Topic
Earnings / Ratings
How auto could be the force that eats into Canadian insurers’ results
April 8, 2022 by David GambrillWith ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid…
Ratings agency suspends commercial activities in Russia
March 30, 2022 Philip PoradoGetting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
Emerging trends in broker compensation
March 25, 2022 by David GambrillIn the midst of the ‘Great Reshuffle,’ brokerage principals are finding employee-recognition programs a better way to compensate brokers for good performance. Fifty-three per cent of the 119 brokerage managers participating in Canadian Underwriter’s 2022 National Broker Survey touted employee-recognition…
Say what you want about the hard market, it’s working
March 22, 2022 by David GambrillThe hard market may be the biggest challenge facing the broker channel, according to Canadian Underwriter‘s 2022 National Broker Survey, but statistics show it’s vastly improved the P&C industry’s financial health. Canada’s property and casualty insurance industry reported an underwriting…
What the federal Liberal-NDP deal means for P&C insurers
March 22, 2022 by Alyssa DiSabatinoEditor’s Note: This story has been updated to include information from Insurance Bureau of Canada. The Liberal party’s campaign promise to include a higher surtax on the financial sector is one step closer to being implemented, which means higher taxes…
The latest province to approve Facility Association’s profit provision
March 15, 2022 by Alyssa DiSabatinoFacility Association (FA) announced the Newfoundland and Labrador rate board has approved the use of a profit provision for members’ capital. It is the last province to do so, said FA President and CEO Saskia Matheson. “FA member companies…
Five factors driving M&A activity in 2022
March 15, 2022 Philip PoradoCalendar 2021 marked the first full year of positive mergers and acquisitions (M&A) performance for the world’s deal makers since 2016, said research compiled for WTW’s Quarterly Deal Performance Monitor. The research, conducted in partnership with the M&A Research Center…
How inflation could prolong the hard market
February 25, 2022 by David GambrillInflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and…
How this insurer is calculating rates for Gender X auto clients
November 29, 2021 by Greg MeckbachStarting Wednesday, The Dominion of Canada General Insurance Company will start applying the female rates to Nova Scotia auto clients who identify as Gender X. In a ruling released Nov. 19, the Nova Scotia Utility and Review Board approved The…
PACICC unpacks industry-wide P&C financial results
September 30, 2021 by Greg MeckbachThe industry made a record profit in homeowners’ insurance and overall premiums are up, but 20 Canadian insurers are losing money while dozens recently lost market share, an economist with Property and Casualty Insurance Compensation Corporation observes. “The healthy insurance…
Why the hard market could be unsustainable
September 21, 2021 by Greg MeckbachThe Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,…