Topic
Reinsurance
OSFI’s ticking time bomb
November 1, 2019 David Gambrill, Editor in ChiefCanada’s solvency regulator and the property and casualty insurance industry are working to defuse a potentially explosive situation – one that could
see global reinsurance capital fleeing from Canada. What will be the outcome of this ticking regulatory time bomb?
OSFI, industry step back from the brink on proposed new reinsurance rules
October 29, 2019 by David GambrillIt appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office of the Superintendent of Financial Institutions (OSFI) has made it…
Large reinsurer to stop writing oil sands business: Memo
October 15, 2019 by Greg MeckbachConcerns about climate change from human-produced greenhouse gas emissions may have prompted the world’s largest property and casualty reinsurer to stop writing some business for oil sands sites, according to an unverified document obtained by Canadian Underwriter. Facultative reinsurance covers…
How reinsurers benefit from the market turn
October 9, 2019 by Jason ContantWith primary insurance companies seeking higher rates since the beginning of the year, proportional reinsurance programs are benefiting directly from these rate improvements, Joseph El-Sayegh, president and CEO of SCOR Canada Reinsurance Company, told Canadian Underwriter Wednesday. In proportional reinsurance,…
Twenty more years of low interest rates? What that and a recession will mean for Canadian P&C insurers
October 4, 2019 by David GambrillIf P&C insurers are looking to use their investment returns to offset inadequate pricing strategies, Swiss Re has a chilling prediction for them – low interest rates could be with us for another 20 years or longer. Jerome Jean Haegeli,…
What concerns the Ontario regulator about OSFI’s proposed reinsurance guidelines
October 3, 2019 by Jason ContantThe CEO of Ontario’s new regulator expressed concern Tuesday about the extent to which the P&C insurance industry says it will be required to provide more capital to comply with the proposed new reinsurance guidelines of Canada’s solvency regulator. The…
$30-billion sticker shock for OSFI’s proposed reinsurance rules
September 24, 2019 by David GambrillCanada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On…
Where Canada’s resilience to economic shock ranks globally
September 10, 2019 by Jason ContantThe 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…
Sign of the times: Why this bank bailed out of P&C reinsurance
August 28, 2019 by David GambrillBuffeted 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…
Why Swiss Re says insurance profitability will remain ‘under pressure’
July 5, 2019 by Greg MeckbachExpect 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,”…
How to make earthquake insurance sexy
June 28, 2019 by Jason ContantQuebec’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…
Munich Re Canada appoints new president and CEO
May 14, 2019 by Jason ContantMunich 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…