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Paid The top 5 questions you must ask about #IFRS17

April 4, 2018 BDO

IFRS 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

News CatastrophesInsuranceLegalReinsurance

Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute

March 21, 2018 by David Gambrill

A $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

News CatastrophesReinsurance

Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions

March 19, 2018 by Greg Meckbach

Munich 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

News InsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

XL Catlin Canada part of AXA’s $15.3-billion acquisition of XL Group

March 5, 2018 by David Gambrill

The 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

News InsuranceMarkets / CoveragesReinsuranceTechnology

Comparing insurance contracts? How AI can help expedite the process

March 5, 2018 by Jason Contant

Global 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

News CatastrophesInsuranceReinsurance

Insurers urged to play a role in rebuilding economies after disasters

February 9, 2018 by David Gambrill

Insurers 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

insPRESS AnnouncementsInsuranceMergers and AqcuisitionsReinsurance

DAS Canada is to join with Temple Insurance to advance as one

January 31, 2018 DAS Canada

TORONTO, 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

News CatastrophesClaimsInsuranceReinsurance

How 2017 hurricanes could affect Canadian insurance prices

January 24, 2018 by Greg Meckbach

Canadian 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)

News InsuranceMarkets / CoveragesReinsurance

Why cat bonds, ILS are depressing reinsurance rates

January 18, 2018 by Greg Meckbach

Despite last year’s devastating hurricanes, investors are happy to keep shovelling money into cat bonds and insurance-linked securities (ILS), which in turn are making reinsurers think twice about hiking rates. The catastrophe bond and ILS markets have “grown hugely over

News CatastrophesMarkets / CoveragesReinsurance

Your only hope to prevent a higher reinsurance bill this year

January 16, 2018 by Greg Meckbach

Insurance rates will rise in Canada this year unless catastrophe losses are lower than normal, a speaker suggested to industry professionals Tuesday. “I do expect that as this year unfolds, unless we have a very benign 2018, we do expect

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Which insurers were hit hardest by the third-quarter hurricanes?

January 15, 2018 by David Gambrill

Which (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?

January 15, 2018 Peter Rakobowchuk - THE CANADIAN PRESS

MONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.