Canadian Underwriter

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combined ratio

Aviva Canada's 2023 financial results
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How Aviva Canada fared in 2023

March 7, 2024 by Jason Contant

Aviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft.  The undiscounted ratio for 2023 was up

Mathematical equation on a black board
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What the math says about P&C return rates

July 24, 2023 Alyssa Di Sabatino

What’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,

Magnifying glass looking at percent symbol
News Commercial LinesInsuranceMarkets / CoveragesReinsurance

2022 financials: Industry barely keeping pace with inflation

April 12, 2023 by Alyssa DiSabatino

Editor’s Note: This updated version of the article corrects the industry’s net investment income from -$61,400 to -$61.4 million. And $1.1 million OCI has been updated to $1.1 billion. Canadian Underwriter apologizes for the errors.   A combined ratio of

Businessman places wooden block on top of a tower of blocks which have 2023 through to 2020 written on them. hard market stabilized
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Will the P&C hard market stabilize or soften in 2023?

January 20, 2023 by Alyssa DiSabatino

The 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

Businessman touching a graph displaying financial results
News Insurance

Why global reinsurers are high-fiving right now

August 17, 2022 by Jason Contant

For 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

Glowing yellow arrow indicating upward growth
News Insurance

How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last 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

Improved financial results
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Why Intact beat its own expectations in recent quarters

February 9, 2022 by Jason Contant

Intact 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

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How long will it take to get out of this hard market?

September 28, 2020 by Adam Malik

After 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

News Insurance

P&C insurers can handle severe weather events, but for how long?

July 27, 2020 by Adam Malik

Canadian 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,

News Earnings / RatingsInsurance

Insurer losses not yet translating into property price hikes: broker

March 24, 2018 by Greg Meckbach

Brokers 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

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Why Intact plans to raise auto insurance premiums

February 12, 2018 by Greg Meckbach

Intact 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

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Why Canadian insurers should feel lucky after 2017

January 3, 2018 by Greg Meckbach

After 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,