Segment
Reinsurance
Insurers checking their war exclusions for cyberattacks
March 10, 2022 Philip PoradoWhile cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber…
Sanction-fueled oil demand could boost Alberta captives plan
March 9, 2022 Philip PoradoSanctions on Russian oil and a major insurer’s recent announcement that it will depart oil sands coverage could spark additional interest in Alberta’s plans to allow captive insurers to domicile in the province. On Mar. 1, AIG said it had…
How reinsurers are helping banks to assess their climate risk
February 24, 2022 by Alyssa DiSabatinoAfter Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he…
A 2-step process for the P&C industry to meet Paris Climate Agreement targets
February 23, 2022 by Alyssa DiSabatinoGlobal reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets…
Reinsurance broker opens Montreal office
February 17, 2022 Canadian Underwriter StaffGlobal reinsurance broker Gallagher Re has set up a Montreal branch led by new executive vice president Isabelle LaPalme. She will lead Gallagher Re’s expansion into Quebec and the French-speaking insurance community. LaPalme will work closely with colleagues in Toronto…
Global (re)insurer appoints new head of claims for Canada
February 17, 2022 by Jason ContantGlobal commercial insurer and reinsurer AXA XL has appointed Sandra Lee as head of claims for Canada. Lee served as leader for the local casualty claims team. She will now have oversight for all claims activity across property and casualty,…
OSFI softens stance in new reinsurance guidelines
February 14, 2022 by David GambrillOSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised…
Insurers lose privilege bid after mill’s internal explosion investigation
February 11, 2022 by David GambrillSix insurance companies and a pulp and paper manufacturing company, Fortress Specialty Cellulose, have lost their bid to have a PowerPoint presentation about the cause of a commercial explosion protected under litigation privilege. In rejecting their argument, the Superior Court…
Recent NatCats reveal need to boost construction standards
February 4, 2022 Greg MeckbachEnforcing existing building codes, bringing in new construction standards and improving community planning are among the measures governments can take to mitigate the cost of property losses from natural catastrophes, industry watchers say. And arming consumers with better information about…
Captives can provide solutions for capacity limitations
January 20, 2022 Mike ListerEmergence of new risks alongside capacity restrictions across industry sectors makes it more important than ever for risk managers to strike the right balance between risk retention and risk transfer. Often, this leads to increased interest in alternative risk solutions…
Should PACICC purchase reinsurance?
January 13, 2022 by Jason ContantCanadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found…
Excess of loss case should be heard in Canada, not New York: court
January 10, 2022 by David GambrillSeveral excess insurers have lost their bid to have a lawsuit take place in New York instead of Ontario in a mining insurance case brought before the Ontario Superior Court of Justice. Nine of 22 excess insurers argued that the…