Topic Loss Trends
Why the hard market and COVID-19 shifted brokers’ focus
June 9, 2023 by David GambrillCommercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After…
Auto insurers pay out record amount for auto theft
June 8, 2023 by David GambrillSupply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in…
What downtown ghost towns mean for commercial coverage
June 2, 2023 by Philip PoradoVaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t…
Do you know what’s a material change in IFRS 17?
May 26, 2023 by Jason ContantIFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way…
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
How insurers are handling IFRS 17 reporting requirements
May 23, 2023 by Jason ContantThis is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we…
Aon reveals top risk exposure for Canadian companies in 2023
May 18, 2023 by David GambrillCanadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for…
How theft and Alberta’s rate pause affected Definity’s auto portfolio
May 16, 2023 by David GambrillAuto theft, inflation, and increased claims frequency due to traffic returning to pre-pandemic levels all contributed to pushing Definity’s combined ratio in personal auto up to 100.9% in 2023 Q1, company executives reported in the company’s earnings call last week.…
Why claims frequency is trending for electric vehicles
May 16, 2023 by Jason ContantRepairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in…
How Intact’s personal auto segment fared in 2023 Q1
May 15, 2023 by Jason ContantIntact Financial Corporation grew its Canadian personal auto premium volume 5% in 2023 Q1 from one year ago, and continues to see positive growth in the segment, CEO Charles Brindamour said during a 2023 Q1 earnings call last week. “Top-line…
National disaster report highlights industry loss potential
May 12, 2023 by Alyssa DiSabatinoA major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns. Of pertinence to the industry, as insured damages for a severe earthquake could broach…
Vacant retail and office space: How to advise clients on this post-pandemic trend
May 12, 2023 by Philip PoradoWith office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The…