Keyword
inflation
Why extended hard market should be easier to explain to consumers
August 11, 2022 by David GambrillConsumers should be able to relate to inflation’s impact on goods and services — and hence, the impact on insurers’ claims costs — making it easier for brokers to explain the continuation of the P&C industry’s hard market cycle after…
Where Aviva thinks insurers are feeling inflation’s impact most acutely
August 10, 2022 by David GambrillInflation is wreaking havoc in all major lines of P&C insurance, but its effects seem to be most acute in auto insurance, particularly auto physical damage, reports Aviva Canada CEO Jason Storah. “The most acute impact we’ve seen so far…
Why some small business owners don’t have insurance
August 9, 2022 by Alyssa DiSabatinoAlmost 40% of small business owners say they don’t have a business insurance policy, and another 25% say they don’t think they need it, finds a recent survey of 222 small business owners and self-employed professionals in Canada. The…
Inflation and higher interest rates may alter P&C market
August 2, 2022 Glenn McGillivrayA one-two punch delivered by inflation and the resulting interest-rate increases could have several impacts on Canada’s P&C sector, including on claims costs, expense ratios, investment returns and the continued viability of the current hard market. Nearly all major industrialized…
Canada’s inflation rate climbed to 8.1% in June as gas prices soared
July 20, 2022 The Canadian PressOTTAWA – Canada’s annual inflation rate rose to 8.1 per cent in June, boosted by soaring gas prices, which rose more than 50 per cent compared with a year ago, Statistics Canada said Wednesday. The June inflation rate was up…
Which claims trends are worth watching in 2022?
July 19, 2022 by Alyssa DiSabatinoThe number of contingent business interruption (CBI) claims have been increasing year-over-year and exceeding previous highs, as global supply chains were hit repeatedly by storms, fires and the pandemic, said Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. But…
Economists predict inflation climbed even higher in June amid ‘reopening effect’
July 18, 2022 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Economists are predicting an even higher reading of inflation for June as energy and food prices crept higher and the economy reopened further. The consumer price index in Canada hit a nearly 40-year high of 7.7 per cent…
Economists expect Bank of Canada to hike key interest rate by 0.75%
July 12, 2022 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Economists are predicting the Bank of Canada will hike its key interest rate by three-quarters of a percentage point on Wednesday as inflation rages on globally. In Canada, inflation hit a 39-year-high of 7.7 per cent in May…
Canada headed towards ‘moderate’ recession in 2023: RBC economists
July 7, 2022 Adena Ali - THE CANADIAN PRESSTORONTO – Canada is headed towards a recession in 2023, but it will be short-lived and not as severe as prior downturns, according to a new report from RBC. RBC economists said Thursday that soaring food and energy prices, rising…
Behind the upcoming hard market in global reinsurance
July 6, 2022 by David GambrillGlobally, insurance companies’ premiums are on the rise. Inflation and wartime sanctions are cited as two (among other) major factors in why global reinsurers are sliding into a harder market status as of recent July 1, 2022, renewals, according to…
Bank of Canada surveys suggest business and consumer inflation expectations up
July 4, 2022 Craig Wong - THE CANADIAN PRESSOTTAWA – A pair of new reports from the Bank of Canada point to rising inflation expectations by Canadian businesses and consumers. In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased,…
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…