Varying assumptions used by Canadian P&C insurers reporting their combined operating ratios — a longstanding measure of company profitability — have, under IFRS-17 rules, undermined the intent of the new accounting standards, industry executives say. The issue bubbled to the… The post Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024 appeared first on Canadian Underwriter ..read more

As part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre… The post Why ICLR is heading West appeared first on Canadian Underwriter ..read more

Getting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday.  Three basic strategies — mitigate, separate and positive control — can… The post 3 strategies for improving your cybersecurity posture appeared first on Canadian Underwriter ..read more

TORONTO, ON, APRIL 19, 2024/insPRESS/ – On Thursday, April 18, CSIO hosted its 2024 Members’ Meeting and Reception at the One King West Hotel in Toronto. The event featured a celebration of CSIO and its members’ 2023 accomplishments, an awards… The post CSIO’s 2024 Members’ Meeting and Reception Celebrates Last Year’s Accomplishments appeared first on Canadian Underwriter ..read more

TORONTO, ON, APRIL 19, 2024/insPRESS/ – Sedgwick, a leading global provider of claims management, loss adjusting, and technology-enabled business solutions announced that Jonathan Crisostimo has joined its Canadian operations as Executive General Adjuster in the major complex loss division. Crisostimo… The post Jonathan Crisostimo joins Sedgwick as Executive General Adjuster in Ontario appeared first on Canadian Underwriter ..read more

Quebec brokerages PMA Assurances and PMT ROY Assurances et services financiers have merged under the name Ellipse Agence en assurance de dommages inc., creating what the firm is calling the province’s largest damage insurance agency distributing Intact Insurance products exclusively.… The post Hybrid brokerage/agency rebrands following merger appeared first on Canadian Underwriter ..read more

Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding. The insurance industry has been negotiating with… The post Feds commit $15 million to flood insurance backstop. Is it enough? appeared first on Canadian Underwriter ..read more

Ontario brokers tell us their phones aren’t ringing off the hook with calls from drivers wanting to take advantage of the province’s new option to decline direct compensation- property damage (DCPD) coverage on their auto policies. “I actually thought that… The post What brokers say about Ontario DCPD opt-outs appeared first on Canadian Underwriter ..read more

SAINT JOHN, NB — The City of Saint John says it’s settled one of two insurance claims related to a 2020 cyberattack and will be paid the “full-face value” of $2 million. At its meeting Monday, Saint John council voted… The post City of Saint John settles $2 million claim with AIG over 2020 cyberattack appeared first on Canadian Underwriter ..read more

Quebec brokerages PMA Assurances and PMT ROY Assurances et services financiers have merged under the name Ellipse Agence en assurance de dommages inc., creating what the firm is calling the province’s largest damage insurance agency distributing Intact Insurance products exclusively.… The post Intact-exclusive agencies rebrand following merger appeared first on Canadian Underwriter ..read more