Canadian Underwriter

Hospital damage from the 2018 Camp Fire in California
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The latest insolvency risk: climate change

June 15, 2022 by Jason Contant

A single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”

Concept of profitability - Glowing yellow up arrow
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How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry

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Should PACICC purchase reinsurance?

January 13, 2022 by Jason Contant

Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found

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Solar storms pose risks to Canada’s aging electric power grid

October 26, 2021 Philip Porado

The sun brings light, warmth … and solar flares that pose risks for aging power grids in Canada and worldwide, panellists told a recent Property and Casualty Insurance Compensation Corporation (PACICC) webinar on emerging risks. While routine blackouts generally happen

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Is it time for a larger insolvency fund for Canadian P&C insurers?

September 28, 2021 by Jason Contant

Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of

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What to tell your clients when their insurer goes bust

August 13, 2021 Canadian Underwriter Staff

What would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation

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Should the Canadian P&C industry be concerned about BI court cases?

April 16, 2021 by Adam Malik

For now, little evidence exists that courts will adjudicate against Canada’s property and casualty insurers in litigation related to business interruption claims stemming from the COVID-19 pandemic, according to an industry executive. At the recent CIP Society Symposium 2021 virtual

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Canada’s P&C industry can’t shoulder the losses of the next earthquake by itself

April 7, 2021 by Adam Malik

Canada isn’t financially prepared to handle a major earthquake whenever it may come, says an industry observer. As a result, the property and casualty industry is at risk without a plan in place. Models are painting a grim picture of

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Who PACICC has added to its board of directors

April 15, 2020 by Greg Meckbach

David MacNaughton (pictured), president of Palantir Canada and former ambassador to the United States, is now a board member of Property and Casualty Insurance Compensation Corporation (PACICC). Also joining the PACICC board are Christian Fournier, president and chief operating officer