Topic Insurers
‘Resilient, but tired:’ Mental effects of wildfire lingering in Fort McMurray
December 18, 2017 by The Canadian PressFORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta…
Politicians at odds with industry over territorial rating
December 18, 2017 by Canadian UnderwriterUsing postal codes to determine auto insurance rates could come to an end if the Progressive Conservatives win the next Ontario election. “Geographic discrimination should be eliminated while not raising rates on other parts of the province,” a spokesperson for…
New business consulting firm offers more choice in Canada for P&C industry
December 8, 2017 by Jason Contant, Online EditorRSM, a global provider of audit, tax and consulting services focused on the middle market, has announced the launch of RSM Canada with an office of about 300 professionals in the heart of Toronto’s financial district. Harry Blum will serve…
Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 by Jason Contant, Online EditorReinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including…
What OSFI expects insurers to know about reinsurance
November 30, 2017 by Jason Contant, Online EditorWhile the Office of the Superintendent of Financial Institutions (OSFI) expects federally regulated insurers (FRIs) to comply with its guideline on reinsurance, it realizes that “this guidance was not always well-understood by the industry and [has] identified opportunities to clarify…
Will nat cats increase product pricing in Canada?
November 28, 2017 by Jason Contant, Online EditorIncreases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price of…
Feds looking to tax broker dividend strategy
November 20, 2017 by Greg Meckbach, Associate EditorBrokerage owners who pay their young adult children dividends to help with post-secondary education should “reassess” that strategy in light of proposed tax changes, an accounting expert suggested Monday. Among the proposed changes announced in July by Finance Minister Bill…
P&C job losses of 30-40% within 10 years: RSA Canada CEO
November 15, 2017 by David Gambrill, Editor-in-ChiefTechnological automation is going to significantly change the composition of Canada’s property and casualty insurance industry, reducing the workforce by up to 40% within the next five to 10 years, predicts RSA Canada president and CEO Martin Thompson. Speaking at…
Cyber influence on insurer ratings mostly gradual: Fitch
November 13, 2017 by Canadian UnderwriterThe influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty…
Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best
November 11, 2017 by Canadian UnderwriterThe United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,…
Allianz reports third-quarter revenues up 2.1% to 28.3 billion euros in Q3 2017
November 10, 2017 by Canadian UnderwriterAllianz Group has reported total third-quarter revenues of 28.3 billion euros, up 2.1% from 27.7 billion euros in the prior-year quarter. Allianz, which offers insurance and fund products to over 86 million customers in more than 70 countries, reported a…
P&C gross written premiums for Zurich down 2% to US$25.3 billion in 9M 2017
November 10, 2017 by Canadian UnderwriterProperty & Casualty gross written premiums (GWP) for the nine months ending Sept. 30 declined 2% in U.S. dollars to US$25.3 billion from US$25.7 billion, Zurich Insurance Group reported on Thursday. In particular, P&C GWP in North America for 9M…