The Purpose Imperative Canadians are feeling overwhelmed by social and economic pressures and recurring devastation from floods, fires and extreme storms. On top of constantly managing risks, liability and costs due to these conditions, the insurance industry, like all others, is facing tremendous change and challenges with respect to consumer expectations and buying habits, brand […]
December 12, 2023
3 min read
OTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing costs are clearly restraining spending as consumption and business investment remain relatively flat this year. […]
By Jason Contant | December 7, 2023
1 min read
While repricing risk has no doubt helped P&C insurers improve profitability, investment returns driven by a higher interest rate environment are increasing insurers’ profits globally, a new Swiss Re sigma report shows. And yet, most carriers will not earn their cost of capital in 2024 and 2025, because economic inflation is expanding claims costs. […]
By Alyssa DiSabatino | December 5, 2023
3 min read
As if P&C insurers don’t have enough regulatory issues on their plate, tax experts are urging multinational insurers based in Canada to be aware of new international tax rules featuring a minimum global tax rate. “The global tax environment is…having an impact on insurance board priorities and outlooks [in Canada],” financial advisory firm KPMG observed […]
By David Gambrill | December 4, 2023
3 min read
Economic uncertainty is abound in the P&C industry, and that means companies should take extra care to properly price their exposures, experts said during a Canadian Underwriter webinar last Wednesday. And those on the ground are feeling the precariousness as much as industry experts, according to poll results from 2024 Economic Outlook: What the future holds […]
By Alyssa DiSabatino | December 1, 2023
3 min read
With its vast expanse of nearly 10 million square kilometers (3.9 million square miles), Canada stands as the world’s second-largest country by land area. It boasts a multitude of diverse industries, each brimming with unique risks, spanning across every province and territory. From commercial banks in Ontario, to energy operations in Alberta and Quebec, to […]
December 1, 2023
3 min read
The Bank of Canada announced it would raise interest rates to 5% in October to help control inflation, but the P&C industry warns those high interest rates can wreak havoc on insurers’ investment portfolios. It’s not all doom and gloom, though. Stable, high interest rates have a possibility of generating favourable returns over time, experts […]
By Alyssa DiSabatino | November 30, 2023
3 min read
Competition for available qualified underwriting talent is fierce. “We’ve got candidates in the mix that will often have two or three offers in hand,” said Stefan Rolfe, associate director of insurance at Impact Recruitment. “And they can often bounce one off another.” That puts the ball in the candidate’s court. If underwriting firms want to […]
By Phil | November 30, 2023
2 min read
Canada’s auto theft rates have reached crisis levels. With provinces across the country experiencing double digit increases in the first half of this year, the industry is estimating $1 billion in losses for 2023. The financial and emotional stress associated with having a car stolen is without a doubt taking a toll on Canadians, and […]
November 28, 2023
3 min read
Nicholas Hudescu is a rarity in the insurance industry. The 23-year-old attended Wilfrid Laurier University, earning a Bachelor of Business Administration degree specializing in insurance and risk management. While there, he joined the student-run Laurier Insurance and Risk Association (LIRA) club, and eventually became president. “I discovered an opportunity for my first co-op; it was […]
By Phil | November 28, 2023
3 min read