Topic
Reinsurance
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…
Comparing insurance contracts? How AI can help expedite the process
March 5, 2018 by Jason ContantGlobal reinsurer Swiss Re is employing artificial intelligence (AI) to trace relationships between insurance contracts, all the way down to a single clause, allowing underwriters to process a submission much faster. Mike Fitzgerald, senior insurance analyst with financial consulting firm…
Insurers urged to play a role in rebuilding economies after disasters
February 9, 2018 by David GambrillInsurers should be giving more thought to planning how to rebuild economies in the aftermath of a crisis, a reinsurance executive urges. “To my mind, what is often seemingly forgotten is the piece of economic resilience,” says Alex Kaplan, head…
DAS Canada is to join with Temple Insurance to advance as one
January 31, 2018 DAS CanadaTORONTO, Jan. 31, 2018 /insPRESS/ – DAS Canada and Temple Insurance announce new MGA agreement DAS Canada will join and shift its risk carrying capacity to Temple Insurance, the insurance carrier of Munich Re in Canada, to advance as one…
How 2017 hurricanes could affect Canadian insurance prices
January 24, 2018 by Greg MeckbachCanadian property insurers could face reinsurance rate hikes this June as an indirect result of recent California wildfires and North Atlantic hurricanes, a ratings firm analyst predicts, echoing the opinions of several commentators in the Canadian property and casualty (P&C)…