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Why broker commissions are going down
January 3, 2024 by David GambrillBroker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal…
What Jan. 1 renewals wrought on the industry
January 3, 2024 by Alyssa DiSabatinoJanuary 1 reinsurance renewals are behind us, and it seems a more stable, predictable property Cat market has materialized, just as industry experts predicted. In Canada, reinsurance renewal pricing varied broadly by buyer, based on overall performance, Gallagher Re in…
Homeowners discuss the high insurance costs of wildfires
January 2, 2024 by Michael Tutton - THE CANADIAN PRESSHALIFAX – Seven months after a wildfire left a charred, 1,000-hectare scar on the western suburbs of Halifax, less visible damage persists in the lives of those who lost their homes to the flames. Lindsay Law said the financial and…
2024 Executive Outlook |Matthew Turack, CAA Insurance, Echelon Insurance, Orion Travel Insurance
December 28, 2023 by Canadian Underwriter StaffMatthew Turack, Group President, CAA Insurance, Echelon Insurance, Orion Travel Insurance Collaboration will be key for the insurance industry in 2024. We are seeing complex issues take hold that cannot be solved by one organization, industry or sector. The rising rate…
2024 Executive Outlook |Anna McCrindell, Wawanesa Insurance
December 22, 2023 by Canadian Underwriter StaffAnna McCrindell, senior vice president, COO – East, Wawanesa Insurance This year challenged insurers and our broker partners. Inflation and macroeconomic pressures drove up costs, auto thefts reached new and troublesome levels, and climate change resulted in a devastating wildfire season…
2024 Executive Outlook | Ben Isotta-Riches, Aviva Canada
December 21, 2023 by Canadian Underwriter StaffBen Isotta-Riches, chief distribution officer, Aviva Canada I am cautiously optimistic about 2024. Across the country, the cost-of-living crisis, inflation and climate change continue to affect Canadians and businesses. In Ontario and Quebec, vehicle theft is adding to loss ratios in personal…
Introducing our 2024 Executive Outlook series
December 19, 2023 by David GambrillIn the 1942 classic film Casablanca, Ilsa Lund, played by Ingrid Bergman, urges the piano player Sam to play the song “As time goes by.” It’s a favourite tune she shares with the lead man in the film, Rick Blaine,…
Holly, jolly claims follies
December 18, 2023 by David GambrillIt wouldn’t be the holiday season without someone trying to ignite their house by attaching burning candles to the Christmas tree. An internet search for “crazy Christmas claims” finds insurance broker websites rife with holiday-related claims in the neighbourhood of…
How insurers can manage losses as NatCat events ramp up
December 18, 2023 by Philip PoradoWhatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
Earthquakes Canada receives hundreds of reports in B.C. after 4.9 magnitude quake
December 18, 2023 by The Canadian PressVICTORIA – Earthquakes Canada says a 4.9 magnitude earthquake was recorded Sunday afternoon and public reports poured in from hundreds of kilometres away from the event’s epicentre. John Cassidy, a seismologist with Natural Resources Canada, says people over a “very…
Canada to pilot options for national emergency response agency in 2024
December 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – A new national emergency response agency may consist of regional response teams that Ottawa can call into action when disaster strikes, Emergency Preparedness Minister Harjit Sajjan said in a recent interview. It is clear some kind of federal…
Can Canada’s P&C industry catch up to NatCats?
December 14, 2023 by Philip PoradoIn much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…