Topic
Reinsurance
The downside of being an insurtech trailblazer
June 18, 2018 by Greg MeckbachThe spectre of a Netflix-esque disruption of the property and casualty insurance sector is producing mixed reaction among Canadian executives. The Canadian P&C sector “may be” disrupted in a manner similar to how Netflix disrupted the movie rental industry or…
Government-backed home flood insurance coming to Canada?
June 3, 2018 by Greg MeckbachFederal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations…
What’s New in Nuclear Claims Handling
June 3, 2018 David Gambrill, Editor-in-ChiefA pool of Canadian nuclear insurers has created a state-of-the-art, made-in-Canada claims administration system for handling nuclear incidents.
Why open reinsurance markets are best for Canada
April 30, 2018 by Greg MeckbachWith the lion’s share of Canadian insurers’ reinsurance coming from outside of Canada, protectionism in the insurance space would not be good for consumers, a lawyer told Canadian Underwriter last week. Some nations – including Thailand, India, China – have…
Ontario ice storm catches the eye of global reinsurance brokerage
April 20, 2018 by Greg MeckbachSevere weather earlier this week in Ontario has caught the attention of reinsurance providers. Impact Forecasting LLC, a unit of reinsurance brokerage Aon Benfield, noted Friday that winter weather starting April 13 “left considerable damage across southern sections of Canada’s…
New opportunities for commercial brokers in cyber
April 20, 2018 by Greg MeckbachBrokers selling commercial insurance need to ask clients what they use their computers for and what happens if they lose access to that data, an executive with a Bermuda insurer says. Computer security (also known as cyber) risk, “will impact…
Why brokers may have fewer home flood wordings to choose from
April 11, 2018 by Greg MeckbachThe lack of standard wording for home overland flood insurance is not a bad thing, but Canadian brokers might soon have fewer wordings from which to choose, the head of Swiss Re Canada suggests. Overland flood coverage was generally unavailable…
Industry understanding of wildfire risk needs improvement: CEO
April 10, 2018 by Greg MeckbachThe property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs…
Paid The top 5 questions you must ask about #IFRS17
April 4, 2018 BDOIFRS 17, Insurance Contracts was published in May 2017 and is the most significant change to financial reporting for insurance companies in Canada in decades, not only in the measurement of insurance assets and liabilities, but in how insurance contracts…
Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute
March 21, 2018 by David GambrillA $147-million reinsurance dispute involving Fort McMurray wildfire claims got off to a rocky start because the insurer and its reinsurers could not initially agree on the method of arbitration. At the heart of the matter was a broad reference…
Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions
March 19, 2018 by Greg MeckbachMunich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer…
XL Catlin Canada part of AXA’s $15.3-billion acquisition of XL Group
March 5, 2018 by David GambrillThe AXA Group, based in France, has entered into a $15.3-billion agreement to acquire 100% of XL Group Ltd., which includes Canadian subsidiary XL Catlin Canada. The merger agreement, expected to close in the second half of 2018, has been…