The ‘new normal’ workplace that could be coming your way
September 11, 2020 by Adam MalikWhile a rating agency complimented the property and casualty insurance space for pivoting its work environment from the office to employee homes, a new workplace survey has found that Canadian employees are looking for greater flexibility in choosing where they…
Why Canadian P&C insurers in a good spot to tackle ongoing challenges
September 10, 2020 by Adam MalikCanadian property and casualty insurance companies are in a good financial position going forward as challenges — both new and continuing ones — mount, according to A.M. Best’s latest outlook. Over the last 10 years, the vast majority of Canadian…
How A.M. Best predicts pandemic could affect the Canadian P&C industry
September 8, 2020 by Greg MeckbachAn increase of residential cooking fires and business closures arising from the pandemic are among the trends affecting the Canadian property and casualty insurance industry on the radar of A.M. Best Company Inc. Overall, personal property losses are lower so…
Fraud schemes that financially-strapped clients may be considering
July 14, 2020 by Greg MeckbachSome consumers who owe money on vehicle loans during the COVID-19 pandemic may be tempted to make false auto theft claims, an independent adjuster warns. “Insureds who are desperate for money may have the vehicle stolen and burned to ensure…
Can Canada’s P&C industry withstand the 20% stock market drop?
April 7, 2020 by Greg MeckbachGiven that insurers rely on investments to supplement their underwriting income, how big of a concern is the recent nosedive in stock markets? “Right now, from the standpoint of reduction in equity values, the Canadian P&C segment as a whole…
Why insurers say auto premiums could come down
September 18, 2019 by Greg MeckbachAuto premiums in Canada rose more than 10% last year as loss ratios continue to climb, but some carriers are thinking about what to do if auto revenues come back down, an industry watcher suggests. “Some companies have indicated to…
What’s driving the brokerage acquisition trend
September 17, 2019 by Greg MeckbachNow is a good time for brokerages to sell their businesses and in some cases, the buyers come from outside the industry, speakers told insurance professionals at the recent A.M. Best briefing. “If I was in the [P&C] business I…
Insurtechs ‘hitting this wall called regulation’
September 16, 2019 by Greg MeckbachDespite the hoopla over insurtech, the Amazon model of commerce is not about to replace the broker any time soon, analysts with A.M. Best Company Inc. told Canadian insurance professionals. “A lot of what these insurtech companies are getting to…
How bad the industry’s loss has been in 2019 so far
September 13, 2019 by Greg MeckbachThe Canadian property and casualty industry lost money on underwriting during the first six months of 2019 – a performance worse than 2016, when Fort McMurray was devastated by wildfire, A.M. Best Company Inc. reported Friday. “2019 could be another…
The real reason for spike in cyber claims
June 17, 2019 by Greg MeckbachThe number of reported cyber claims has jumped significantly, but it’s not because of the major breaches you’ve been reading in the headlines. Small to mid-sized organizations are at greater risk of cyber losses than large organizations, A.M. Best Company…
Why it’s hard for insurers to price cyber risk
May 1, 2019 by Greg MeckbachIt’s hard for an insurance company to price cyber because clients are reluctant to report losses, industry experts suggest. “You need historical incidents to understand the types of events out there,” Scott Stransky, assistant vice president and principal scientist in…
The ‘touchy topic’ in Canadian home insurance
September 6, 2018 by Greg MeckbachLack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of…