Topic Insurers
Feds tighten tax rules for small businesses and passive income in budget
February 27, 2018 by Craig Wong - THE CANADIAN PRESSOTTAWA – The Liberal government moved to tighten the tax rules for small businesses in the federal budget Tuesday as it fine-tuned the changes that prompted an uproar last year. However, Finance Minister Bill Morneau still faces the challenge of…
“No question” that Aviva Canada plans to hike auto rates: CEO
February 20, 2018 by Greg Meckbach, Associate EditorThere is “no question” that Canada’s second-largest insurer, Aviva Canada, is contemplating country-wide rate increases in personal auto, Greg Somerville, the company’s president and CEO, told Canadian Underwriter Thursday. The cost of repairing vehicles with advanced technologies is one factor…
Insurers urged to play a role in rebuilding economies after disasters
February 9, 2018 by David GambrillInsurers should be giving more thought to planning how to rebuild economies in the aftermath of a crisis, a reinsurance executive urges. “To my mind, what is often seemingly forgotten is the piece of economic resilience,” says Alex Kaplan, head…
How 2017 hurricanes could affect Canadian insurance prices
January 24, 2018 by Greg MeckbachCanadian property insurers could face reinsurance rate hikes this June as an indirect result of recent California wildfires and North Atlantic hurricanes, a ratings firm analyst predicts, echoing the opinions of several commentators in the Canadian property and casualty (P&C)…
Why cat bonds, ILS are depressing reinsurance rates
January 18, 2018 by Greg MeckbachDespite last year’s devastating hurricanes, investors are happy to keep shovelling money into cat bonds and insurance-linked securities (ILS), which in turn are making reinsurers think twice about hiking rates. The catastrophe bond and ILS markets have “grown hugely over…
Bank of Canada hikes interest rate to 1.25%, cites strong economic data
January 17, 2018 by Andy Blatchford - THE CANADIAN PRESSOTTAWA – The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer – but looking ahead it warned of growing uncertainties about NAFTA. The central bank pointed…
Your only hope to prevent a higher reinsurance bill this year
January 16, 2018 by Greg MeckbachInsurance rates will rise in Canada this year unless catastrophe losses are lower than normal, a speaker suggested to industry professionals Tuesday. “I do expect that as this year unfolds, unless we have a very benign 2018, we do expect…
Which insurers were hit hardest by the third-quarter hurricanes?
January 15, 2018 by David GambrillWhich (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more…
Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?
January 15, 2018 by Peter Rakobowchuk - THE CANADIAN PRESSMONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.…
Ontario auto insurance rates increased in last quarter of 2017
January 12, 2018 by Allison Jones - THE CANADIAN PRESSTORONTO – Auto insurance rates in Ontario increased in the last quarter of 2017, putting the Liberal government further away from its promise to cut rates by 15 per cent. Fourth quarter numbers released today by the Financial Services Commission…
Deal with LOGiQ3 sees U.S. firm acquire Canadian insurtech
January 10, 2018 by Jason ContantRGAx, a subsidiary of Reinsurance Group of America, has acquired a group of companies providing technology, consulting and outsourcing solutions to the North American life and reinsurance industries – including two Canadian organizations. On Jan. 8, RGAx announced the acquisition…
Why insurers don’t want a sudden hike in interest rates
January 8, 2018 by Greg MeckbachInsurers might be happy if lending rates rise by a few percentage points, but a financial executive with one mutual warns a sudden rise in interest rates carries a noticeable risk. The Bank of Canada announced in December it is…