Canadian Underwriter

Topic Insurers

News BrokersInsurers

You think the auto market is bad? Check out personal property…

October 10, 2019 by Jason Contant

The hard market is showing no signs of abating, with all provinces posting premium rate increases in personal lines in the latest quarter, according to Applied Systems’ most recent rating index. Personal property premiums increased on average by 13.6% compared

News Insurers

How reinsurers benefit from the market turn

October 9, 2019 by Jason Contant

With primary insurance companies seeking higher rates since the beginning of the year, proportional reinsurance programs are benefiting directly from these rate improvements, Joseph El-Sayegh, president and CEO of SCOR Canada Reinsurance Company, told Canadian Underwriter Wednesday. In proportional reinsurance,

News Insurers

Twenty more years of low interest rates? What that and a recession will mean for Canadian P&C insurers

October 4, 2019 by David Gambrill

If P&C insurers are looking to use their investment returns to offset inadequate pricing strategies, Swiss Re has a chilling prediction for them – low interest rates could be with us for another 20 years or longer. Jerome Jean Haegeli,

News Insurers

What concerns the Ontario regulator about OSFI’s proposed reinsurance guidelines

October 3, 2019 by Jason Contant

The CEO of Ontario’s new regulator expressed concern Tuesday about the extent to which the P&C insurance industry says it will be required to provide more capital to comply with the proposed new reinsurance guidelines of Canada’s solvency regulator. The

News InsurersRisk Managers

$30-billion sticker shock for OSFI’s proposed reinsurance rules

September 24, 2019 by David Gambrill

Canada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On

News Insurers

Where Canada’s resilience to economic shock ranks globally

September 10, 2019 by Jason Contant

The global economy now has less capacity to absorb a shock than it did in 2007 (pre-global recession), but Canada is faring well – it is the second-most economic resilient country in world, according to the Swiss Re Institute. In

News Insurers

Sign of the times: Why this bank bailed out of P&C reinsurance

August 28, 2019 by David Gambrill

Buffeted by severe weather claims, the Bank of Montreal has decided to exit the property and casualty reinsurance side of the business, BMO announced during a conference call Tuesday. “In Q4 of last year, we said we were reviewing ways

News Insurers

Where Q2 personal auto premiums increased the most in Canada

July 17, 2019 by Jason Contant

The hard market continues in personal lines in Canada, with personal auto in Quebec seeing a significant increase in average premiums in Q2 2019, according to Applied Systems’ latest rating index. Last week, the insurance software vendor released its most

News Insurers

Why Swiss Re says insurance profitability will remain ‘under pressure’

July 5, 2019 by Greg Meckbach

Expect the low-interest-rate environment to continue for at least two more years, Swiss Re warned Thursday. “Insurers will continue to operate in a low-interest-rate environment for the next two years at least, meaning that industry profitability will remain under pressure,”

News InsurersLegal

How to make earthquake insurance sexy

June 28, 2019 by Jason Contant

Quebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said

News ClaimsInsurers

What is costing Alberta auto insurers the most

June 13, 2019 by Jason Contant

Third-party liability coverage continues to be the bane of Alberta auto insurers’ existence, the province’s Automobile Insurance Rate Board (AIRB) revealed in its 2018 annual report. Provincial auto insurers collect 53% of every dollar for third-party liability coverage, but are

News Insurers

Munich Re Canada appoints new president and CEO

May 14, 2019 by Jason Contant

Munich Reinsurance Company of Canada and Temple Insurance Company (a part of Munich Re) has appointed Claus-Ulrich Kroll as president and CEO of both companies. In his new role, Kroll will be responsible for the operation of all of Munich