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Facing a perfect storm of events, insurers brace for a ‘turbulent future’

July 21, 2020 by Adam Malik

With natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns. Natural catastrophe (NatCat)

News BrokersCatastrophesClaimsCommercial LinesEarnings / RatingsEmploymentInsuranceMarkets / CoveragesReinsuranceRisk

CU Webinar: Industry execs to discuss impact of economic recession on Canada’s P&C industry

June 12, 2020 by David Gambrill

Way back in 2020 Q1, before the world turned upside down, the Canadian property and casualty insurance results were on the rebound from a difficult prior year. But on Mar. 11, 2020, the World Health Organization declared the novel coronavirus

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Economic risks of returning to normal too quickly

April 22, 2020 by Adam Malik

Returning to some sort of normalcy is still some time away, according to one economist. And rushing to do so would likely be worse than waiting. It’s best, experts argue, to wait for public health officials to give the green

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How insurance will be hurt by a lagging economy

April 20, 2020 by Adam Malik

The Canadian property and casualty insurance industry is okay — for now. But the longer the global COVID-19 pandemic drags on, the greater the risk that the economic fallout and financial instability will impact the industry’s financial position, warns MSA Research

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Should the hard market run its course through COVID-19?

April 17, 2020 by Jason Contant

As the economic fallout from the COVID-19 pandemic continues during a hard market cycle, the solution to consumers’ woes may not be as simple as providing premium relief, one Quebec broker says. “We’re not seeing premium relief from insurers to

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Economic downturn from COVID-19 will be sharpest on record, Bank of Canada warns

April 15, 2020 The Canadian Press

OTTAWA – The Bank of Canada is warning that the downturn tied to COVID-19 will be the worst on record and that the economic recovery will depend on the effectiveness of current measures to bring the pandemic under control. The

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Head of RBC says not to expect quick economic recovery from COVID-19

April 8, 2020 The Canadian Press

TORONTO – The head of the Royal Bank of Canada is warning the economic recovery from the COVID-19 pandemic will likely be slower and more uneven than originally thought. CEO Dave McKay said Wednesday that the depths of the challenge

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How Canada’s P&C industry will weather the economic storm from COVID-19

April 1, 2020 by Jason Contant

Canada’s P&C insurance industry will likely not experience significant underwriting losses overall, but financial volatility due to COVID-19 will affect investment portfolios in the short-term, global credit ratings firm DBRS Morningstar said in a new report. “We consider the coronavirus

News BrokersInsuranceMarkets / Coverages

What Canadian P&C industry fears the most about the pandemic

March 30, 2020 by David Gambrill

Canada’s fragile economy is what’s keeping everyone in the P&C insurance industry awake at night. The unknown future of an economy that is almost certainly headed for a global recession figured in the Top 3 answers of what P&C insurance

News Risk

Governments fight to curb COVID-19 and economic fallout of growing job losses

March 24, 2020 Colin Perkel - THE CANADIAN PRESS

TORONTO – The two-pronged battle to contain the spread of COVID-19 while inoculating the economy saw governments on Tuesday rush to ease financial hardship amid massive job losses even as they tightened restrictions that could last for weeks. With large

News Risk

Can Canada weather a global financial storm?

November 19, 2019 The Canadian Press

MONTREAL – The global economic picture has worsened, increasing risks to global growth and chances of financial stress that could spill over into Canada, the senior deputy governor of the Bank of Canada said Tuesday. In a speech to the

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Could interest rates drop next month?

June 26, 2019 Martin Crutsinger - THE ASSOCIATED PRESS

WASHINGTON – Federal Reserve Chairman Jerome Powell said Tuesday the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates. Speaking to