What P&C execs predict for 2024 reinsurance rates
October 24, 2023 by David GambrillCanada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of…
Reinsurance in Canada unlikely to cost less in 2024
August 24, 2023 by David GambrillIf Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years…
AXA XL names country manager for Canada
August 23, 2023 by David GambrillAXA XL has named Glen Hopkinson the new country manager for Canada. Removing the ‘interim’ tag from his title, the company said Monday that Hopkinson will lead AXA XL’s insurance operations in the country, effective immediately. “Glen’s extensive insurance expertise,…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 Alyssa Di SabatinoNew risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
How reinsurers fared in Canada last year
July 26, 2023 by David GambrillLloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada. Composed of 22 reinsurers that write business in…
What the math says about P&C return rates
July 24, 2023 Alyssa Di SabatinoWhat’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…
Will reinsurers pass rate increases to consumers?
July 20, 2023 Alyssa Di SabatinoReinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have…
How new sources of capital are changing (re)insurance
July 18, 2023 Glenn McGillivrayBack in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
What’s keeping reinsurance renewals steady?
July 6, 2023 Philip PoradoIn the lead-up to the July 1 reinsurance renewals, both the pricing and structural market dynamics that defined the Jan. 1, 2023 renewal period held steady, said Gallagher Re’s most recent 1st View renewals report. During the July 1 renewals,…
What kind of retentions insurers took on during reinsurance renewals
April 24, 2023 by David GambrillAlthough pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been…
Why consumers may feel the impact of higher reinsurance costs for insurers
April 19, 2023 by David GambrillCanada’s primary insurers will need to run at sustained combined operating ratios of 95% or lower in the future in order to withstand future NatCat losses (and the cost of reinsuring them), without having to pass costs on to consumers,…
How the reinsurance sector netted out after renewals
March 23, 2023 by David GambrillInflation took a small bite of out of global reinsurers’ generally profitable combined ratios, and rising interest rates made a 27% dent in the reinsurers’ shareholder equity, but overall the global reinsurance sector came out of 2022 in decent shape,…