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✨ November 2024 MGA Roundup ✨ This month, we reviewed the November activity of 12 randomly selected commercial P&C MGAs operating in Canada. From innovative product launches and team growth to industry recognition and community contributions, this roundup highlights the diverse ways Canadian MGAs are shaping the insurance landscape. 🔍 Curious about what these MGAs were up to last month? Check out the full article here: https://lnkd.in/guQjKpJi This roundup includes insights from ABEX Affiliated Brokers Exchange Inc, Agile Underwriting Solutions, BOXX Insurance Inc., Burns & Wilcox Canada, Cansure, CHES Special Risk MGA CHES Solutions Spécialisées , Forward Insurance Managers Ltd., PLATFORM, Premier, RAISE Underwriting, Ridge Canada Cyber Solutions Inc., and Trinity Underwriting. * Follow us for more updates and insights * #InsuranceCanada #PCInsurance #MGARoundup #CommercialInsurance #BrokerSupport #InsuranceIndustry #CanadianMGA

Real-World Example of a Supply Chain Attack Blue Yonder, a supply chain management company used by major brands like Starbucks, was recently hit by a ransomware attack. This incident highlights the interconnected nature of cyber risks: while Starbucks would need coverage for 'Supply Chain Attacks' to mitigate business disruptions, Blue Yonder requires robust protection against 'Ransomware' to handle direct operational impacts. This example underscores the importance of comprehensive cyber insurance tailored to specific risks. We covered these categories and more in our recent article on cyber threats (https://lnkd.in/dpUgStH9) Link to USA TODAY article on the attack: https://lnkd.in/gup3vSwa #CyberSecurity #SupplyChain #Ransomware #RiskManagement #CyberThreats #BlueYonder

The Q3 2024 year-to-date results, based on OSFI-reported data, showcase the continued growth and resilience of Canada’s Property & Casualty (P&C) insurance sector. Total revenues hit $64.36 billion (+16% YoY), while net profits after taxes grew 37% YoY to $6.39 billion. Net income surged 41% YoY, reflecting the sector’s adaptability under IFRS 17 standards. 🔗 https://lnkd.in/gw7YjrPK Key highlights: 💰 Intact led with $9.13 billion in revenues. 📈 Lloyd's posted the highest net profits at $2.81 billion. 🚀 Tokio Marine Canada Ltd. achieved impressive revenue growth of 221% YoY. Domestic insurers contributed $48.57 billion, with foreign players adding $15.79 billion. Explore the top performers, revenue leaders, and growth drivers shaping the industry by visiting insuranceone.ca. 🔗 https://lnkd.in/gw7YjrPK #Insurance #IFRS17 #OSFI #PCInsurance #CanadaInsurance #FinancialResults #Growth #InsuranceInsights

Cyber risks are becoming more complex, and the insurance industry continues to adapt. From ransomware to supply chain attacks, understanding these threats is essential for businesses to protect themselves. Read our latest article to explore the top cyber threats every business should know and how they shape the need for tailored insurance solutions. 🔗 https://lnkd.in/g-DFFvYY Insurers and MGAs play a critical role in building innovative products that address these risks, while brokers serve as trusted advisors, helping businesses navigate their coverage options. Together, they create a robust ecosystem to manage the evolving cyber landscape. Which cyber coverage providers or experts do you think are leading the way in cyber insurance? #CyberInsurance #MGAs #Brokers #Insurers #RiskManagement

🗓️ Deadline Day Alert: November 14 Has Arrived 🗓️ Today, November 14, is the OSFI Q3-2024 filing deadline for Canadian P&C insurers. While most insurers have already shared their Q3 results with shareholders, today’s focus shifts to submitting statutory results to OSFI. With IFRS 17 fully in place, these filings require extra detail and precision (and maybe a little extra coffee ☕). How the Filing Process Unfolds: 📅 September 30: End of Q3. Finance teams begin gathering data on premiums, claims, and more to prepare for the 45-day filing period. 📈 November 14, 2024: Statutory Filing Deadline. Today, insurers submit their official filings to OSFI, including P&C-1 and P&C-2 forms. P&C-1 provides an overview of core financials (balance sheet, income statement), while P&C-2 gives a detailed look at operations, including claims development, underwriting, and reinsurance. These filings ensure compliance with IFRS 17 standards. 🔍 OSFI Review: After submissions, OSFI verifies the data for consistency and accuracy under IFRS 17. 📢 Early December: OSFI publicly releases the Q3 results, revealing trends, revenue leaders, claims, and more. 📊 Shortly After OSFI’s Release: InsuranceOne.ca aggregates the latest data and transforms it into easy-to-use insights and tools for industry professionals. If you see your finance team colleagues today, give them a thumbs up 👍 and maybe a round of applause 👏 for their hard work (and those coffee-fueled late nights). Today’s deadline caps weeks of data wrangling and regulatory review. How has your finance team helped make this filing process a success? Drop a comment below to share some appreciation for the hardworking teams behind the numbers! Follow us for more updates and insights, and visit InsuranceOne.ca for tools, resources, and industry data. #InsuranceIndustry #OSFIDeadline #IFRS17 #FinanceTeams #PCTimeline #Compliance #CanadianInsurance #DataInsights #OSFI #Property #Casualty #StatutoryReporting

