Canadian Underwriter


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News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesReinsurance

Reinsurance in Canada unlikely to cost less in 2024

August 24, 2023 by David Gambrill

If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years

Glen Hopkinson
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AXA XL names country manager for Canada

August 23, 2023 by David Gambrill

AXA XL has named Glen Hopkinson the new country manager for Canada. Removing the ‘interim’ tag from his title, the company said Monday that Hopkinson will lead AXA  XL’s insurance operations in the country, effective immediately. “Glen’s extensive insurance expertise,

Rocket represents rising reinsurance premiums
News CatastrophesClimate ChangeInsurance

What’s the future for Canada’s reinsurance rates?

August 2, 2023 Alyssa Di Sabatino

New risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was

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How reinsurers fared in Canada last year

July 26, 2023 by David Gambrill

Lloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada. Composed of 22 reinsurers that write business in

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News BrokersCatastrophesClaimsInsurance

What the math says about P&C return rates

July 24, 2023 Alyssa Di Sabatino

What’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,

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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

Passing a baton to represent reinsurers passing rising costs to consumers.
News InsuranceReinsurance

Will reinsurers pass rate increases to consumers?

July 20, 2023 Alyssa Di Sabatino

Reinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have

Piles of Canadian money representing investment in insurance capacity.
News Commercial LinesConstructionInsuranceMarkets / CoveragesReinsurance

How new sources of capital are changing (re)insurance

July 18, 2023 Glenn McGillivray

Back in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost

Reinsurance renewals were stable during the July 1 period.
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What’s keeping reinsurance renewals steady?

July 6, 2023 Philip Porado

In the lead-up to the July 1 reinsurance renewals, both the pricing and structural market dynamics that defined the Jan. 1, 2023 renewal period held steady, said Gallagher Re’s most recent 1st View renewals report. During the July 1 renewals,

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News BrokersCatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsurance

What kind of retentions insurers took on during reinsurance renewals

April 24, 2023 by David Gambrill

Although pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been

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News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why consumers may feel the impact of higher reinsurance costs for insurers

April 19, 2023 by David Gambrill

Canada’s primary insurers will need to run at sustained combined operating ratios of 95% or lower in the future in order to withstand future NatCat losses (and the cost of reinsuring them), without having to pass costs on to consumers,

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News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

2 reasons why Canadian P&C industry’s hard market may linger

April 18, 2023 by David Gambrill

Coming out of the pandemic, the global economic environment still contains two ingredients for ongoing hard market conditions in Canada’s P&C insurance sector — high inflation, and a lack of global reinsurance capacity. “If you look at the picture behind