Globally, cyber rates are increasing at a slower pace, and price increases in financial and professional rates fell for a second consecutive quarter, Marsh noted in its 2022 Q4 Global Insurance Market Index Thursday. Overall, global commercial insurance prices increased 4% in 2022 Q4, down from a 6% increase in Q3 and a 9% increase […]
By David Gambrill | February 2, 2023
3 min read
Liquified natural gas (LNG) and infrastructure connectivity across Europe will be critical to ensuring a long-term energy supply for the continent, noted a Fitch Ratings report. The ratings agency said strong supplies of LNG, along with a relatively mild winter, have helped Europe avoid rationing and other severe consequences from an energy crisis spurred nearly […]
By Phil | February 1, 2023
2 min read
EY Canada has issued a clarification to a report it conducted that B.C.’s public auto insurer says show the province’s auto insurance rates are among the lowest in Canada. Commissioned by the Insurance Corporation of British Columbia (ICBC), EY conducted its Canadian Private Passenger Vehicle Insurance Rate Comparisons with a set of listed limitations and […]
By Jason Contant | February 1, 2023
5 min read
Pat Tomlinson has been named U.S. and Canada CEO of Marsh McLennan, the company announced Wednesday. Flavio Piccolomini has been named International CEO. Together, Tomlinson and Piccolomini will lead a new collaborative effort by the company to serve clients across the company’s four core businesses — Marsh, Mercer, Guy Carpenter and Oliver Wyman. “[Tomlinson’s] and […]
By David Gambrill | February 1, 2023
2 min read
Knowledge transfer is top of mind for P&C insurance industry veteran Carol Jardine, as she prepares to retire as Wawanesa Mutual Insurance Company’s president of Canadian P&C operations at the end of February. “I don’t think I’ve given away all my knowledge yet, and I’d like to find a way to continue to do knowledge […]
By Jason Contant | January 31, 2023
4 min read
As Wawanesa Mutual Insurance Company changes its leadership structure with the appointment of three industry professionals to more senior leadership roles, industry veteran Carol Jardine — currently the insurer’s president of Canadian P&C operations — is also set to retire on Feb. 28. Last week, Wawanesa announced it had appointed Anna McCrindell, Graham Haigh and […]
By Jason Contant | January 30, 2023
3 min read
Alberta’s United Conservative Party announced today an auto insurance rate freeze until the end of 2023, and insurer and broker associations alike are calling this decision “disappointing” and “not the best option” for consumers. The government is also requiring insurance companies to provide “most Albertans” with the ability to pay their premiums through payment plans. […]
By Alyssa DiSabatino | January 26, 2023
3 min read
Wawanesa Mutual Insurance Company has changed the leadership structure of its Canadian operations with the appointment of industry professionals Anna McCrindell and Graham Haigh to senior vice president and chief operating officer roles. As SVP & COO – East, McCrindell will lead Wawanesa’s Ontario, Quebec and Maritimes regions, while continuing to be responsible for commercial […]
By Jason Contant | January 26, 2023
2 min read
Middle market and non-specialty insurers will be the central targets of consolidators into 2024, and some may even withdraw entirely from the P&C insurance market, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar. On top of that, the industry […]
By Alyssa DiSabatino | January 23, 2023
3 min read
The P&C hard market isn’t going to soften anytime soon, but it will stabilize, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar. Why? The industry’s combined ratios have been overwhelmingly profitable for the last two years, Cook observed. In 2021, […]
By Alyssa DiSabatino | January 20, 2023
2 min read