Industry
With primary insurance companies seeking higher rates since the beginning of the year, proportional reinsurance programs are benefiting directly from these rate improvements, Joseph El-Sayegh, president and CEO of SCOR Canada Reinsurance Company, told Canadian Underwriter Wednesday. In proportional reinsurance, a reinsurer agrees to assume a percentage of a primary insurer’s original policies, up to […]
By Jason Contant | October 9, 2019
2 min read
TORONTO – The personal information of about 37,000 Canadians may have been compromised between June and July, TransUnion Canada says. The credit monitoring agency said the data was accessed through the fraudulent use of one if its legitimate business customer’s login credentials. TransUnion said it learned of the breach in August and has notified those […]
Aviva Canada sees its new Global Corporate Specialty (GCS) business unit growing disproportionately to the rest of its business, Aviva Canada CEO Jason Storah told Canadian Underwriter Friday. “We’ve been in [the specialty business], but I think we’ve been in it quite quietly,” Storah said in an interview. “We wanted to make a bit of […]
By Jason Contant | October 7, 2019
3 min read
Insurance Bureau of Canada (IBC) has “been very vocal” throughout the federal election campaign on the need for a national plan to reduce flood risk, Craig Stewart, the group’s vice president of government affairs told Canadian Underwriter in a recent interview. Here are the property and casualty industry’s five key wants from the next Canadian […]
By Adam Malik | October 4, 2019
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
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
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
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
A recent home insurance survey found that most Canadians don’t know key details about their properties, highlighting the importance of pre-fill data for Canadian home insurance application forms. While a dozen data fields in home application forms can typically be pre-filled into major broker management systems, a standard form can have 40 or more questions, […]
Canadian brokers are noticing reduced capacity and high rates for commercial insurance across the country. “We are probably expecting to see hardening market conditions continue into next year,” said Kent Rowe, the new president of the Insurance Brokers Association of Canada. By day, Rowe is vice president of commercial lines for Wedgwood Insurance, which has […]
By Greg Meckbach | October 2, 2019
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