Canadian Underwriter


High inflation in Canada
News Earnings / RatingsInsurance

Bank of Canada expected to end year with one more rate increase

December 2, 2022 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada is expected to conclude a historic year marked by high inflation and aggressive monetary policy tightening with one more interest rate hike on Wednesday. Forecasters anticipate the central bank will raise its key interest

Concept of inflation and economics
News ClaimsClaims CanadaEarnings / RatingsInsuranceMarkets / Coverages

How claims inflation is affecting Definity’s auto, property lines

November 22, 2022 by Jason Contant

Claims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to

Rollercoaster of interest rates and inflation
News Earnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesRisk

How OSFI expects insurers to react to market volatility

November 18, 2022 by Jason Contant

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

News ClaimsEarnings / RatingsInsuranceMarkets / Coverages

Why Intact Financial’s CEO says insurance market cycles aren’t ‘dead’

November 11, 2022 by David Gambrill

Property and casualty insurance market cycles are by no means ‘dead’ — not because of insurers’ competitive behaviour, but because claims cost shocks often trigger the need to shore up pricing, according to Intact Financial Corporation CEO Charles Brindamour. Brindamour

Cargo containers and inflation concept
News InsuranceMarkets / Coverages

Addressing supply issues not substitute for rate hikes, says Bank of Canada official

November 2, 2022 The Canadian Press

OTTAWA – Bank of Canada senior deputy governor Carolyn Rogers says addressing supply problems could help ease inflationary pressures but such policies wouldn’t substitute the need for higher interest rates. Rogers and Bank of Canada governor Tiff Macklem appeared before

Bank of Canada governor Tiff Macklem holding a press conference
News Earnings / RatingsInsurance

Bank of Canada raises interest rate by half percentage point, says more hikes to come

October 26, 2022 The Canadian Press

OTTAWA – The Bank of Canada hiked its key interest rate by half of a percentage point Wednesday and said rates will need to rise further to clamp down on decades-high inflation. Since March, the central bank has raised its

Red wine for the holidays
News Commercial LinesMarkets / Coverages

Looming recession causes concern for Canadian restaurant industry

October 25, 2022 Rosa Saba - THE CANADIAN PRESS

TORONTO – Restaurants and bars across Canada are hoping this holiday season could finally spell recovery for the debt-laden sector. But, elevated inflation and a potential recession have them worried that their new normal won’t pay the bills. James Rilett,

Trying to rein in inflation
News EmploymentInsuranceRisk

Canada’s hotter-than-expected inflation reading sets stage for another rate hike

October 19, 2022 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Canada’s latest reading on inflation came in hotter than expected as the cost of groceries continued to climb at the fastest pace in decades, setting the stage for another sizeable interest rate hike next week. In its latest

The word 'inflation' written on a keyboard with a Canadian flag
News Commercial LinesInsurance

Business expectations for inflation have eased: Bank of Canada surveys

October 18, 2022 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Most consumers and businesses think Canada will enter a recession, according to new surveys from the Bank of Canada, but businesses expect upward pressure on prices and wages to ease while consumers are still pessimistic about inflation in

Reinsurance financial results
News ClaimsInsuranceMarkets / CoveragesReinsurance

How inflation is factoring into reinsurance results

October 17, 2022 by Jason Contant

The first half of 2022 saw robust premium growth and generally strong underwriting results for global reinsurers, but inflation remains a wild card, according to the latest Aon’s Reinsurance Aggregate (ARA) report series from one of the world’s largest brokerages.

Businessman doing the books at a small business
News Commercial LinesEarnings / RatingsInsuranceMarkets / Coverages

Small businesses bullish on future growth despite recession concerns: KPMG survey

October 17, 2022 by Jason Contant

TORONTO – A new KPMG survey has found Canada’s small and medium-sized businesses are banking on strong growth in the next three years, even as a possible economic downturn remains top of mind in the near term. The survey of

a businessman uses a calculator and a pen while sitting behind a stack of coins increasing in size
News BrokersClaimsCommercial LinesInsurance

How commercial insurers can mitigate claims costs

October 4, 2022 by Alyssa DiSabatino

Although inflationary pressures are adding to the cost of first- and even third-party property claims, commercial insurers can leverage their global resources to reduce these costs, says a commercial insurance exec. “[Inflation] affects the cost to restore a building,” said