Keyword
insolvency
OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job
October 30, 2023 by David GambrillCanada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
Can insurers and reinsurers survive looming NatCat trends?
July 21, 2023 Glenn McGillivrayOne of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
What the industry needs to fund the bankruptcy of a Top 70 insurer
July 11, 2022 by David GambrillCanadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the…
Is it time for a larger insolvency fund for Canadian P&C insurers?
September 28, 2021 by Jason ContantCanada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of…
What to tell your clients when their insurer goes bust
August 13, 2021 Canadian Underwriter StaffWhat would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation…
COVID’s impact on the Canadian P&C industry’s capital base
March 22, 2021 by David GambrillCOVID-19 may have affected the earnings of individual P&C insurers unevenly, but the industry’s overall capital base reached the unparalleled height of $52.6 billion during the first three quarters of 2020, according to the Property and Casualty Insurance Compensation Corporation…
PACICC ups insolvency benefits to consumers
April 20, 2020 by David GambrillCanada’s property and casualty insurance companies have upped the benefit amounts they will pay out to policyholders in the wake of an insurance company insolvency. In addition, they have broadened coverage for some commercial specialty lines customers who were previously…
How Ontario got it right on surety
May 30, 2019 by Jason ContantThe federal government should follow Ontario’s lead in addressing contractor insolvency before the federal budget bill becomes law, says the Surety Association of Canada (SAC). The federal budget bill, Bill C-97, was tabled in March and passed second reading on…
How commercial insurers are addressing this D&O coverage gap
September 21, 2018 by Greg MeckbachIf your corporate client goes under and occupies polluted land, what happens if individual directors are left on the hook to clean up environmental contamination? This is the subject of “long, complex discussions” that Aon Canada brokers are having with…