Reinsurance News
Canada
Mosaic opening new office in Toronto
13th July 2022
Mosaic Insurance has announced that it is opening an office in Toronto, Ontario, and has appointed Ian Fraser – an underwriting specialist, to spearhead the company’s expansion into the Canadian specialty insurance market. Fraser joins as President of Mosaic Insurance Services Canada Inc (Mosaic Canada), where he will be responsible for ... Read the full article
Quarterly rate changes experience downturn across most major commercial lines: Applied Systems
17th June 2022
Applied Systems has announced the first quarter 2022 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The company discovered that overall, across all industries of the most commonly placed commercial lines, rates were up relative to average premium renewals in the same quarter from last year, ... Read the full article
CatIQ releases latest Canadian IED update
1st June 2022
CatIQ, a subsidiary of Zurich-based PERILS AG, and provider of catastrophe loss and exposure information in Canada, has released the annual update of its Canadian insurance Industry Exposure Data (IED), developed with the support of the Canadian P&C industry. Launched in June 2018, CatIQ’s IED is based on detailed exposure submissions ... Read the full article
Burns & Wilcox to offer Loadsure’s AI-powered insurance coverage to brokers across Canada
26th May 2022
Insurtech Managing General Agent (MGA), Loadsure has announced a partnership with wholesale specialty insurer and MGA, Burns & Wilcox. Under the partnership, Burns & Wilcox will offer Loadsure’s AI-powered trip transit insurance coverage to independent brokers across Canada, giving them access to dynamically priced, pay-as-you-go, all-risk smart coverage and automated claims, ... Read the full article
Canadian personal auto & property rates up through Q1
24th May 2022
The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the first quarter of 2022. Quarter over quarter, premium renewal rate change decreased for Personal Auto and increased for Personal ... Read the full article
Windstorms cause ‘massive damage’ to Canadian electrical grid
23rd May 2022
Nearly a million homes across the Canadian provinces of Ontario and Quebec are without power after a severe storm hit over the weekend. According to multiple reports, 900,000 homes in the two provinces are without power after winds reached 82mph. Hydro Quebec said that 550,000 homes in the province lost power. ... Read the full article
Canada’s Alberta province proposes new insurance law
22nd April 2022
Canada’s Alberta government has proposed legislation that will aims to increase the province’s capacity. Finance Minister Travis Toews tabled the Insurance Amendment Act in the legislature earlier this week. The Act is intended as a follow-up to last December’s Captive Insurance Companies Act and will go into force by the summer ... Read the full article
Canadian regulator imposes stricter reinsurance guidelines
16th February 2022
Canada’s financial regulator has revised its guidelines regarding the use of reinsurance in order to encourage insurers to better manage risks and re-evaluate their views of maximum losses. This week, the Office of the Superintendent of Financial Institutions (OSFI) concluded its review of reinsurance practices by issuing final revised versions of ... Read the full article
Capco names Ben Kosic as Partner for Canadian insurance practice
2nd February 2022
Capco, a business and technology consultancy focused on the financial services industry, has hired Ben Kosic as a new Partner in its Canadian Insurance practice, bringing over 20 years of Canadian market experience in roles with client acquisition and sales responsibilities, as well as client project delivery. He joins Capco after ... Read the full article
Eastern Canada storm causes estimated $152mn insured loss: CatIQ
14th January 2022
The storm which hit Eastern Canada in December has caused an estimated CAD 152 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ). Ontario and Quebec were hit by strong winds, with heavy rain and wind being pushed to parts of the country's Atlantic provinces. The damage associated with the ... Read the full article
Ontario storms claims total $105mn: IBC
28th October 2021
Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article
Munich Re’s HSB launches cyber coverage in Canada
24th September 2021
HSB Canada, part of Munich Re, has introduced a new collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. HSB Cyber Suite is a cyber reinsurance solution for property-casualty insurers, including underwriting, marketing support, 24/7 claim service, and ... Read the full article
AM Best stable on “resilient” Canadian P&C sector
21st September 2021
AM Best is maintaining its stable outlook on what it sees as a "resilient" Canadian property and casualty (P&C) re/insurance sector, based on its strong underwriting performance and capitalisation, as well as the country's relatively successful handling of the COVID-19 pandemic. Canada's GDP contracted by 5.4% last year but is expected ... Read the full article
GFIA warns Canadian regulator not to undermine global risk diversification
8th April 2021
The Global Federation of Insurance Associations (GFIA) has warned Canada’s regulator, the Office of the Superintendent of Financial Institutions (OSFI), against introducing measures that it says could “undermine the fundamental principle of global risk diversification.” In response to a draft of revised guidelines for property and casualty exposures by the OSFI, ... Read the full article
Marc Lipman named President of Lloyd’s Canada
1st June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Marc Lipman as President of its Canadian arm and as Attorney-in-Fact (AIF) for Lloyd’s Underwriters. He assumes the role of AIF from Lisa Duval, who stepped in last year on an interim basis and now returns to Lloyd’s International ... Read the full article
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