Keyword
combined ratio
Will the P&C hard market stabilize or soften in 2023?
January 20, 2023 by Alyssa DiSabatinoThe P&C hard market isn’t going to soften anytime soon, but it will stabilize, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar. Why? The industry’s…
Why global reinsurers are high-fiving right now
August 17, 2022 by Jason ContantFor the first time in five years, global reinsurers posted an underwriting profit, albeit a small one. The average combined ratio of the Top 10 global reinsurers was 99.2% in 2021, significantly better than the 104.9% posted in 2020, credit…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
Why Intact beat its own expectations in recent quarters
February 9, 2022 by Jason ContantIntact Financial Corporation expects its combined ratio to marginally improve in Canada as it continues to beat its own financial result expectations, the insurer’s chief financial officer says during an earnings call. Canada’s largest insurer saw operating direct premiums written…
How long will it take to get out of this hard market?
September 28, 2020 by Adam MalikAfter setting aside as to whether or not we’re in a hard market, industry consultant Phil Cook said he expects the hard market to last into 2022. Cook, who is also chairman of Omega Insurance Holdings, typically gives his Industry…
P&C insurers can handle severe weather events, but for how long?
July 27, 2020 by Adam MalikCanadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,…
Insurer losses not yet translating into property price hikes: broker
March 24, 2018 by Greg MeckbachBrokers expecting to see price hikes in property lines after last year’s devastating hurricanes may have good news for clients, at least in the short term. “Long term, all of the carriers will need to increase pricing and they would…
Why Intact plans to raise auto insurance premiums
February 12, 2018 by Greg MeckbachIntact Financial Corp. plans to apply nation-wide for rate increases in personal auto, a move to improve the firm’s profitability in personal auto insurance. “In terms of additional rate actions in 2018, we are expecting a further 5% [increase] in…
Why Canadian insurers should feel lucky after 2017
January 3, 2018 by Greg MeckbachAfter a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,…
Blame auto losses for lackluster 2017 P&C results
January 2, 2018 by Greg MeckbachDespite a “relatively benign” year in Canada for catastrophes in 2017, the industry-wide combined ratio in Canada was still fairly high at 96.8% during the first nine months of last year, with auto results partly to blame, MSA Research reported…
Munich Re reports Q3 combined ratio of 160.9%, predicts 112% for full year
November 9, 2017 by Canadian UnderwriterDespite losing about 2.7 billion euros on three recent North Atlantic hurricanes alone, Munich Re said Thursday it is “expecting to generate a small profit” this year. Munich Re released its financial results for the period ending Sept. 30, reporting…
Q3 combined ratio improves 0.8 points at Allstate
November 7, 2017 by Canadian UnderwriterDespite the recent losses to the industry from multiple North Atlantic hurricanes, The Allstate Corp. has reported underwriting income is up more than 20%, from $355 million in the third quarter of 2016 to $429 million in the three months…