Canadian Underwriter

Topic
Reinsurance


Alberta oil sands facility.
News AnnouncementsInsuranceLegislation / RegulationReinsurance

Insurance Act changes may help Alberta as insurers retreat from oil and gas

May 4, 2022 Philip Porado

Major insurers continue to announce they’ll cease issuing coverage to the oil and gas industry, which remains economically critical to Alberta and other Canadian provinces – and is poised to experience a demand boost as Europe seeks alternatives to Russian

Driver handing over a license.
News BrokersClaimsCommercial LinesInsuranceLegalMarkets / CoveragesMGAsProductsReinsuranceRisk

Beware the tax implications of unlicensed insurance

May 3, 2022 Jason Contant

If you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with

Empty office chair at a desk with laptop
News AnnouncementsAppointmentsCommercial LinesInsuranceMarkets / CoveragesProfessional DevelopmentReinsurance

Everest makes key promotion and appoints chairman

April 28, 2022 Canadian Underwriter Staff

Everest Re Group’s reinsurance division, Everest Reinsurance, has promoted Scott Paddington to chief agent and chief underwriting officer of Everest Reinsurance Canada. It also appointed Russ Lewis to chairman of Everest Reinsurance Canada. Both now report to Jill Beggs, head

Bombed out building in Ukraine painted in flag's colours.
News AdjustersCatastrophesClaimsCommercial LinesEngineeringInsuranceMarkets / CoveragesReinsuranceRestorationRisk

Ukraine war insured losses could outstrip 9-11

April 20, 2022 Philip Porado

When adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty

Papers headed with Tax Liability and glasses on a table
News AssociationsBrokersCommercial LinesEarnings / RatingsInsuranceLegalLegislation / RegulationProductsReinsurance

Does federal budget create new tax liability for P&C industry?

April 12, 2022 Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

Business man travelling the world to acquire insurance.
News BrokersClaimsCommercial LinesInsuranceLegalLegislation / RegulationMarkets / CoveragesMGAsReinsurance

Placing business with non-licensed markets: What to look for

March 31, 2022 Greg Meckbach

Clients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And

Hybrid workforce model. Choosing between In-office, Remote or Hybrid model. Work from home WFH.
News BrokersInsuranceMGAsReinsuranceRisk

How Canada’s P&C industry is reacting to the hybrid office

March 31, 2022 by David Gambrill

Seventy-one per cent of Canada’s P&C industry reports being happy with their new hybrid office arrangements, according to a Canadian Underwriter online poll. Almost 46% reported being ‘very satisfied’ with moving to hybrid work, while a further 26% were satisfied.

European Union sanctions Russia.
News AnnouncementsClaimsCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Ratings agency suspends commercial activities in Russia

March 30, 2022 Philip Porado

Getting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies

3D Illustration of a bar graph that is trending upwards. The upward arrow, bar graph and background are varying shades of pink.
News BrokersInsuranceReinsurance

Industry’s return on equity sky-high in 2021

March 30, 2022 by Alyssa DiSabatino

At 18%, the industry’s return on equity was sky-high for the first three quarters of 2021, but industry observers warn this could be cut in half in two years.   While these high profits have reduced solvency risk for most

Toll stations on an elevated bridge between the US and Canada.
News ClaimsCommercial LinesInsuranceReinsuranceRisk

Supply chain concerns overshadow logistics data hacks

March 24, 2022 Philip Porado

While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of

Road damaged by earthquake
News Claims CanadaClimate ChangeInsuranceReinsuranceRisk

What if the disaster models are wrong?

March 14, 2022 Canadian Underwriter Staff

For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by

Digital hand grenade
News AdjustersClaimsCommercial LinesInsuranceLegalLegislation / RegulationMarkets / CoveragesReinsuranceRisk

Insurers checking their war exclusions for cyberattacks

March 10, 2022 Philip Porado

While cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber