Segment
Reinsurance
Where have all the good underwriters gone?
May 12, 2022 Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
4 insurance industry trends to watch
May 11, 2022 Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…
Insurance Act changes may help Alberta as insurers retreat from oil and gas
May 4, 2022 Philip PoradoMajor insurers continue to announce they’ll cease issuing coverage to the oil and gas industry, which remains economically critical to Alberta and other Canadian provinces – and is poised to experience a demand boost as Europe seeks alternatives to Russian…
Beware the tax implications of unlicensed insurance
May 3, 2022 Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
Everest makes key promotion and appoints chairman
April 28, 2022 Canadian Underwriter StaffEverest Re Group’s reinsurance division, Everest Reinsurance, has promoted Scott Paddington to chief agent and chief underwriting officer of Everest Reinsurance Canada. It also appointed Russ Lewis to chairman of Everest Reinsurance Canada. Both now report to Jill Beggs, head…
Despite “aggressive growth goals,” insurers cautioned to keep their powder dry
April 25, 2022 by David GambrillAlthough the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming…
Leaving hibernation: What’s next for P&C industry?
April 21, 2022 by David GambrillLook for Canada’s P&C industry to fine-tune the hybrid workplace model over the next six months, as the country starts to ease pandemic restrictions, industry execs say. The tinkering will involve achieving the best balance between meeting in person with…
Ukraine war insured losses could outstrip 9-11
April 20, 2022 Philip PoradoWhen adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty…
Employee benefits in the new era of work
April 19, 2022 by Alyssa DiSabatinoAbout one-quarter of brokers say they are either likely or highly likely to leave the industry in the next three years, according to Canadian Underwriter’s National Broker Survey. One way to encourage brokers to stay would be to expand employee…
Not addressing diversity issues creates risk for brokers, survey finds
April 14, 2022 Phil PoradoNearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…