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Auto sales up 8% in July for ninth month of growth
August 3, 2023 by The Canadian PressRICHMOND HILL, Ont. – DesRosiers Automotive Consultants Inc. says auto sales growth continued in July but at a slower pace than recent months. The consultancy firm says total light vehicle sales for the month were up eight per cent from…
The P&C benefits firm buying frenzy continues
July 31, 2023 by Alyssa DiSabatinoAcera Insurance Services Ltd. is merging with Prizm Financial Inc. to expand its benefits division. The deal follows an ongoing trend of P&C firms expanding their offerings into the financial services realm by becoming one-stop shop for their commercial and…
Canada’s P&C insurers react to federal cabinet shuffle
July 27, 2023 by Jason ContantCanadian property and casualty insurers will be working with new cabinet ministers in the areas of emergency preparedness, public safety (including cybersecurity and auto theft), and housing, infrastructure and communities (including climate resilience), following Prime Minister Justin Trudeau’s major cabinet…
Why private equity firms are seeing premium increases
July 26, 2023 by Alyssa DiSabatinoBig buyers of P&C brokerages — i.e., private equity (PE) firms — may continue to see premium increases for their own liability and cyber policies, albeit flatter than before, Matthew Studley, executive vice president of complex risk for Hub International,…
Zenith Insurance ends broker contract; Alberta Finance Minister cites rate pause
July 20, 2023 by Alyssa DiSabatinoEditor’s Note: On Friday July 21, 2023, Canadian Underwriter sent out an e-newsletter with an incorrect subject heading, implying that Zenith pulled out of auto insurance in Alberta. In fact, Zenith has only cancelled a contract with a brokerage that…
Reserve uncertainty could sustain hard market: Swiss Re
June 26, 2023 by David GambrillOngoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing…
Brokerage M&A activity spikes in era of high interest rates
June 19, 2023 by Alyssa DiSabatinoOntario saw a record 48 finalized brokerage transactions in 2022, mostly led by consolidators, said Suzanne Pountney, president of the Insurance Brokers Association of Ontario (IBAO), during the Young Broker Conference in Niagara Falls. “This is up 60% over last…
How to hire more Gen-Z underwriters
June 14, 2023 by Alyssa DiSabatinoEmployers of all industries want to hire the newest generation of workers, Generation Z, and so the insurance industry needs to make sure it’s getting ahead of the curve, especially with a dearth of property and casualty underwriters in Canada. …
How Pride Toronto got swept up in entertainment line’s hard market
June 13, 2023 by Alyssa DiSabatinoPride Toronto’s executive director says the organization has seen a 300% increase in its insurance premiums ahead of this month’s parade and festival programming. This trend of higher premiums for public events is not unique to Pride Toronto; organizers of large…
Why there’s growth opportunity in cyber if insurers play their cards right
June 2, 2023 by Alyssa DiSabatinoAs incidents of cyberattacks become more prevalent globally, the demand for cyber insurance continues to grow rapidly — much faster than most other lines. For insurers, this provides an opportunity to meet growing consumer demand by increasingly offering cyber…
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…
Emissions from wildfires hit record high as climate change drives fire threat
May 19, 2023 by The Canadian PressOTTAWA – Emissions from wildfires hit a new record in 2021 as the blazes that raged in Western Canada and Ontario produced more greenhouse gases than the oil and gas sector and heavy industry combined. Canada’s forests are relied on…