Topic Insurers
OSFI releases final insurance capital guidelines for IFRS 17
July 21, 2022 by Canadian Underwriter StaffThe Office of the Superintendent of Financial Institutions (OSFI) today released final insurance capital guidelines updated to reflect implementation of International Financial Reporting Standards 17 (IFRS 17). “These guidelines recognize the improvements in the new international accounting standard of increased…
Is the two-year limitation period set in stone?
July 21, 2022 by Jason ContantA motor vehicle accident victim can proceed with her personal injury claims after British Columbia’s Civil Resolution Tribunal (CRT) found the provincial public auto insurer made an “explicit promise” not to be bound by the two-year limitation period to start…
Why cyber ratings don’t tell insurers enough about the risks
July 21, 2022 by Alyssa DiSabatinoCyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said…
Risk management outlooks crop up for farm insurers
July 20, 2022 by Alyssa DiSabatinoFarmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain. Southern Ontario farmers…
Auto insurer seeks fourth consecutive rate decrease
July 20, 2022 by Jason ContantManitoba Public Insurance (MPI) is requesting a small average auto insurance rate decrease, its fourth consecutive annual rate-decrease request. It filed a provisional 2023/24 general rate application with Manitoba’s Public Utilities Board last week, requesting an average rate decrease for…
Canada’s inflation rate climbed to 8.1% in June as gas prices soared
July 20, 2022 by The Canadian PressOTTAWA – Canada’s annual inflation rate rose to 8.1 per cent in June, boosted by soaring gas prices, which rose more than 50 per cent compared with a year ago, Statistics Canada said Wednesday. The June inflation rate was up…
How Canada’s costliest perils compare to the rest of the world
July 19, 2022 by Alyssa DiSabatinoThe fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major…
Economists predict inflation climbed even higher in June amid ‘reopening effect’
July 18, 2022 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Economists are predicting an even higher reading of inflation for June as energy and food prices crept higher and the economy reopened further. The consumer price index in Canada hit a nearly 40-year high of 7.7 per cent…
Where rising interest rates will lead insurers in 2022-23
July 15, 2022 by Alyssa DiSabatinoEconomic slowdown and high inflation will weigh down insurance market growth in 2022-23, primarily affecting property and auto insurers; still, rising interest rates may actually be a silver lining for insurers, Swiss Re Institute’s latest sigma report notes. Swiss…
Splitting costs when ‘other insured’ policy clauses don’t reconcile
July 15, 2022 by David GambrillWhen two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top…
A new resource for Canada’s Black insurance professionals
July 14, 2022 by Alyssa DiSabatinoThe Canadian Association of Black Insurance Professionals is looking to empower and bridge the gap of opportunities for Black insurance professionals. “The mission was derived collectively from our own lived experience growing up in this industry,” says co-founder Dionne…
D&O excess policy needs to spell out exceptions from primary policy
July 14, 2022 by David GambrillIf an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,…