Topic Insurers
Intact’s take on how COVID-19 could extend the hard market
April 1, 2020 by Greg MeckbachPricing relief offered to Canadians who are currently absorbing a financial hit from the pandemic could ultimately have the boomerang effect of prolonging the hard market, Intact’s chief executive suggests. “It is clear to me that this corrective action [on…
Pandemic bonds: The financial cure we need for COVID-19?
March 30, 2020 by The Canadian PressThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Authors: Dror Etzion, Associate Professor, Strategy and Organizations, McGill University; Bernard…
On why Aon-Willis Towers Watson’s deal was predictable
March 10, 2020 by Jason ContantOne industry professional with a reinsurance background is really not surprised by the announcement yesterday by Aon plc that it intends to acquire Willis Towers Watson for $30 billion in stock. “I think the writing has been on the wall…
Aviva CEO’s take on what to expect in Canada’s condo lines
March 6, 2020 by David GambrillLook for rate increases in Canada’s commercial residential realty segment to continue apace in 2020, but perhaps taper off in 2021 and beyond, Aviva Canada’s president and CEO predicted Thursday. And as rates harden in condo lines, expect Aviva Canada…
Why Aviva Canada’s financial rebound gained momentum in 2019
March 5, 2020 by David GambrillAviva Canada’s ongoing profit remediation plan — which took effect after disappointing results posted in 2017 — loomed large in the company’s improved financial results in 2019, the company reported Thursday. Aviva Canada’s operating profit increased to £191 million (approx.…
Should you outsource your response to silent cyber?
February 28, 2020 by Jason ContantSome insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty…
What the new reinsurance rules could look like for Canada
February 27, 2020 by Greg MeckbachCanada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been…
When can Canadian clients get advance warning of earthquakes?
February 10, 2020 by Greg MeckbachIf an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the potential to reduce the impact of a…
What may happen when Intact’s ROE reaches the mid-teens
February 5, 2020 by David GambrillDon’t expect in 2020 to see the Canadian P&C industry’s return on equity (ROE) rise to the level of the 10%, which is one possible indicator that the hard market may be ending, according to Intact president and CEO Charles…
Who do you trust?
February 1, 2020 by David GambrillAn Ontario resident approached a direct writer for an auto insurance quote in March 2005. A new customer, the man gave the insurer his name, date of birth, vehicle information and property information. Upon receiving the quote, he took his…
How much have personal auto and property premiums increased in one year?
January 22, 2020 by Jason ContantBoth personal auto and personal property premiums in Canada increased double digits compared to the same quarter last year, pointing to a continued hardening in the market, according to Applied System’s latest premium rating index. Personal auto premiums in 2019…
When OSFI will reissue proposed draft reinsurance rules
January 21, 2020 by Jason ContantThe Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance industry veteran predicted last week. “I believe OSFI will…