Canadian Underwriter

Keyword
insolvency

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News AssociationsCatastrophesEarnings / RatingsInsuranceRisk

OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job

October 30, 2023 by David Gambrill

Canada’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

The wreckage of a collapsed building after the earthquake
News CatastrophesClaimsClimate ChangeInsuranceLegislation / RegulationRisk

NatCats increasingly a factor in why insurers fail

October 17, 2023 by David Gambrill

Add 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

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News ClaimsClaims CanadaCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesRisk

How well the industry protects policyholders against insolvency

September 22, 2023 by Jason Contant

Canada’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

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News CatastrophesClaimsClimate ChangeInsurance

Can insurers and reinsurers survive looming NatCat trends?

July 21, 2023 Glenn McGillivray

One 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

Christchurch cathedral in New Zealand following the 2011 earthquake.
News CatastrophesClaimsInsuranceReinsuranceRestorationRisk

What Canadian insurers can learn from a New Zealand earthquake

June 30, 2023 Philip Porado

Private 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

Silhouette Of Lonely Businessman Standing By Boardroom Table In Office.The chairs around table are empty.He looks desperate.The black and white color and dark atmosphere is used for economic depression feel.
News CatastrophesClaimsInsuranceRisk

What the industry needs to fund the bankruptcy of a Top 70 insurer

July 11, 2022 by David Gambrill

Canadian 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

News Insurance

Is it time for a larger insolvency fund for Canadian P&C insurers?

September 28, 2021 by Jason Contant

Canada’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

News Insurance

What to tell your clients when their insurer goes bust

August 13, 2021 Canadian Underwriter Staff

What 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

News Insurance

COVID’s impact on the Canadian P&C industry’s capital base

March 22, 2021 by David Gambrill

COVID-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

News AssociationsClaims CanadaInsurance

PACICC ups insolvency benefits to consumers

April 20, 2020 by David Gambrill

Canada’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

News ConstructionInsuranceMarkets / Coverages

How Ontario got it right on surety

May 30, 2019 by Jason Contant

The 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

News BrokersClaimsInsuranceLegislation / RegulationRisk

How commercial insurers are addressing this D&O coverage gap

September 21, 2018 by Greg Meckbach

If 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