Keyword
inflation
Why P&C industry profitability is trending toward positive
January 23, 2023 by Jason ContantCanada’s property and casualty insurers should see increased overall profitability and premium rate increases as the industry’s 2023 outlook trends to positive, ratings firm DBRS Morningstar said in a new report. “The credit rating trend for the majority of DBRS…
Despite inflation slowing in December, Bank of Canada still expected to hike rates
January 17, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Canada’s annual inflation rate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week. In its latest consumer price index released Tuesday, Statistics Canada said the country’s annual…
Bank economists see mild recession likely ahead despite surprising resilience
January 13, 2023 The Canadian PressTORONTO – Big bank economists say the surprisingly resilient economy is likely headed for a mild slowdown in the year ahead, but that recent events show how difficult it is to predict the future. Speaking at an Economic Club of…
Can the P&C industry navigate these 3 problems in 2023?
January 9, 2023 David GambrillThanks to supply chain disruptions, labour shortages and inflation, insurance policyholders face longer and more expensive repairs. To address that, insurance industry execs said, Canada’s P&C industry needs to up its communications game during the claims process. P&C insurance professionals…
Bank of Canada hikes key rate by half percentage point, signals possible pause
December 7, 2022 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada hiked its key interest rate by half a percentage point Wednesday to 4.25 per cent – the highest it’s been since January 2008 – while signalling it may pause its aggressive rate hike cycle.…
Bank of Canada expected to end year with one more rate increase
December 2, 2022 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – 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…
How claims inflation is affecting Definity’s auto, property lines
November 22, 2022 by Jason ContantClaims 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…
How OSFI expects insurers to react to market volatility
November 18, 2022 by Jason ContantCanada’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)…
Why Intact Financial’s CEO says insurance market cycles aren’t ‘dead’
November 11, 2022 by David GambrillProperty 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…
Addressing supply issues not substitute for rate hikes, says Bank of Canada official
November 2, 2022 The Canadian PressOTTAWA – 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 raises interest rate by half percentage point, says more hikes to come
October 26, 2022 The Canadian PressOTTAWA – 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…
Looming recession causes concern for Canadian restaurant industry
October 25, 2022 Rosa Saba - THE CANADIAN PRESSTORONTO – 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,…