How insurers protect their earnings against multiple catastrophes
January 4, 2018 by David GambrillWith the rise of multiple major catastrophe events in Canada, look for primary insurers to start seeking aggregate reinsurance covers as a means to adapt to climate change-related losses. “It’s the new normal that the companies are going to have…
Why Canadian insurers should feel lucky after 2017
January 3, 2018 by Greg MeckbachAfter a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,…
2018 Outlook: Rowan Saunders, President, CEO, Economical Insurance
January 2, 2018 Rowan SaundersThe continued deterioration and loss trends in automobile insurance and the impact of climate change will be the two biggest trends affecting Canada’s property and casualty insurance market in 2018. Auto is a challenge in many parts of the country,…
2018 Outlook: Ulrich Kadow, Chief Agent of Canada, Allianz Global Corporate & Specialty Americas
December 29, 2017 Ulrich KadowAcross all markets, including Canada, pricing levels are generally at historic lows, which in many cases are well below technical pricing recommendations. Globally, recent natural catastrophes have highlighted the increasing frequency and potential severity of major events, potentially leading to…
Economic losses top US$300 billion in 2017
December 20, 2017 by Canadian UnderwriterInsured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.…
Insurers, society face irreversible climate change: reinsurance board exec
December 19, 2017 Greg Meckbach, Associate EditorWildfires that hit British Columbia earlier this year and that continue to affect California are among the effects of climate change, says Karen Gavan, former CEO of Waterloo, Ont.-based Economical Insurance. “Literally California has been burning all fall,” said Gavan,…
La Plume du Président
December 19, 2017 Monica Kuzyk, President, ACEIImaginez qu’un ordre d’évacuation a été émis et que vous avez une heure pour rassembler votre famille, vos provisions d’urgence et pour vous diriger vers une zone de sécurité désignée ou un centre d’évacuation. Qu’emportez-vous lorsque votre vie est menacée?…
Lessons for Canadians from California wildfires
December 13, 2017 Greg Meckbach, Associate EditorRecent record wildfire losses in California serve as a reminder to Canadians that certain buildings separated from the woods can still burn down, a Canadian disaster prevention research executive suggests. Losses from the California wildfires, in excess of $10 billion,…
Marketplace should set minimum standards for flood cover: CEO
December 12, 2017 David Gambrill, Editor-in-ChiefMinimum standards should be established for overland flood coverage offered by Canadian property and casualty insurers, an industry executive told Canadian Underwriter. Offering his personal perspective, Alain Thibault, chairman, president and CEO of the Canadian Association of Direct Relationship Insurers…
Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 Jason Contant, Online EditorReinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including…
Will nat cats increase product pricing in Canada?
November 28, 2017 Jason Contant, Online EditorIncreases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price of…
More Windsor residents eligible for Ontario government flood relief
November 20, 2017 Greg Meckbach, Associate EditorNearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original…