurance brokerage sector in 2023, one M&A expert predicts. Although M&A activity contracted in some industry sectors towards the…
What brokers can anticipate from Gore Mutual in 2023
February 28, 2023 by David GambrillHaving completed the foundational pieces of its Next Horizon business strategy, Gore Mutual Insurance company expects to be able to operate at a combined ratio in the range of 95% to 97% going forward into 2023 and beyond, the company’s…
Munich Re’s global growth target in 2023
February 27, 2023 by Alyssa DiSabatinoMunich Re is aiming for a profit of 4 billion euros (Cdn$5.8 billion) in 2023. The global reinsurer posted a profit of 3.4 billion euros (approximately Cdn$4.9 billion) in 2022. Its gross premiums written amount to 67 million euros (Cdn$96.5…