Topic Insurers
Go small? Why insurers need a new M&A approach
April 1, 2021 by Jason ContantLarge mega-mergers and acquisition deals may be enticing, but smaller deals actually create more value for insurers, according to a recent report by global management consulting firm McKinsey & Company. The primary goal of six out of 10 transactions (representing…
Why Intact says an upward correction in auto rates could be imminent
April 1, 2021 by Greg MeckbachMotorists could be hit with more premium increases once driving levels return to pre-pandemic levels, Intact Financial Corp. CEO Charles Brindamour suggests. During the early part of 2020, Canada’s auto insurers had a collective combined ratio in auto more than…
4-kilometre-long ice jam opens flooding season
March 31, 2021 by Jason ContantA four-kilometre-long ice jam on the Saint John River is creating flooding concerns in New Brunswick. The ice jam has already flooded part of Route 105 leading to the Tobique First Nation and prompted the closure of three schools in…
Behind the popularity of pay-as-you-go insurance
March 31, 2021 by Adam MalikCustomers want more choice and control over how they spend their insurance dollars, which explains the skyrocketing popularity of pay-as-you-go insurance, says the president of CAA. The insurer has seen a three-fold increase in customers to its pay-as-you-go insurance product…
Why now is a good time to press for auto reform
March 31, 2021 by David GambrillElected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.…
How the Suez Canal blockage may impact reinsurance rates
March 30, 2021 by Adam MalikThe fallout of the blockage of one of the most used shipping lanes in the world could affect global reinsurers differently than insurers, two separate analyst reports suggest. One, Fitch Ratings, says the blockage will be a large loss event…
Distracted driving behaviours that your clients deem to be “safe”
March 30, 2021 by Jason ContantAuto insurers take note: the majority of your clients admit to engaging in distracted driving behaviours, but they consider these behaviours to be safe. The Third Annual Distracted Driving survey conducted by rate comparison site RATESDOTCA revealed that 74% of…
Pandemic distraction: Is Canada ready for the next big disaster?
March 30, 2021 by David GambrillFocused narrowly on responding to the COVID-19 global pandemic — and preparing for the next one — Canada may be losing sight of preparing for other, potentially more likely disaster scenarios, P&C insurance industry executives commented at the Swiss Re…
Canada to see a faster payments system in 2022. Opportunity knocks for brokers
March 29, 2021 by Adam MalikWhile many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the…
Regulator approves lower deductibles for commercial vehicles — with a caveat
March 29, 2021 by David GambrillNova Scotia’s auto insurance regulator has approved Facility Association’s request to lower minimum deductibles for commercial vehicles, albeit with one significant caveat and a few “concerns.” The caveat has to do with logistics. For Facility Association’s member carriers, the upshot…
Canadian P&C exec predicts the next big growth opportunity
March 26, 2021 by Adam MalikThe legal expense insurance market is still in its relative infancy and could grow more than six times its size in the next decade, two industry leaders predict. The current value of the market in Canada is about $80 million,…
The rationale for Intact expanding its commercial appetite
March 26, 2021 by Greg MeckbachMid-sized commercial clients are going to get bigger, so executives with Canada’s largest property and casualty insurer want to continue their expansion in specialty lines. “We are really scaling up our specialty lines capability here in North America,” Intact Financial…