Segment
Reinsurance
Brokers say stress may cause them to leave industry, survey finds
March 29, 2022 Philip PoradoBeing an insurance broker has always come with its share of stress but verbatim responses to Canadian Underwriter‘s 2022 National Broker Survey found specific mentions of its impact on work satisfaction. One respondent who indicated they were highly like to…
How war in Ukraine may impact business loss claims
March 25, 2022 Philip PoradoCanada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 Philip PoradoWhile the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of…
One way for the P&C industry to train new young leaders
March 24, 2022 by Alyssa DiSabatinoThe P&C industry is struggling to find talent to fill the leadership skills gap, but a new program designed to get prospective executives to hit the ground running may be able to help with that. The New Leader Integration program,…
A new way for insurers to handle construction delays and cost overruns
March 17, 2022 Jonathan E. McNattySince 2016, the federal government’s slated nearly $100 billion to support development of transit extensions, shipping port improvements, affordable housing and more. When private-sector construction slowed in March 2020, federal infrastructure building quickly filled the gap. And, throughout 2021, both…
What if the disaster models are wrong?
March 14, 2022 Canadian Underwriter StaffFor nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by…
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,…