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How Canada’s insured cat losses stack up globally

January 25, 2023 by Alyssa DiSabatino

Severe 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…

Wooden cubes spelling out International Financial Reporting Standards News Earnings / RatingsInsuranceLegalLegislation / Regulation

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 by Philip Porado

At 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…

The Bank of Canada raised its key interest rate by a quarter of a percentage point. News Earnings / RatingsInsurance

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

January 25, 2023 by The Canadian Press

OTTAWA – 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 city concept News Commercial LinesMarkets / CoveragesTechnology

Metaverse risks: 4 areas for commercial clients to explore

January 25, 2023 by Jason Contant

Privacy 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,…

Data analysis concept News InsuranceMarkets / CoveragesTechnology

Regulator looking into the ‘black box’ of auto rating models

January 24, 2023 by Jason Contant

Auto 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…

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Automotive products manufacturer hit by cybersecurity incident at three factories

January 24, 2023 by The Canadian Press

TORONTO – 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…

Distorted image of the head of a road rager driving a car News ClaimsLegal

Insurer wins third-party liability claim against road-rager

January 24, 2023 by David Gambrill

An 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…

Insurance professional holds two houses up, and prevents them from crashing along a downfacing arrow, a symbol of the recession, News BrokersClaimsCommercial LinesInsurance

How the recession will affect personal lines

January 24, 2023 by Alyssa DiSabatino

An 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…

News InsurancePodcast

What’s on Dec? | Episode 3 | Insurance to value

January 24, 2023 by Canadian Underwriter

Newcom 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.…

Profitability trending toward positive News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why P&C industry profitability is trending toward positive

January 23, 2023 by Jason Contant

Canada’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…

Hand in front of a blue backdrop, denying access News ClaimsCommercial LinesInsurance

Claims denials on their way down, regulator reports

January 23, 2023 by David Gambrill

Claims 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…

Two groups of wooden blocks being consolidated into one group News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

Which insurers can expect to be consolidated

January 23, 2023 by Alyssa DiSabatino

Middle 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…