IFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way more intense than they were under IFRS 4,” Carolyn Ling, senior vice president of finance […]
By Jason Contant | May 26, 2023
3 min read
Saad Mered, CEO of Zurich Canada, and London Bradley, president and CEO of Allstate Insurance Company of Canada, are the two latest additions to Insurance Bureau of Canada (IBC)’s board of directors. “The collective expertise and vision of IBC’s board of directors enables the P&C insurance industry to speak with a unified voice about the […]
By David Gambrill | May 25, 2023
2 min read
Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake risk and a more comprehensive review of the capital framework for P&C insurers are among […]
By Jason Contant | May 25, 2023
3 min read
This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we have IFRS, the vast majority of users who are looking at our business aren’t as […]
By Jason Contant | May 23, 2023
3 min read
P&C insurance industry leaders called for bespoke, yet predictable, regulation at the Insurance Bureau of Canada Financial Affairs Symposium last week. When asked broadly about regulation, Celyeste Power, IBC president and CEO noted no two carriers are alike, and so there shouldn’t be a “one-size fits all” approach to regulating the P&C insurance industry. “Regulation, […]
By Alyssa DiSabatino | May 23, 2023
2 min read
Marnie Kacher is now interim president and CEO of Manitoba Public Insurance (MPI) while the province’s public auto insurer begins recruiting for a permanent leader. “MPI is an important Crown corporation and I want to thank Marnie Kacher for taking on this new leadership role as it transitions from the former president and CEO,” Manitoba […]
By David Gambrill | May 23, 2023
2 min read
Class actions against unions present unique insurance risks. For example, a union’s executives may have to choose between its employer and its employees thanks to the duty of fair representation, observes a specialty insurer. “We’ve had a few fairly large gender-based discrimination and harassment class actions against employers that have also named the union,” says […]
By Alyssa DiSabatino | May 17, 2023
3 min read
Auto theft, inflation, and increased claims frequency due to traffic returning to pre-pandemic levels all contributed to pushing Definity’s combined ratio in personal auto up to 100.9% in 2023 Q1, company executives reported in the company’s earnings call last week. And while Ontario’s regulator has allowed the insurer to make up for the shortfall by […]
By David Gambrill | May 16, 2023
3 min read
It’s a new era for travel insurance. Despite economic uncertainty, Canadians plan to spend over $14 billion on vacations this year, according to new data from Allianz Global Assistance, a leading travel insurance provider. Post-pandemic, travellers have become more risk-aware than ever, and almost 90% say they plan to buy travel insurance for their next […]
May 15, 2023
3 min read
At CAA Insurance, we’re committed to making things better. That means championing fairness in everything we do, and delivering unexpected value. There are countless examples of how we deliver this unexpected value for customers and for CAA Insurance brokers. One of those ways is when a customer buys one of our products, they can get […]
May 15, 2023
2 min read