Industry
OTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech Tuesday that Canada’s financial system needs to become as resilient to climate change as it […]
By Jason Contant | November 18, 2020
3 min read
Insurers are becoming more meticulous around what they deem to be a good risk and that extra scrutiny is giving brokers heavier workloads, broker leaders say, and it could force brokers to limit how much they take on. Interest rates are near-zero with no relief in sight. With the reduction in investment income, insurers are […]
By Adam Malik | November 17, 2020
Intact Financial Corp.’s recent experience writing commercial specialty in the United States is a good sign it could be successful writing property and casualty insurance overseas, analysts tell Canadian Underwriter. RSA plc and Intact announced earlier this month a possible deal in which Intact and Danish insurer Tryg A/S would form a consortium to acquire […]
By Greg Meckbach | November 17, 2020
VANCOUVER – Much of coastal British Columbia is braced for a brief but powerful windstorm while snowfall and winter storm warnings stretch from the inland north coast all the way to the northeast corner of the province. Environment Canada says a fast-moving cold front crossing the south coast and a low-pressure system north of Vancouver […]
By The Canadian Press | November 17, 2020
1 min read
Agis Kitsikis has been appointed as Swiss Re’s new head of P&C client markets for Canada and the English Caribbean, effective immediately. He succeeds Stefan Behr, who recently accepted the position as Swiss Re’s head of business development for Europe, the Middle East and Africa. Kitsikis will lead a team of client managers and market […]
By David Gambrill | November 16, 2020
Interest in captives naturally increases as a hard market intensifies, but now even mid-market or smaller organizations are considering captives as an alternate way to transfer risk, panellists of a Canadian Underwriter webinar observed Monday. “Traditionally, when you think of a captive, you think of the Fortune 500 companies that have big balance sheets that […]
By Adam Malik | November 16, 2020
Intact Financial Corp. is unlikely to encounter any opposition from Canada’s competition regulator in acquiring RSA plc’s Canadian insurance operations, an expert from DBRS Morningstar predicts. “We see a material difference between the life insurance market and the P&C market in Canada. The life insurance market is concentrated with four names while P&C is much […]
By Greg Meckbach | November 16, 2020
4 min read
Claims adjusters are watching to see if an overnight Ontario windstorm will meet the $25-million threshold of a natural catastrophe (NatCat). As of September, Canadian P&C companies had paid out $2.1 billion for insured NatCat events this year. For now, it’s too soon to tell, adjusters told Canadian Underwriter. Claims professionals are still busy talking […]
By Jason Contant | November 16, 2020
SAINT JOHN, N.B. – The City of Saint John, N.B., has shut down its information technology systems after it says it experienced a “significant” cyber attack. The City says in a Facebook post that the 911 communication centre is operational, but many other online services have been shut down. It says the city website, online […]
By The Canadian Press | November 16, 2020
Fire following a severe earthquake in the Vancouver area could cause more than $10 billion in damage, and the municipality should establish alternative sources of water supply to help fight the anticipated fires arising from the quake, according to a new study released Friday by the Institute for Catastrophic Loss Reduction (ICLR). “Strong shaking in […]
By David Gambrill | November 13, 2020
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