Canadian Underwriter

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Reinsurance


Commercial real estate for lease or sale
News BrokersCatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

What’s driving challenges in commercial property?

September 19, 2023 by Jason Contant

Challenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to

Hurricane Fiona Cloud Map Nova Scotia 3D Render Color
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceReinsuranceRisk

Hurricane Lee: Why the Canadian P&C industry is watching

September 7, 2023 by David Gambrill

Hurricane Lee is strengthening into a powerhouse Category 5 storm, and some preliminary scenarios suggest it could hit Atlantic Canada as a tropical storm sometime next week, AccuWeather is forecasting. “Lee poses a risk to people from the northern Caribbean

Firefighting a forest fire with white smoke
News CatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceReinsurance

Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or

Global Weather Crisis and World Heat Storm or globe Heat increase and rising world weather temperatures or heat-wave rise as an Earth Day risk or climate change concept with 3D illustration
News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesReinsurance

Reinsurance in Canada unlikely to cost less in 2024

August 24, 2023 by David Gambrill

If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years

One person leading marathon
News AssociationsEarnings / RatingsInsuranceReinsurance

How reinsurers fared in Canada last year

July 26, 2023 by David Gambrill

Lloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada. Composed of 22 reinsurers that write business in

Marc Ross, head of property and specialty in Canada for Swiss Re Corporate Solutions
News AppointmentsReinsurance

Swiss Re names new Canadian head of property and specialty

July 21, 2023 by David Gambrill

Marc Ross will be the new head of property and specialty in Canada for Swiss Re Corporate Solutions effective Sept. 1, the company announced. Ross’s appointment is aligned with the date James Gasco becomes head of Canada for Swiss Re

Passing a baton to represent reinsurers passing rising costs to consumers.
News InsuranceReinsurance

Will reinsurers pass rate increases to consumers?

July 20, 2023 Alyssa Di Sabatino

Reinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have

Piles of Canadian money representing investment in insurance capacity.
News Commercial LinesConstructionInsuranceMarkets / CoveragesReinsurance

How new sources of capital are changing (re)insurance

July 18, 2023 Glenn McGillivray

Back in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost

Flowers poke through the softening snow in springtime
News BrokersCatastrophesClaimsCommercial LinesEarnings / RatingsInsuranceMGAsReinsurance

Will markets soften after 2022’s strong performance?

July 14, 2023 Glenn McGillivray

For 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may

Reinsurance renewals were stable during the July 1 period.
News BrokersInsuranceReinsurance

What’s keeping reinsurance renewals steady?

July 6, 2023 Philip Porado

In the lead-up to the July 1 reinsurance renewals, both the pricing and structural market dynamics that defined the Jan. 1, 2023 renewal period held steady, said Gallagher Re’s most recent 1st View renewals report. During the July 1 renewals,

Web bot scrapes data for cyber attacks.
News ClaimsInsuranceReinsuranceRiskTechnology

Can we predict where cyber claims might emerge?

July 4, 2023 Philip Porado

Data culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher

Christchurch cathedral in New Zealand following the 2011 earthquake.
News CatastrophesClaimsInsuranceReinsuranceRestorationRisk

What Canadian insurers can learn from a New Zealand earthquake

June 30, 2023 Philip Porado

Private property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New