Topic Insurers
Ontario auto insurance rates up in first quarter of 2018
April 16, 2018 by The Canadian PressTORONTO – Auto insurance rates in Ontario increased in the first quarter of 2018, putting the Liberal government further away from its promise to cut rates by 15 per cent. The numbers released Friday by the Financial Services Commission of…
Why brokers may have fewer home flood wordings to choose from
April 11, 2018 by Greg MeckbachThe lack of standard wording for home overland flood insurance is not a bad thing, but Canadian brokers might soon have fewer wordings from which to choose, the head of Swiss Re Canada suggests. Overland flood coverage was generally unavailable…
Industry understanding of wildfire risk needs improvement: CEO
April 10, 2018 by Greg MeckbachThe property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs…
Chubb takes stand on sacrificing market share to maintain underwriting profit
April 7, 2018 by Greg MeckbachChubb Ltd. is willing to lose customers if they are not willing to pay higher prices for insurance. “We sacrifice market share (though not happily) in order to maintain an underwriting profit,” Evan Greenberg, chairman and CEO of Chubb Ltd.,…
Paid The top 5 questions you must ask about #IFRS17
April 4, 2018 by BDOIFRS 17, Insurance Contracts was published in May 2017 and is the most significant change to financial reporting for insurance companies in Canada in decades, not only in the measurement of insurance assets and liabilities, but in how insurance contracts…
Insurer losses not yet translating into property price hikes: broker
March 24, 2018 by Greg MeckbachBrokers expecting to see price hikes in property lines after last year’s devastating hurricanes may have good news for clients, at least in the short term. “Long term, all of the carriers will need to increase pricing and they would…
Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute
March 21, 2018 by David GambrillA $147-million reinsurance dispute involving Fort McMurray wildfire claims got off to a rocky start because the insurer and its reinsurers could not initially agree on the method of arbitration. At the heart of the matter was a broad reference…
Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions
March 19, 2018 by Greg MeckbachMunich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer…
Aviva Canada seeks average 5% rate increase in personal home and auto lines
March 8, 2018 by David GambrillAviva Canada is putting through an average rate increase of 5% in personal home and auto lines after reporting a combined operating ratio of 102% in its 2017 year-end results. Aviva Canada’s net written premium increased by 15% in 2017…
XL Catlin Canada part of AXA’s $15.3-billion acquisition of XL Group
March 5, 2018 by David GambrillThe AXA Group, based in France, has entered into a $15.3-billion agreement to acquire 100% of XL Group Ltd., which includes Canadian subsidiary XL Catlin Canada. The merger agreement, expected to close in the second half of 2018, has been…
Comparing insurance contracts? How AI can help expedite the process
March 5, 2018 by Jason ContantGlobal reinsurer Swiss Re is employing artificial intelligence (AI) to trace relationships between insurance contracts, all the way down to a single clause, allowing underwriters to process a submission much faster. Mike Fitzgerald, senior insurance analyst with financial consulting firm…
Intact, Fairfax discuss impact of interest rate hike on income
February 27, 2018 by Greg MeckbachWith interest rates at historic lows, Canadian property and casualty insurers rely more on underwriting profits to keep profitable than they have in the past. What difference would a rate hike make to insurers? A one percentage point rise in…