Canadian Underwriter

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Reinsurance

News InsuranceReinsurance

Where Canada’s resilience to economic shock ranks globally

September 10, 2019 by Jason Contant

The global economy now has less capacity to absorb a shock than it did in 2007 (pre-global recession), but Canada is faring well – it is the second-most economic resilient country in world, according to the Swiss Re Institute. In

News InsuranceReinsurance

Sign of the times: Why this bank bailed out of P&C reinsurance

August 28, 2019 by David Gambrill

Buffeted by severe weather claims, the Bank of Montreal has decided to exit the property and casualty reinsurance side of the business, BMO announced during a conference call Tuesday. “In Q4 of last year, we said we were reviewing ways

News InsuranceReinsurance

Why Swiss Re says insurance profitability will remain ‘under pressure’

July 5, 2019 by Greg Meckbach

Expect the low-interest-rate environment to continue for at least two more years, Swiss Re warned Thursday. “Insurers will continue to operate in a low-interest-rate environment for the next two years at least, meaning that industry profitability will remain under pressure,”

News InsuranceLegislation / RegulationMarkets / CoveragesReinsurance

How to make earthquake insurance sexy

June 28, 2019 by Jason Contant

Quebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said

News AppointmentsInsuranceReinsurance

Munich Re Canada appoints new president and CEO

May 14, 2019 by Jason Contant

Munich Reinsurance Company of Canada and Temple Insurance Company (a part of Munich Re) has appointed Claus-Ulrich Kroll as president and CEO of both companies. In his new role, Kroll will be responsible for the operation of all of Munich

News CatastrophesReinsuranceRisk

Wildfire catastrophe models need improvement: Reinsurer

March 8, 2019 by Greg Meckbach

The world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause. Swiss Re is working with the Massachusetts Institute of technology

News ClaimsInsuranceMarkets / CoveragesReinsurance

One solution for non-damage business interruption

February 21, 2019 by Jason Contant

Parametric insurance can help fill a gap in some policies by covering non-damage business interruption, a speaker said Tuesday at AXA XL’s Fast Forward LIVE event in downtown Toronto. Caused by a variety of factors, including severe weather conditions, non-damage

News InsuranceMarkets / CoveragesReinsurance

The two main benefits of parametric insurance

February 20, 2019 by Jason Contant

Speed is one of the main benefits of parametric insurance compared to traditional forms of insurance, with the underwriting process taking just several days to two weeks, speakers from AXA Global Parametrics in France said Tuesday. Parametrics is index-based insurance,

News BrokersClaimsInsuranceReinsurance

Executive challenges brokers regarding earthquake take-up rates in Quebec

February 8, 2019 by Jason Contant

Sparks flew during a recent conference discussion about mortgage impairment and earthquake loss, when a senior reinsurance company executive drew a link between the practices of Quebec brokers and the low take-up rates of earthquake insurance in the province. Philipp

News InsuranceMarkets / CoveragesReinsurance

Hard market? Not so fast.

January 16, 2019 by Jason Contant

The Canadian insurance industry is not at the beginning of a hard market, says Phil Cook, a P&C industry consultant and CEO of Omega Insurance Holdings. “There are some commentators out there that will say we are at the beginning

News Climate ChangeInsuranceReinsurance

What could drive reinsurers away from some markets

December 10, 2018 by Greg Meckbach

Reinsurance is extremely important but could get too expensive in certain areas, industry leaders said at a recent event. Some insurance companies today are “dialing up their reinsurance protection – property and cat risk in particular in the United States,”

News Earnings / RatingsInsuranceReinsurance

Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook

December 6, 2018 by David Gambrill

CORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.