Segment
Underwriting
Do younger Canadians planning vacations value travel insurance?
February 2, 2023 Canadian Underwriter StaffMaking up for the inability to travel during the pandemic is top of mind for 70% of Canadian millennials, who told an Allianz Global Assistance survey conducted by Ipsos they’ll be taking a vacation this year. Of those saying they’ll…
Insurers have a role in Canadian natural gas exports
February 1, 2023 Philip PoradoLiquified natural gas (LNG) and infrastructure connectivity across Europe will be critical to ensuring a long-term energy supply for the continent, noted a Fitch Ratings report. The ratings agency said strong supplies of LNG, along with a relatively mild winter,…
Why 2022 industry results could be one for the record books
January 27, 2023 by Jason ContantHistorically good underwriting combined with historically bad investment results have made the Canadian P&C industry’s 2022 Q3 financial results unique, per the latest quarterly report from the Property and Casualty Insurance Compensation Corporation (PACICC). The decline in investment returns is…
Does your client need D&O or an ancillary coverage?
January 26, 2023 Philip PoradoWhile directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a…
Will IFRS 17 make insurers’ results harder to compare?
January 25, 2023 Philip PoradoAt best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance…
Regulator looking into the ‘black box’ of auto rating models
January 24, 2023 by Jason ContantAuto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these…
Should race be used as a rating factor for auto insurance?
January 20, 2023 by Jason ContantThe Financial Services Regulatory Authority of Ontario (FSRA) is trying to determine how auto insurance rating factors affect vulnerable groups given the general lack of data, a senior executive at the regulator said during an industry event Thursday. Brian Sullivan,…
Where 2022 tallies for insured damages in Canada
January 18, 2023 Canadian Underwriter StaffSevere weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
What’s driving reinsurer underwriting margins in 2023?
January 16, 2023 Philip PoradoUnderwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal…
Where Ontario’s 2022 fire-related deaths ranked
January 13, 2023 Philip PoradoOntario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020…
How an Alberta election may impact decisions on captive insurance
January 12, 2023 Philip PoradoCompanies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same…
How better boards may improve cannabis companies’ D&O options
January 6, 2023 Philip PoradoImprovements in capacity in the directors and officers (D&O) insurance space, combined with a rising quality of boards of directors membership, is making coverage for cannabis producers and distributors more accessible. “We’ve seen a real shift in the experience levels…