MONTREAL – Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown. Though grain and fertilizer exports surged in the second half of 2022, the gains…
Tighter underwriting control, client safeguards and softening of certain lines have helped some business segments start growing again, experts told a Canadian Underwriter webinar. But the industry is wary of growth at the expense of profitability. “We’ve got a lot of…
Hard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens. Unlike primary insurers, MGAs provide capacity in specialized areas of…
Approximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva…
Much like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
Canadian cyber liability insurance seems to have turned a corner on its loss ratios, even accounting for reserve releases, says an industry financial observer. With net incurred claims of negative-$178.7 million last year and net premiums earned at $372.7 million,…
Canada’s top court Thursday refused to hear an appeal in a case in which a Quebec municipality was found 25% liable for a fire that destroyed a commercial building when not enough firefighters were present after 10 minutes to fight…
Canada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study. “That cushion protects corporations from adverse deviations from increased expenditures (among…
To balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal…
OTTAWA – The Bank of Canada considered raising interest rates earlier this month, as it feared being too slow to react to sticky inflation. In its summary of deliberations released Wednesday, the central bank says its governing council contemplated another…
The Canadian property and casualty insurance industry’s return on equity (ROE) last year dropped a few percentage points from the 17% to 18% level it was in 2021, but it’s still above the long-run average of 10.1%, a new industry…