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Property and Casualty Insurance Compensation Corporation

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Auto loss ratios ‘unsustainable’ in these provinces

March 29, 2019 by Greg Meckbach

Ontario auto insurance is profitable but loss ratios are unsustainable in Alberta and two of the Maritime provinces, Canada’s Property and Casualty Insurance Compensation Corporation notes. “Importantly for insurers, Ontario’s private passenger auto insurance market remained profitable with a loss

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Investment income doubles for Canadian P&C industry: MSA

June 27, 2017 by Canadian Underwriter

The 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.

News AssociationsCatastrophesEarnings / RatingsInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Relying on government to solve “big shake” problem courts continued procrastination: Tannas

May 25, 2017 by Angela Stelmakowich

The potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Canadian industry underwriting income down 81% in 2016: MSA

April 18, 2017 by Canadian Underwriter

The Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released

News InsuranceLegislation / Regulation

PACICC to participate in federal government’s review of insolvency legislation next year

April 18, 2017 Jason Contant, Online Editor

The 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

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsReinsurance

161 companies have exited Canadian P&C market in past 20 years, 96% voluntarily: PACICC

April 13, 2017 Jason Contant, Online Editor

Over 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

Feature CatastrophesMergers and Aqcuisitions

Split Personality

March 2, 2017 Angela Stelmakowich, Editor

Can earthquakes be damaging? Yes. Would a severe quake have an adverse impact on
government, the economy, home and business owners and Canada’s property and casualty insurance industry? Perhaps. So, has everyone taken steps to ensure they have coverage? No.

News AssociationsCatastrophesClimate ChangeConstructionEarnings / RatingsLegislation / RegulationMergers and AqcuisitionsReinsurance

Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board

November 22, 2016 by Canadian Underwriter

The 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

Feature Catastrophes

Quake Stakes

November 1, 2016 Angela Stelmakowich, Editor

It may be time to consider not only the unthinkable, but the uninsurable, when it comes to natural disasters. A large earthquake could be a solid candidate for such a scenario, demanding measures that give property and casualty insurers a fighting chance against insolvency.

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA

September 28, 2016 by Canadian Underwriter

The Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes

August 3, 2016 by Canadian Underwriter

A 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

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC

April 22, 2016 by Angela Stelmakowich

A catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General