Canadian Underwriter


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Why personal property results should concern insurers

January 26, 2024 by Jason Contant

Even though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty

Looking at accounting results
News Earnings / RatingsInsuranceLegislation / Regulation

How to reconcile financial results pre- and post-IFRS 17

January 24, 2024 by Jason Contant

Insurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.

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News ClaimsClaims CanadaCommercial LinesEarnings / RatingsInsuranceMarkets / Coverages

How Canada’s P&C insurers are faring under IFRS 17

September 21, 2023 by Jason Contant

Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In

Compare apples with oranges
News Earnings / RatingsInsurance

No comparison: Industry’s Q2 results under IFRS 17

September 6, 2023 by David Gambrill

Federally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely

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News Earnings / RatingsInsuranceLegislation / Regulation

Do you know what’s a material change in IFRS 17?

May 26, 2023 by Jason Contant

IFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way

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News InsuranceMarkets / CoveragesReinsuranceRisk

OSFI to review earthquake risk and minimum capital tests 

May 25, 2023 by Jason Contant

Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week.  Earthquake

Accounting and bookkeeping
News InsuranceLegislation / Regulation

How insurers are handling IFRS 17 reporting requirements

May 23, 2023 by Jason Contant

This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we

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News Earnings / RatingsInsurance

How IFRS 17 changed two key P&C financial metrics

April 27, 2023 by David Gambrill

IFRS 17 will change the presentation of company results in 2023 Q1, eliminating one standard property and casualty insurance financial metric completely, and subtly affecting how combined operating ratios are presented. The most obvious and straightforward change will be doing

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News InsuranceLegislation / Regulation

More ways IFRS 17 can make for wonky reporting

March 29, 2023 Philip Porado

In the face of IFRS 17 reporting requirements, insurers should prioritize stabilizing and managing their balance sheets, noted a panellist during a recent Canadian Insurance Accountants Association (CIAA) webinar. They also should strive to ensure the company’s assets and liabilities

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News Earnings / RatingsInsurance

Munich Re’s global growth target in 2023

February 27, 2023 by Alyssa DiSabatino

Munich 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

IFRS 17 accounting standard
News AnnouncementsInsuranceLegalLegislation / Regulation

What the IFRS 17 temporary adjustments mean for insurers

February 24, 2023 by Alyssa DiSabatino

The International Financial Reporting Standards 17 (IFRS 17) is now in place, but a temporary adjustment to the regulatory prudential limits related to investments, commercial lending and borrowing for P&C insurance companies will allow federally regulated insurers (FRIs) two years

Wooden cubes spelling out International Financial Reporting Standards
News Earnings / RatingsInsuranceLegalLegislation / Regulation

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 Philip Porado

At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance