Topic
Risk
What P&C execs predict for 2024 reinsurance rates
October 24, 2023 by David GambrillCanada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of…
Why P&C execs predict 2024 will look similar to 2023
October 23, 2023 by David GambrillThanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens…
Over-regulation, populism: P&C execs sound the alarm
October 20, 2023 by David GambrillCanada’s P&C insurance industry is tired of shouldering the weight of “over-regulation” and populist politics. To counter these influences, the industry needs to spin its own narrative, P&C insurance company executives told attendees at the Insurance Broker Association of Ontario’s…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
How brokers can cash in on a $900-billion cyber opportunity
October 12, 2023 by David GambrillWith the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property…
Grand Theft Auto: P&C industry sounds the alarm
October 11, 2023 by David GambrillAuto theft costs in 2023 are projecting to break record levels established in 2022, P&C insurance professionals are warning. A recent survey by Équité Association shows auto theft in Ontario increased by 31% year-over-year in the first half of 2023.…
Reinsurers examining alternative ways to insure cyber
October 6, 2023 by David GambrillCyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for…
Why us? P&C industry responds to new foreign interference rules
October 5, 2023 by David GambrillJust when you thought it was safe to return to underwriting property and casualty (P&C) insurance risk, OSFI has new marching orders from Parliament to provide guidance on foreign interference in financial institutions, prompting yet another round of consultations with…
Brokers: Is your client’s dog “friendly?”
September 25, 2023 by David GambrillWhen two dog owners pass each other while walking their dogs, it is common to hear one ask of the other’s dog, “Friendly?” Perhaps that’s what personal lines home insurance brokers should be asking their dog-owning clients, since lawsuits against…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
How brokers can keep clients’ data secure when working remotely
September 21, 2023 by Alyssa DiSabatinoBrokers may be at risk of unintentionally exposing client data or other proprietary information when they’re not working from the office. But with much of the industry doing hybrid or remote work — and showing reluctance to return to the…
Why captives will stick around after a hard market
September 20, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is showing signs of market softening in some lines, but captives remain a viable option for commercial clients — particularly in fledgling tech industries such as cryptocurrency. Alternative risk transfer solutions have merit even when hard…