Industry

How the hard market is changing commercial underwriting

The ongoing hard market means underwriters are asking commercial clients more in-depth questions about their organizations’ risk management practices and culture, suggests the new CEO of the Canadian Universities Reciprocal Insurance Exchange. “We are very much in a hard market,” said Patrick Lundy, CEO of Burlington, Ont.-based CURIE, in a recent interview. Therefore, commercial underwriters want […]

By Greg Meckbach | June 9, 2021

2 min read

What insurers are paying to deliver IFRS 17: Is there any bang for the buck?

The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson. The cost of implementation for Canadian P&C insurers is less clear. More than two-thirds of Canadian P&C insurers said they were budgeting between […]

By Jason Contant | June 9, 2021

4 min read

Bank of Canada keeps key interest rate target on hold

OTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent. The rate has been on hold at its rock-bottom level since the onset of the pandemic last year and the central bank has said it won’t increase the rate until the economy has recovered. Today’s announcement […]

By Jason Contant | June 9, 2021

2 min read

Westland closes two new acquisitions in Canada

Westland Insurance Group Ltd. has closed two new acquisitions in Saskatchewan, both in locations where the large brokerage didn’t have a presence before. The brokerage announced Monday it had closed the acquisitions of HK Insurance in Regina and Smith Agencies in Melfort, effective June 1. “Regina and Melfort are both new entries for Westland Insurance […]

By Jason Contant | June 9, 2021

2 min read