Canadian Underwriter

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Reinsurance


Oil rig in the Alberta Rocky Mountains
News InsuranceReinsuranceRisk

New captive may help Alberta’s energy industry spread risk

July 18, 2022 Philip Porado

At least one insurer has taken Alberta up on its newly legislated option to domicile captive insurance companies in the province. The Captive Insurance Companies Act in Alberta, formerly Bill 76, came into force July 1. NFP this week announced

Investor stock market chart rising upward
News InsuranceReinsurance

Where rising interest rates will lead insurers in 2022-23

July 15, 2022 by Alyssa DiSabatino

Economic slowdown and high inflation will weigh down insurance market growth in 2022-23, primarily affecting property and auto insurers; still, rising interest rates may actually be a silver lining for insurers, Swiss Re Institute’s latest sigma report notes.    Swiss

Male office worker looking at view through window of modern office over city.
News AnnouncementsInsuranceMergers and AqcuisitionsReinsurance

Reinsurer makes executive changes after M&A deal closes

July 13, 2022 by David Gambrill

PartnerRe Ltd. made a few executive-level shuffles Wednesday, marking the close of a December 2021 deal in which Covéa agreed to buy Partner Re from Exor for $9 billion in cash. Thierry Derez, CEO of Covéa Group, is replacing Brian

Conceptual abstract landscape: sea of money and dramatic sky.
News InsuranceMarkets / CoveragesReinsurance

Behind the upcoming hard market in global reinsurance

July 6, 2022 by David Gambrill

Globally, insurance companies’ premiums are on the rise. Inflation and wartime sanctions are cited as two (among other) major factors in why global reinsurers are sliding into a harder market status as of recent July 1, 2022, renewals, according to

News AnnouncementsAssociationsBrokersInsuranceLegislation / Regulation

Don Forgeron to retire from Insurance Bureau of Canada

June 23, 2022 by Alyssa DiSabatino

Don Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will

Riot police dealing with a protest and fire on a city street.
News CatastrophesClaimsCommercial LinesConstructionInsuranceReinsuranceRisk

How to help your clients prepare for civil unrest

June 16, 2022 Philip Porado

Strikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a

Ottawa, Canada - May 25, 2022: A row of power line poles that snapped on Merivale Road, a busy street in the west end of Ottawa. A severe storm known as a derecho passed through the area causing a lot of damage and power outages May 21.
News Insurance

What the derecho in May cost P&C insurers

June 16, 2022 by David Gambrill

Central Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest natural catastrophe loss in Canadian history. “Damage in Ontario is estimated to be over $720 million, while the storm caused an estimated $155

Robot holding a brain to represent artificial intelligence.
News ClaimsCommercial LinesInsuranceMarkets / CoveragesProductsReinsuranceRisk

How do you insure artificial intelligence?

June 15, 2022 Alyssa DiSabatino

Picture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult

A man stands with his hands on his hips in front of a beam of light that is coming in from an entrance of a dark tunnell
News BrokersClaimsInsuranceReinsurance

Why you can expect to be in the hard market a year from now

June 15, 2022 by Alyssa DiSabatino

Inflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be

Flood and black smoke from a fire in Abbotsford
News Insurance

P&C industry must get better at modelling secondary perils: reinsurance exec

June 13, 2022 by Jason Contant

The property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We

A small Canadian flag is staked out on top of a map of Canada
News CatastrophesClimate ChangeInsuranceMarkets / CoveragesRisk

Canada’s most-exposed flood regions

June 10, 2022 by Alyssa DiSabatino

Quebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.

Five small wooden toy block houses are surrounded by murky brown water in a flood plain, up to their windows.
News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesReinsurance

Which model will Canada’s national flood insurance program follow?

June 9, 2022 by Alyssa DiSabatino

After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.   One model is based on a pool for high-risk homeowners, among