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Insurers in high-rise, others lose volume

by

Justine Montminy

August 30, 2018 07:00

Photo : Freepik

Thefinancial markets Authority compiles the number of direct premiums written in its annual Report on the financial institutions 2017. We can identify winners and losers for the last year.

Among those who have been most successful, we find Step. The insurer has recorded a total of 48 million dollars (M $) direct written premium in 2017. He had $ 18 Million in 2016. This is an increase of 163,8 %. How is it explained ? The Journal of insurance, has joined the insurer to find out. However, its senior vice-president in Quebec, Ron Pavelack, has preferred to keep the matter confidential.

The Authority also reports of significant increases in direct premiums written in the Co-Operators (20.3 per cent), Wawanesa (11.4 per cent), Industrial Alliance auto and home insurance (11.3 %) and Northbridge (up 9.2 %). The Journal of insurance has attached all of these insurers to know the reasons. Of the number, only the Northbridge has responded to our requests.

Jean-François Béliveau, executive vice-president, Quebec to Northbridge, explained that the insurer has seen an increase in submissions in 2017. “The transportation sector increases its rates based on the results that we observe in the industry. The rates increase at this time due to losses and inflation technology. “

Two insurers have experienced setbacks that are more marked in terms of direct premiums written. TD Insurance has experienced a loss of a million of dollars of written premium in 2017, which represents a decrease of 0.6% compared to 2016. In Aviva Canada, the insurer has lost 18 million of direct written premium in 2017, a decrease of 9.2% in comparison to 2016.

The Journal of insurance has joined the two companies to explain the reasons for these declines. In both cases, the insurers have not joined prior to the closure of this edition.

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