Industry

Twenty more years of low interest rates? What that and a recession will mean for Canadian P&C insurers

If P&C insurers are looking to use their investment returns to offset inadequate pricing strategies, Swiss Re has a chilling prediction for them – low interest rates could be with us for another 20 years or longer. Jerome Jean Haegeli, group chief economist and managing director of Swiss Re, painted a grim picture for the […]

By David Gambrill | October 4, 2019

4 min read

Alberta approves disaster funding for wildfire, flood damage

EDMONTON – Wildfires and too much rain this year will put a $30-million dent in Alberta’s finances. The United Conservative cabinet has declared official disasters in some communities to free up money to cover damage caused by the flames and local flooding. The disasters include wildfires that damaged the Buffalo Lake Metis Settlement, Lamont County […]

By Jason Contant | October 4, 2019

1 min read

What concerns the Ontario regulator about OSFI’s proposed reinsurance guidelines

The CEO of Ontario’s new regulator expressed concern Tuesday about the extent to which the P&C insurance industry says it will be required to provide more capital to comply with the proposed new reinsurance guidelines of Canada’s solvency regulator. The Office of the Superintendent of Financial Institutions (OSFI) drafted its new reinsurance guidelines in a […]

By Jason Contant | October 3, 2019

3 min read

How this auto insurer was fined US$41 million over illegal fees

SACRAMENTO, Calif. – Mercury Insurance Co. is ending its two-decade battle with California regulators over extra fees charged to customers by agreeing to pay the state more than $41 million, California Insurance Commissioner Ricardo Lara said Wednesday. He said it’s the largest property and casualty penalty and interest payment in the history of the state […]

By Jason Contant | October 2, 2019

3 min read