Two relatively new senior Canadian P&C insurance industry leaders have been appointed to Insurance Bureau of Canada’s board of directors. IBC welcomed Jolee Crosby, CEO of Reinsurance Canada and English Caribbean at Swiss Re, and Aviva Canada CEO Tracy Garrad to its board yesterday. “The property and casualty insurance industry’s ability to navigate a changing […]
By David Gambrill | February 8, 2024
2 min read
Momentum from this year’s favourable reinsurance renewal can continue into 2025 if outlying conditions and losses don’t exceed expectations, panellists said during Cat IQ Connect in Toronto. Although it’s too early to make assertions about how the next 1.1 renewal season will shape up, reinsurance experts discussed the factors that need to continue for reinsurance […]
By Alyssa DiSabatino | February 7, 2024
3 min read
TORONTO – It’s important to develop a backstop for the insurance industry against major catastrophes like an earthquake, said the head of Canada’s financial institutions regulator Tuesday. A major disaster like an earthquake in Vancouver could cause between $35 billion and $40 billion in damages and significantly strain the insurance system, said Superintendent of Financial […]
By David Gambrill | February 7, 2024
2 min read
As Canadians look for ways to boost their own personal income during a tough economy, brokers must be proactive in asking their clients if they have started a side gig, one expert warned. Whether they are dog-walking, starting an e-commerce store, or launching a home-based salon, clients with side hustles must inform their insurers about […]
By Alyssa DiSabatino | February 5, 2024
3 min read
As Canada’s auto insurers await direction from the Alberta government on the province’s long-term reform solutions for auto insurance, industry advocates have suggested short-term options to the auto product. The Alberta government announced last fall it would be retaining the auto rate cap for “good drivers” into 2024, along with further regulatory intervention and premium payment […]
By Alyssa DiSabatino | February 2, 2024
3 min read
The Bank of Canada is turning its attention to when it may be able to start cutting interest rates, governor Tiff Macklem said Wednesday as he announced the central bank’s decision to hold its key rate at five per cent. “With overall demand in the economy no longer running ahead of supply, governing council’s discussion […]
By Jason Contant | January 25, 2024
3 min read
Insurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said. Traditionally, the measure of profitability within the P&C insurance world has always been the combined […]
By Jason Contant | January 24, 2024
3 min read
As homesharing platforms like Airbnb and Vrbo become increasingly popular, one insurance expert warns homesharers might find themselves un- or underinsured when renting their units out. For every one insurer who covers short-term rentals, there are five to six who don’t have the capacity to do so, said Daniel Ivans, insurance broker and Ratesdotca’s insurance […]
By Alyssa DiSabatino | January 23, 2024
3 min read
Intermediate and senior underwriting positions are opening up across the industry. That has firms looking for ways to cultivate junior underwriters into successive roles. The issue, though, is that learning curves can be steep for new hires. Up-and-coming underwriters are working to master the tricks of the trade while facing factors that can make their […]
By Phil | January 8, 2024
3 min read
Private equity deal volume is expected to rebound in 2024 after slowing last year, and that means your PE clients can expect to see their insurance rates — particularly for liability and indemnity (D&O and R&W) — decrease or flatten in step. “Mimicking the slow market in transactions, the cost of representations and warranties […]
By Alyssa DiSabatino | January 8, 2024
2 min read