Canadian Underwriter


Accounting and bookkeeping
News InsuranceLegislation / Regulation

How insurers are handling IFRS 17 reporting requirements

May 23, 2023 by Jason Contant

This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we

Fraud prevention concept
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

How your commercial clients are faring with fraud prevention

March 2, 2023 by Jason Contant

Three-quarters of small and medium-sized enterprises (SME) in Canada experienced fraud within the past year, even though nearly nine in 10 reported having a fraud prevention and response program in place, according to a new survey from KPMG in Canada.

Discussing cyber insurance while using a laptop
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

Is cyber insurance underwriting headed in the right direction?

November 29, 2022 by Jason Contant

New exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security

Man with a neck injury
News ClaimsClaims CanadaInsurance

The spreading tentacles of staged collision operations

November 22, 2022 by Jason Contant

Staged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent

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

Cropped shot of a group of five businesspeople sitting in a meeting
News InsuranceMarkets / Coverages

These three business models will dominate large commercial insurers

August 4, 2022 by Alyssa DiSabatino

Business changes rapidly, and not all business models can weather the storm — but three models will dominate the future large commercial insurance (LCI) market, KPMG said in a new report. The three models — named the agile global player,

Silhouette of young businessman pushing large stone uphill
News Insurance

Why pressure could mount for large commercial insurers

August 3, 2022 by Alyssa DiSabatino

A more assertive regulatory landscape may prove concerning for large commercial insurers (LCI) in the near future, especially those with multinational clients, a survey from KPMG suggested. Evolving client and broker expectations, economic uncertainty, technological evolution and environmental, social and

A row of electric vehicles lined up beside a charging station
News BrokersInsuranceMarkets / Coverages

Consumers increasingly concerned with EV insurance

July 28, 2022 by Alyssa DiSabatino

Canadians are becoming increasingly interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice.  Seventy-seven per cent

News Insurance

What’s on Insurance Bureau of Canada’s agenda?

November 23, 2021 by Jason Contant

Digitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to

News InsuranceLegislation / Regulation

Two examples of good ‘social’ practices under ESG

November 22, 2021 by Greg Meckbach

Having clear policy wording is one component of the “social” part of environmental-social-governance (ESG) practices, suggests senior official with Canada’s financial services regulator. “It’s increasingly clear that insurers need to focus on policy wording to avoid adverse court decisions as

News ClaimsClaims CanadaEmploymentInsuranceLegislation / RegulationRisk

What OSFI’s insurance head says about return-to-work

November 19, 2021 by Greg Meckbach

Staff retention, professional development and the risk of worker isolation are among the factors the industry needs to think about when deciding on an approach to working remote or in the office. “As the pandemic eases and restrictions are lifted,

News Insurance

How UBI could empower your client

November 19, 2021 by Jason Contant

Usage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference.  “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer