Segment
Reinsurance
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
What we can expect from future reinsurance renewals
April 11, 2023 by Alyssa DiSabatinoThe economic parameters that marked a tough reinsurance cycle in 2023 won’t be going anywhere in the next year, experts predict in a Canadian Underwriter webinar. However, the extreme rate increases that insurers saw this year won’t be sustainable…
What Canada’s national flood insurance program could look like
March 31, 2023 by Jason ContantCanada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government…
Where brokers writing construction coverage may see bottlenecks
March 31, 2023 Philip PoradoA significant rise in construction projects being submitted in Canada means lead underwriting time is critical, according to a 2023 Q1 Global Construction Rate Trend Report from WTW. “Staffing shortages and underwriting approval processes are causing delays in quote turn-around,”…
Will the multi-billion-dollar Cat loss trend continue indefinitely?
March 22, 2023 by Jason ContantGlobal insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend…
New earthquake model considers eastern Canada risk
March 9, 2023 by Jason ContantAon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural…
What might cause the softening D&O market to stall?
March 8, 2023 Philip PoradoHard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several…
What the industry says about regulator’s draft corporate culture guidance
March 7, 2023 David GambrillCanada’s solvency regulator has refined its proposed guidance on corporate culture for P&C insurers, and it’s now consulting with the industry about its expectations. The Office of the Superintendent of Financial Institutions (OSFI) was scheduled to have a technical briefing…
How CSIO’s forging consistent data standards interpretation
March 6, 2023 David GambrillThe Centre for Study of Insurance Operations (CSIO)’s mandate has evolved to ensure consistent interpretation of the property & casualty (P&C) insurance industry’s data standards by insurance companies and technology vendors. “In developing the multi-year strategic plan, CSIO’s board of…
Will cyber bonds help reinsurers transfer risk?
February 3, 2023 Philip PoradoCan reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said…
Will IFRS 17 make insurers’ results harder to compare?
January 25, 2023 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…
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…