How to make earthquake insurance sexy
Quebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to...
View ArticleWhy Swiss Re says insurance profitability will remain ‘under pressure’
Expect the low-interest-rate environment to continue for at least two more years, Swiss Re warned Thursday. “Insurers will continue to operate in a low-interest-rate environment for the next two years...
View ArticleSign of the times: Why this bank bailed out of P&C reinsurance
Buffeted by severe weather claims, the Bank of Montreal has decided to exit the property and casualty reinsurance side of the business, BMO announced during a conference call Tuesday. “In Q4 of last...
View ArticleWhere Canada’s resilience to economic shock ranks globally
The global economy now has less capacity to absorb a shock than it did in 2007 (pre-global recession), but Canada is faring well – it is the second-most economic resilient country in world, according...
View Article$30-billion sticker shock for OSFI’s proposed reinsurance rules
Canada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed...
View ArticleWhat 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...
View ArticleTwenty more years of low interest rates? What that and a recession will mean...
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...
View ArticleHow reinsurers benefit from the market turn
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,...
View ArticleLarge reinsurer to stop writing oil sands business: Memo
Concerns about climate change from human-produced greenhouse gas emissions may have prompted the world’s largest property and casualty reinsurer to stop writing some business for oil sands sites,...
View ArticleOSFI, industry step back from the brink on proposed new reinsurance rules
It appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office...
View ArticleOSFI’s ticking time bomb
Canada’s solvency regulator and the property and casualty insurance industry are working to defuse a potentially explosive situation – one that could see global reinsurance capital fleeing from Canada....
View ArticleWhen OSFI will talk to industry about draft reinsurance rules
The federal insurance regulator – silent during the election campaign on proposed changes to reinsurance – plans to talk to the industry after the holidays, a senior official with the federal Office of...
View ArticleHeat Map
Reinsurers bore a large portion of the Fort McMurray wildfire losses. Now, they want better data on Canada’s high-risk areas The post Heat Map appeared first on Canadian Underwriter.
View ArticleWhy even cyber policies might not cover cyber losses
Policies that don’t specifically include or exclude cyber losses (“silent cyber”) have long been a concern of insurers, but you’d think a data breach loss would be covered by a cyber policy, right? Not...
View ArticleReinsurer opens shop in Canada
Validus Reinsurance Ltd. has established a branch office in Toronto with Heather Legg as its new chief agent, parent company American International Group Inc. announced Thursday. Legg, currently a...
View ArticleWhat reinsurance renewals on Jan. 1 told us about the market
Reinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as...
View ArticleOne ray of light in the hard market
Despite signs of hardening in certain reinsurance markets, and certainly in the primary market, general third-party liability treaties represents a silver lining in the cloud. “Many general third-party...
View ArticleWhen OSFI will reissue proposed draft reinsurance rules
The Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance...
View ArticleWhen can Canadian clients get advance warning of earthquakes?
If an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the...
View ArticleWhat the new reinsurance rules could look like for Canada
Canada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance...
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