RICHMOND HILL, Ont. – DesRosiers Automotive Consultants Inc. says auto sales growth continued in July but at a slower pace than recent months. The consultancy firm says total light vehicle sales for the month were up eight per cent from a year ago, compared with a 12.6 per cent rise in June and 13.5 per […]
By Jason Contant | August 3, 2023
1 min read
Wawanesa Mutual Insurance Company will sell its U.S. subsidiary to the Automobile Club of Southern California’s affiliated insurer as it focuses its efforts on the Canadian insurance market. Wawanesa Mutual announced Tuesday it has entered into a definitive agreement to sell Wawanesa General Insurance Company to the Automobile Club of Southern California’s affiliated insurer, subject […]
By Jason Contant | August 1, 2023
2 min read
Facility Association, an insurer of last resort, is introducing higher surcharges for trucking companies and truck owner-operators who travel through specific U.S. states. A current surcharge is set at 1% per percentage of exposure in the U.S. For example, if 25% of a truck’s mileage is in the U.S., a 25% surcharge applies. But Facility […]
By David Gambrill | July 27, 2023
2 min read
Lloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada. Composed of 22 reinsurers that write business in Canada, RRC posted the individual financial results of each of its members on July 13. […]
By David Gambrill | July 26, 2023
1 min read
Allianz Global Corporate & Specialty (AGCS) has joined forces with the commercial insurance businesses of local Allianz P&C entities, trading under the name Allianz Commercial. The new structure will consist of 11 new regions, bringing together the current six regional units of AGCS with Allianz’s national commercial businesses. Allianz Commercial’s North America region consists of […]
By Jason Contant | July 25, 2023
3 min read
Marc Ross will be the new head of property and specialty in Canada for Swiss Re Corporate Solutions effective Sept. 1, the company announced. Ross’s appointment is aligned with the date James Gasco becomes head of Canada for Swiss Re Corporate Solutions. Gasco will succeed Adrian Hall, who moves to the UK on Sept. 1 […]
By David Gambrill | July 21, 2023
1 min read
Reinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have other options for staying profitable without passing these costs down the chain? “The primary insurers […]
By Phil | July 20, 2023
3 min read
Back in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost always come as a result of issues surrounding supply, rather than demand. In the risk […]
By Phil | July 18, 2023
3 min read
Alberta’s new UCP government has tasked its minister of finance, Nate Horner, to come up with options for auto insurance reform. Alberta Premier Danielle Smith sent a mandate letter to Horner dated July 13 instructing Horner to lead a review with “the minister of affordability and utilities and [industry] stakeholders to…develop short and long-term recommendations […]
By David Gambrill | July 17, 2023
4 min read
OTTAWA – The Bank of Canada raised interest rates again on Wednesday, hitting the economy with even higher borrowing costs as new projections suggest it will take longer for inflation to fall back to two per cent. The central bank hiked its key interest rate by a quarter of a percentage point, bringing it to […]
By Jason Contant | July 12, 2023
3 min read