Canadian Underwriter

Segment
Reinsurance


Multiracial workplace celebration.
News BrokersEmploymentInsuranceLegalLegislation / RegulationProfessional DevelopmentRisk

Not addressing diversity issues creates risk for brokers, survey finds

April 14, 2022 Phil Porado

Nearly 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

Papers headed with Tax Liability and glasses on a table
News AssociationsBrokersCommercial LinesEarnings / RatingsInsuranceLegalLegislation / RegulationProductsReinsurance

Does federal budget create new tax liability for P&C industry?

April 12, 2022 Greg Meckbach

A 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

Stressed employee intern suffering from gender discrimination or unfair criticism.
News BrokersEmploymentInsurance

Some brokers say they face workplace discrimination

April 8, 2022 Philip Porado

Canada likes to see itself as a leader in the areas of diversity, equity and inclusion (DEI). And while it may be ahead of certain countries, some Canadian brokerage industry employees said they have faced various forms of workplace discrimination.

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during

Dark rectangular corridor under the bridge
News CatastrophesCommercial LinesInsuranceMarkets / Coverages

Exiting the commercial hard market may be prolonged: Insurers

April 5, 2022 by David Gambrill

Canada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the

Computer with digital padlock
News InsuranceRiskTechnology

What companies prioritize over cybersecurity

April 1, 2022 Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came

Nuclear power plant after sunset. Dusk landscape with big chimneys.
News ClaimsClaims CanadaCommercial LinesInsuranceLegalMarkets / CoveragesRisk

How Canada’s top court just bolstered pandemic BI exclusions

April 1, 2022 by David Gambrill

Canada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the

Business man travelling the world to acquire insurance.
News BrokersClaimsCommercial LinesInsuranceLegalLegislation / RegulationMarkets / CoveragesMGAsReinsurance

Placing business with non-licensed markets: What to look for

March 31, 2022 Greg Meckbach

Clients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And

Two spheres, one red and one blue, of equal weight each on one side of a scale
News CatastrophesInsuranceRisk

Risk of flood loss is now on par with primary perils: Swiss Re

March 31, 2022 by Alyssa DiSabatino

Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood

European Union sanctions Russia.
News AnnouncementsClaimsCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Ratings agency suspends commercial activities in Russia

March 30, 2022 Philip Porado

Getting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies

3D Illustration of a bar graph that is trending upwards. The upward arrow, bar graph and background are varying shades of pink.
News BrokersInsuranceReinsurance

Industry’s return on equity sky-high in 2021

March 30, 2022 by Alyssa DiSabatino

At 18%, the industry’s return on equity was sky-high for the first three quarters of 2021, but industry observers warn this could be cut in half in two years.   While these high profits have reduced solvency risk for most

Portrait of african american businesswoman wearing protective face mask standing in modern office.
News AdjustersBrokersEmploymentInsuranceLegalLegislation / RegulationMGAsRisk

How Canada’s P&C industry feels about COVID safety in their offices

March 30, 2022 by David Gambrill

More than seven out of 10 Canadian P&C industry professionals feel protected from COVID in their new hybrid office arrangements, according to an online poll conducted this week by Canadian Underwriter. Over 650 P&C professionals answered CU‘s survey, including brokers,