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PACICC
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…
Should the Canadian P&C industry be concerned about BI court cases?
April 16, 2021 by Adam MalikFor now, little evidence exists that courts will adjudicate against Canada’s property and casualty insurers in litigation related to business interruption claims stemming from the COVID-19 pandemic, according to an industry executive. At the recent CIP Society Symposium 2021 virtual…
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…
Who PACICC has added to its board of directors
April 15, 2020 by Greg MeckbachDavid MacNaughton (pictured), president of Palantir Canada and former ambassador to the United States, is now a board member of Property and Casualty Insurance Compensation Corporation (PACICC). Also joining the PACICC board are Christian Fournier, president and chief operating officer…
How profitable have Canadian P&C insurers been so far this year?
December 18, 2019 by Jason ContantCanada’s property and casualty insurers posted moderate profitability in the first nine months of 2019, but poor underwriting results and high loss ratios linger, notes an executive from the Property and Casualty Insurance Compensation Corporation (PACICC). For Q3 2019 year-to-date…
Can Canadian P&C companies be “too big to fail”?
June 27, 2019 by David GambrillIf a major disaster such as an earthquake hits Canada, are some Canadian insurance companies simply “too big to fail”? After the financial crisis of 2007-08, the systemic risk of multiple companies going bankrupt following an extreme catastrophe event is…
Investment income doubles for Canadian P&C industry: MSA
June 27, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest.…
PACICC to participate in federal government’s review of insolvency legislation next year
April 18, 2017 Jason Contant, Online EditorThe Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a century. The Winding-up…
161 companies have exited Canadian P&C market in past 20 years, 96% voluntarily: PACICC
April 13, 2017 Jason Contant, Online EditorOver the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in…
Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board
November 22, 2016 by Canadian UnderwriterThe Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event…
C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes
August 3, 2016 by Canadian UnderwriterA former federal Superintendent of Financial Institutions is calling for a last-resort federal emergency backstop arrangement for P&C insurers to minimize the systemic financial impact resulting from a “catastrophic and likely uninsurable natural disaster,” such as earthquake. “A federal emergency…