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Lessons from four property and casualty insurer failures

By Alain Castonguay | July 26, 2022, 10:50 a.m.

Photo: Freepik

A PACICC study analyzes the recent failure of four insurers in different countries.

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PROPERTY AND CASUALTY INSURANCE COMPENSATION CORPORATION (PACICC)

An average year for property and casualty Insurers in 2023

Key indicators at the heart of IFRS 17 standard

Bankruptcies in the insurance industry: Preparedness remains crucial

If a major insurer fails, the compensation fund will fall short

Regulation

Quebec flood zone map raises concerns even before its release

Ontario regulator publishes guidance for comment

National Flood Insurance Program promised again in budget

Mutual fund rep fined close to $1.7-million

Special risks

Natural catastrophe losses globally exceed $43-billion

Agent who defrauded retired couple banned from securities registration

Embracing artificial intelligence is crucial for industry

New tool available to help municipalities mitigate flood risk

Climate changes

Cancer incidence higher for those living within 50 kilometers of a wildfire

Reinsurers perform strongly despite catastrophe losses in 2023

Global insured losses exceed USD $100-billion for fourth consecutive year

Water risks are an opportunity for investors

Indemnisation

Commercial truck driver training lacking

Some Albertans prefer current “at fault” automobile insurance system

Electric vehicle drivers should expect to pay more for insurance

Reinsurers expected to bear the financial brunt of Baltimore ship-bridge collision

Claims

Insurance and collision repair industries being reshaped in the United States

Deep freeze caused $180 million in insured damage across three provinces

The number of stolen vehicles in Canada remained stable in 2023

Auto insurance legal costs highest in Alberta