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Prospects are favorable for property and casualty insurers

By Alain Castonguay | Jan. 5, 2024, 10:59 a.m.

Photo: Marjorie Poirier / Freepik, Unsplash

In property and casualty insurance, two agencies are assessing market prospects for 2024. The future is less positive for insurers in the United States.

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Headlines

Canadians open to artificial intelligence advice – even when unsound

Hurricane Debby event is the costliest in Quebec’s history

Construction insurance capacity grows while pricing remains stable

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Flash

Canadians open to artificial intelligence advice – even when unsound

Construction insurance capacity grows while pricing remains stable

Marine insurers particularly exposed to geopolitical risks

Self-reported mental health declines among children

MORNINGSTAR DBRS

A strong first half for four Canadian property and casualty insurers

Economic uncertainty fails to dampen Canadian life insurers' performance

Climate adaptation is an urgent need for Canadian cities

Canadian property and casualty industry well prepared for wildfire season

ÉQUITÉ ASSOCIATION

17% decrease in stolen vehicles in Canada in first half of 2024

Thefts of heavy vehicles and cargo borne by insurers

The number of stolen vehicles in Canada remained stable in 2023

A platform to better detect and prevent insurance crime

AM BEST

Dedicated reinsurance capital rose in 2023

Global reinsurers saw positive underwriting results in 2023

Global healthcare reinsurance premiums continue to rise

Global reinsurers generate strong results in 2023

NORTHBRIDGE

Insurers defend their climate transition plans

Insurers should abandon fossil fuels, say investors

Northbridge's written premium volume rises by 6 per cent in 2023

Centre for Study of Insurance Operations convenes standards advisory council

INTACT

Jasper wildfire drives insured losses even higher

Intact nearly triples profit in Q2 2024

BrokerLink acquires two more firms in the Toronto area

BrokerLink makes its largest ever acquisition in Ontario

INSURANCE BUREAU OF CANADA (IBC)

Hurricane Debby event is the costliest in Quebec’s history

Calgary hailstorm second costliest insured event in Canadian history

Coalition asks regulators to allow adjuster reciprocity across the country

Record number of insurance claims reported in Canada

FAIRFAX FINANCIAL

Fairfax among top insurers globally underwriting cyber risks in 2022

Northbridge’s underwriting profit increases 12.4 per cent

Digital broker partners with benefits provider to offer P&C insurance to plan members

Property and casualty insurer propels underwriting profit above 330 per cent

AVIVA

Aviva Canada's profit declines 10% in the first half of 2024

Number of fraudulent claims detected by insurer skyrockets

Premiums up 7% for Aviva plc in the first quarter of 2024

Aviva Canada increases earnings by 13 per cent in 2023

DEFINITY FINANCIAL CORPORATION

Definity reports 32% increase in second quarter net income

Sonnet pulls out of Alberta auto insurance market

Definity's earnings up slightly in the first quarter of 2024

Swiss Re increases stake in Definity

Distribution

Managing general agencies: A closer look at Ontario’s proposed licensing requirements

Life insurance application activity climbs in Canada

Co-operators General reports $96 million profit in second quarter

Age makes all the difference for 20-year term insurance

Special risks

Reinsurers called out for retreating from risk

Pensions continue derisking

Poor integration of current technologies hinders pricing

Ways to mitigate damage caused by breaches

Strategy

Term life insurance policies see the highest increase in 2023

Applied Systems acquires artificial intelligence firm

Ontario ministry proposes managing general agency licensing regime

Health Canada takes on appropriate medication use

Technology

Business and technology consolidation creating opportunities for cyber criminals

Coalition reviews 2023 claims results

Average insurtech deal doubles in size

Brokers concerned about SME Cybersecurity

Cyberrisks

Global outage will have limited impact on insurance

Business email compromise claims an often-overlooked threat

Multi-factor authentication: not a silver bullet

ChatGPT’s impact on cybersecurity examined

Analytic

Canadian life application activity flat in August

Actuaries climate index rose in early 2024

Nearly half of Canadians have difficulty meeting day-to-day expenses

Empire Life posts net income of $35 million for the second quarter of 2024