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News ClaimsClaims CanadaInsurance

Fraud schemes that financially-strapped clients may be considering

July 14, 2020 by Greg Meckbach

Some consumers who owe money on vehicle loans during the COVID-19 pandemic may be tempted to make false auto theft claims, an independent adjuster warns. “Insureds who are desperate for money may have the vehicle stolen and burned to ensure

News Insurance

Can Canada’s P&C industry withstand the 20% stock market drop?

April 7, 2020 by Greg Meckbach

Given that insurers rely on investments to supplement their underwriting income, how big of a concern is the recent nosedive in stock markets? “Right now, from the standpoint of reduction in equity values, the Canadian P&C segment as a whole

News Insurance

Why insurers say auto premiums could come down

September 18, 2019 by Greg Meckbach

Auto premiums in Canada rose more than 10% last year as loss ratios continue to climb, but some carriers are thinking about what to do if auto revenues come back down, an industry watcher suggests. “Some companies have indicated to

News Insurance

What’s driving the brokerage acquisition trend

September 17, 2019 by Greg Meckbach

Now is a good time for brokerages to sell their businesses and in some cases, the buyers come from outside the industry, speakers told insurance professionals at the recent A.M. Best briefing. “If I was in the [P&C] business I

News Insurance

Insurtechs ‘hitting this wall called regulation’

September 16, 2019 by Greg Meckbach

Despite the hoopla over insurtech, the Amazon model of commerce is not about to replace the broker any time soon, analysts with A.M. Best Company Inc. told Canadian insurance professionals. “A lot of what these insurtech companies are getting to

News Insurance

How bad the industry’s loss has been in 2019 so far

September 13, 2019 by Greg Meckbach

The Canadian property and casualty industry lost money on underwriting during the first six months of 2019 – a performance worse than 2016, when Fort McMurray was devastated by wildfire, A.M. Best Company Inc. reported Friday. “2019 could be another

News InsuranceTechnology

Why it’s hard for insurers to price cyber risk

May 1, 2019 by Greg Meckbach

It’s hard for an insurance company to price cyber because clients are reluctant to report losses, industry experts suggest. “You need historical incidents to understand the types of events out there,” Scott Stransky, assistant vice president and principal scientist in

News CatastrophesInsurance

The ‘touchy topic’ in Canadian home insurance

September 6, 2018 by Greg Meckbach

Lack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of

News InsuranceLegislation / Regulation

Regulation suppressing required auto insurance rate increases

September 6, 2018 by Greg Meckbach

Some Canadian auto insurers would hike rates even further if provincial bureaucrats would let them, a New Jersey-based analyst said Wednesday at A.M. Best’s 2018 Insurance Market Briefing-Canada in Toronto. In a recent report, A.M. Best Company Inc. warned of

News BrokersInsuranceMergers and Aqcuisitions

Canadian carriers increasingly targeting insurers and brokerages for M&A

August 29, 2018 by Jason Contant

Canadian P&C companies are increasingly targeting insurers and brokerages for mergers and acquisitions, although the interest in targeting insurtechs is rising, according to a new report from ratings firm A.M. Best Company. A.M. Best released its market segment report for

News Earnings / RatingsInsuranceMarkets / Coverages

Signs of a hardening commercial market

August 20, 2018 by Greg Meckbach

Shopping around for the best deal for a business client may be getting more difficult as commercial lines prices start to uptick. Among commercial insurers, “it seems there is a little bit of tightening up on the risk appetite,” Raymond

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Which insurers were hit hardest by the third-quarter hurricanes?

January 15, 2018 by David Gambrill

Which (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more