Industry
Canada’s property and casualty insurers posted moderate profitability in the first nine months of 2019, but poor underwriting results and high loss ratios linger, notes an executive from the Property and Casualty Insurance Compensation Corporation (PACICC). For Q3 2019 year-to-date (as of Nov. 25), the industry’s average return on equity (ROE) was 6.3%, up from […]
By Jason Contant | December 18, 2019
2 min read
Intact Financial Corp. announced Tuesday some key executive appointments in its commercial specialty and managing general agent business. Effective Jan. 1, Carla Smith will be senior vice president of specialty solutions for Intact. Pete Weightman, currently Intact’s senior vice president of specialty solutions and surety, will have responsibility for all managing general agent operations at […]
By Greg Meckbach | December 17, 2019
A Toronto man who told Canadian Underwriter he recommended direct writer Sonnet to some of his friends is denying allegations made by the Ontario insurance market conduct regulator that he actually solicited auto insurance through Sonnet. “I am not soliciting any insurance through Sonnet or any other company,” the man said in an e-mail to […]
By Greg Meckbach | December 13, 2019
Manitoba’s Public Utilities Board (PUB) has found a recently enacted insurance reserves regulation to be “invalid.” The Reserves Regulation sets out the manner of determining the amount to be maintained by the Manitoba Public Insurance (MPI) Corporation in its reserves supporting the basic, extension and special risk extension lines of business. The regulation required MPI […]
By Jason Contant | December 9, 2019
3 min read
Canadian Underwriter fearlessly predicts the end of the hard market
By David Gambrill, Editor in Chief | December 6, 2019
Vehicle safety technology may actually be contributing to distracted driving, although that’s likely to be a short-term trend, says Michel Martineau, vice president of claims at Desjardins Insurance. “I think people have a high degree of confidence in safety features that can maybe lead them to be not as aware of their surroundings and as […]
By David Gambrill | December 6, 2019
More than half of Ontario’s commercial vehicle carriers have not been inspected by the province’s transportation ministry in the past two years, and the number of vehicles inspected each year has dropped big-time. These were among the findings in the 2019 Annual Report of the Auditor General of Ontario, released Wednesday afternoon. “Our audit found […]
By Greg Meckbach | December 6, 2019
With talent spread thin in greying claims departments, insurers are looking to use AI to help digitize their claims triage process and other workflows. Officially, it’s called “intelligent process automation” (IPA),” a combination of workflow processes, automation and artificial intelligence (AI) or machine learning. Currently, IPA is able to learn from a company’s processes, rules […]
By David Gambrill | December 5, 2019
Capacity issues, cross-border exposure, ongoing trade negotiations and liability losses are some of the biggest challenges in the commercial transportation space, a speaker said last week at Insurance Bureau of Canada (IBC)’s inaugural Commercial Insurance Symposium. “In the past four years, in my focus line, you’ve literally seen excess liability dry up as it relates […]
By Jason Contant | December 3, 2019
It would appear that brokers and carriers want each other to “take on a little bit more,” in this hardening market, attendees to Insurance Bureau of Canada’s first-ever Commercial Insurance Symposium heard last week. Carriers want assistance in general underwriting, servicing and claims. “They want brokers to take on a little bit more work and, […]
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