News
How Canada’s insured cat losses stack up globally
January 25, 2023 by Alyssa DiSabatinoSevere weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon. These events point to a severe gap in insurance protection in some parts of…
Will IFRS 17 make insurers’ results harder to compare?
January 25, 2023 by Philip PoradoAt best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance…
Bank of Canada hikes key interest rate by quarter point, says it plans to hold
January 25, 2023 by The Canadian PressOTTAWA – The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the cycle. The rate increase marks the eighth consecutive…
Metaverse risks: 4 areas for commercial clients to explore
January 25, 2023 by Jason ContantPrivacy is one of the four major risks associated with the metaverse — the expanding virtual universe of network connections — an industry expert told Canadian Underwriter recently. When developing a metaverse strategy, your commercial clients should look at operational,…
Regulator looking into the ‘black box’ of auto rating models
January 24, 2023 by Jason ContantAuto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these…
Automotive products manufacturer hit by cybersecurity incident at three factories
January 24, 2023 by The Canadian PressTORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident. The company says it has taken steps to secure its systems and mitigate the impact to the company’s data…
Insurer wins third-party liability claim against road-rager
January 24, 2023 by David GambrillAn insurer successfully brought a third-party liability claim against a road-rager who was found to be 50% responsible for an accident between two other vehicles as a result of his threatening actions. The insurers were not named in the Court…
How the recession will affect personal lines
January 24, 2023 by Alyssa DiSabatinoAn impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to…
What’s on Dec? | Episode 3 | Insurance to value
January 24, 2023 by Canadian UnderwriterNewcom Media Inc · Insurance to value Text transcript: Intro: You’re listening to What’s on Dec? the Canadian Underwriter podcast, focusing on the hottest topics in the P&C community, featuring insights, analysis, and interviews with subject-matter experts throughout the year.…
Why P&C industry profitability is trending toward positive
January 23, 2023 by Jason ContantCanada’s property and casualty insurers should see increased overall profitability and premium rate increases as the industry’s 2023 outlook trends to positive, ratings firm DBRS Morningstar said in a new report. “The credit rating trend for the majority of DBRS…
Claims denials on their way down, regulator reports
January 23, 2023 by David GambrillClaims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For…
Which insurers can expect to be consolidated
January 23, 2023 by Alyssa DiSabatinoMiddle market and non-specialty insurers will be the central targets of consolidators into 2024, and some may even withdraw entirely from the P&C insurance market, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance…