Topic Insurers
Oil and gas drilling sector expects activity to pick up in 2023
November 25, 2022 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The organization representing Canada’s oil and gas drilling sector says it expects more activity in 2023, even as it continues to push the federal government for a new tax credit it says it needs to help the energy…
How the P&C industry responded to Canada’s National Adaptation Strategy
November 24, 2022 by David GambrillCanada announced today a total of $1.6 billion in new federal funding to help communities adapt to climate change by building infrastructure more resilient to natural disasters. The investment is part of the federal government’s new National Adaptation Strategy: Building…
What reinsurance renewals could look like on Jan. 1
November 23, 2022 by David GambrillGlobal reinsurers are expected to raise property catastrophe rates “by well over 10%” in exposed areas during January 2023 renewals, a Fitch Ratings report stated. “We expect double-digit percentage premium rate rises for property catastrophe cover in 2023 driven by…
Why being a good broker alone won’t cut it for ownership
November 23, 2022 by Alyssa DiSabatinoWant to own your own brokerage? Get familiar with the business side of things first, said a P&C financial advisor in a Canadian Underwriter LinkedIn Live panel discussion. “When I think about what makes a successful brokerage owner, most brokerage…
The spreading tentacles of staged collision operations
November 22, 2022 by Jason ContantStaged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent…
Why insurers should invest in genetically modified trees
November 22, 2022 by David GambrillInsurance companies should consider investing in genetically-modified, slow-burning trees to mitigate wildfire damage, according to a first-prize pitch at the WinterHack 2022: Design Thinking Ideathon. “We will be taking advantage of state-of-the-art biotechnology and building upon it to create a…
How claims inflation is affecting Definity’s auto, property lines
November 22, 2022 by Jason ContantClaims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to…
How hurricane losses will impact pricing and capacity
November 21, 2022 by Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Cyber insurers’ appetites are shifting. Here’s what to expect…
November 21, 2022 by Alyssa DiSabatinoCanada’s ongoing hard market in cyber has seen most insurers capping their coverage at somewhere between $3-million and $5-million, experts observed in a Gallagher Talks session. “We’re seeing exclusions for known [software] vulnerabilities [and] capacity restrictions as well,” said…
Meet Aviva Canada’s new CFO
November 21, 2022 by David GambrillNav Dhillon will join Aviva Canada as Chief Financial Officer, starting December 2022. “I’m delighted to welcome Nav into Aviva’s executive leadership team,” Aviva Canada CEO Jason Storah said in an announcement. “Nav brings with him a broad range of experience in…
Organizations more willing to pay ransom for this type of data breach
November 18, 2022 by Alyssa DiSabatinoRansomware is out, intellectual property data exfiltration is in. At least, that may be the bigger concern for breached companies these days, cyber experts warned in a Gallagher Talks presentation. Organizations are less likely to pay a ransom when their…
Covering larger risks? Why subscriptions may be the way of the future
November 18, 2022 by Philip PoradoAs claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…