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Vancouver port traffic dips in 2022, hinting at economic slowdown to come
May 3, 2023 by Christopher Reynolds - THE CANADIAN PRESSMONTREAL – Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown. Though grain and fertilizer exports surged in the second half of 2022, the gains…
Bank of Canada considered raising interest rates at its last meeting
April 26, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada considered raising interest rates earlier this month, as it feared being too slow to react to sticky inflation. In its summary of deliberations released Wednesday, the central bank says its governing council contemplated another…
How brokerages are attracting and retaining key diverse talent
April 24, 2023 by Alyssa DiSabatinoBringing new talent through the doors is a priority for brokerages nationwide, said 322 respondents to a recent Canadian Underwriter online survey. About two-thirds (71%) of brokers, reporting all levels of diversity within their senior leadership, have seen at least some…
Bank of Canada holds key interest rate at 4.5%, bumps up growth forecast for 2023
April 12, 2023 by The Canadian PressOTTAWA – The Bank of Canada is once again holding its key interest rate steady at 4.5 per cent but isn’t ruling out the possibility of more rate hikes down the line. The central bank said Wednesday that recent economic…
Surveys show economy softening, future inflation expectations falling
April 3, 2023 by The Canadian PressOTTAWA – New reports from the Bank of Canada suggest business and consumer expectations on inflation are moderating, but a potential recession continues to weigh on economic outlooks. The surveys released today show inflation expectations are easing, but consumers and…
Canada heading into ‘mild recession,’ Deloitte report suggests
March 28, 2023 by The Canadian PressOTTAWA – New research says Canada is heading into a mild recession as elevated borrowing costs, a downturn in the U.S. and persistent inflation dial up the country’s economic uncertainty. Deloitte Canada’s latest economic outlook, released ahead of the federal…
Will U.S. bank collapse impact Canadian insurtech funding?
March 14, 2023 by Alyssa DiSabatinoCanadian insurtechs may not be entirely immune to the aftershocks of two U.S. bank failures, one expert told Canadian Underwriter. Silicon Valley Bank (SVB) failed on Mar. 10 after its mostly tech-centric and tech start-up customer base, hit hard by…
Bank of Canada expected to hold interest rate one year after aggressive cycle began
March 3, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – One year after the Bank of Canada’s aggressive rate hike cycle began, economists widely expect the central bank will stick to its plan of holding its key interest rate steady at its next scheduled announcement. In making its…
Provinces to see limited growth this year but protracted recession unlikely: Report
February 28, 2023 by Brett Bundale - THE CANADIAN PRESSCanada’s provinces are poised for limited economic activity and sluggish growth for the rest of the year and into 2024, but the risk of a drawn-out recession is increasingly unlikely, according to a report released Tuesday. The latest provincial…
Munich Re’s global growth target in 2023
February 27, 2023 by Alyssa DiSabatinoMunich Re is aiming for a profit of 4 billion euros (Cdn$5.8 billion) in 2023. The global reinsurer posted a profit of 3.4 billion euros (approximately Cdn$4.9 billion) in 2022. Its gross premiums written amount to 67 million euros (Cdn$96.5…
What insurtech activity in Canada looked like in 2022
February 22, 2023 by Alyssa DiSabatinoCanada saw a total of 14 insurtech deals in 2022—and 3 deals in Q4 alone, according to the latest Gallagher Re Global InsurTech Report for Q4 2022. Overall, Canada saw more than $125 million in funding volume for insurtech investments…
The overlooked risk for which your business clients need to plan
February 15, 2023 by David GambrillIn the aftermath of the pandemic, all sights are set on cybersecurity, talent acquisition and economic recession as top business risks, but companies should also focus on preparing for physical threats, says Mark Herrington of the risk intelligence firm OnSolve.…