OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job
October 30, 2023 by David GambrillCanada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is…
PACICC urges feds to move on quake backstop
April 20, 2023 by David GambrillCanada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to…
The latest insolvency risk: climate change
June 15, 2022 by Jason ContantA 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”…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast 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…
Should PACICC purchase reinsurance?
January 13, 2022 by Jason ContantCanadian 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…
Solar storms pose risks to Canada’s aging electric power grid
October 26, 2021 Philip PoradoThe 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…
Is it time for a larger insolvency fund for Canadian P&C insurers?
September 28, 2021 by Jason ContantCanada’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…
What to tell your clients when their insurer goes bust
August 13, 2021 Canadian Underwriter StaffWhat 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…
Should the Canadian P&C industry be concerned about BI court cases?
April 16, 2021 by Adam MalikFor 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…
Canada’s P&C industry can’t shoulder the losses of the next earthquake by itself
April 7, 2021 by Adam MalikCanada 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…
Who PACICC has added to its board of directors
April 15, 2020 by Greg MeckbachDavid 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…