🍁 What Are Your Predictions for Canada’s Q3-2024 P&C Insurance Results? With Q3-2024 results from OSFI-regulated insurers on the horizon, it’s a great time to reflect on last year’s Q3-2023 year-to-date performance in Canada’s Property & Casualty (P&C) insurance sector under IFRS17 standards. Last year, some major players reported substantial gross revenues, with companies like Intact, Lloyd's, and Aviva leading the pack. While individual companies have already publicly shared some Q3-2024 data, the full industry picture is still taking shape. So, grab your crystal ball 🔮 and let’s hear from you: What Are Your Predictions? 💰 What will be the overall gross revenue for Canada’s P&C sector? 🏆 Which companies will come out as revenue leaders this year? 📈 Who do you expect to lead in profitability? 🔄 Are any big shifts among the top players on the horizon? 📉 Will we see an increase or decrease in loss expenses? Share your predictions and thoughts in the comments! Last Year’s Q3 YTD Highlights: Revenue Leaders: Top companies like Intact Insurance Company and Aviva Insurance Company of Canada drove significant growth, setting high standards for revenue performance. Service Expenses: Based on last year’s reports, service expenses mainly represented claims processing and policy servicing costs, reflecting the operational investments insurers make to support claims and client needs in real-time. Follow us on LinkedIn and subscribe at InsuranceOne.ca for our Q3-2024 recap as soon as OSFI releases the results. We’ll bring you data and insights focused on IFRS17-compliant insurers reporting under OSFI. Note: OSFI results may exclude some national insurers regulated by other agencies, such as the AMF in Québec. (We’ll try to link last year’s quarterly calls or news updates from industry leaders in the comments if available.) #Insurance #PandCInsurance #CanadaInsurance #InsuranceTrends #IFRS17 #OSFI #CanadianMarket #InsuranceInsights #IntactInsurance #Aviva #Predictions #RevenueLeaders #InsuranceData

🚀 To 'Affinity' and Beyond! 🚀 Affinity programs are a powerful way for organizations to provide added value to their members. These customized insurance solutions are designed for specific groups, such as alumni networks, professional associations, and trade unions. In our latest article, we break down: ➡️ The benefits of affinity programs for both members and providers ➡️ Key players involved and their roles, including insurers, brokers, MGAs, and program administrators ➡️ Common challenges and how a unified approach can help overcome them Whether you're part of an association looking to offer more to your members or simply curious about how these programs work, this article provides a high-level look at the ecosystem behind affinity programs. 🔗 https://lnkd.in/gXV_Bx7c #Insurance #AffinityPrograms #GroupInsurance #InsuranceOne #InsuranceInsights #MemberBenefits #RiskManagement #InsuranceIndustry #MGA

📊 Q2-2024 results for Canada’s Property & Casualty insurance sector reveal notable growth from #TokioMarineCanada, led by Mike George, and #SompoCanada, led by Rohan Dixon. Based on OSFI-reported financials under #IFRS17, these companies lead the first half YoY revenue growth with increases of 245% and 140%, respectively. Check out the full list of top first half 2024 growth leaders and follow us for more industry insights. 👉 https://lnkd.in/gSu7gFd #InsuranceOneInsights #PCInsurance #CanadaInsurance #InsuranceGrowth

Canada’s P&C insurance sector demonstrated solid profitability in Q2 2024, with Lloyd’s, Wawanesa, and Intact leading the way in net profits. Lloyd’s topped the list with $1.85 billion, contributing to a total of $5.3 billion across the sector. See how other insurers ranked and gain more insights in our full analysis. Follow us for regular updates on industry trends and data-driven insights. #InsuranceInsights #CanadianInsurance #PCInsurance #Lloyds #Wawanesa #Intact

📊 Canada’s P&C Insurance Revenue Leaders in Q2 2024 (YTD) As of mid-2024, Canada’s Property & Casualty insurance sector recorded impressive growth, reaching $42.2 billion in total revenues. Domestic insurers led the way with $32.5 billion, while foreign players contributed $9.7 billion. 🏅 Top 3 Revenue Earners 1️⃣ Intact Financial Corporation: $5.98B (14.2% market share) 2️⃣ Lloyd’s: $3.18B 3️⃣ Aviva: $3.09B These figures not only highlight market share leaders but also reflect the strength and resilience of Canada’s insurance landscape in a challenging economic environment. 🔍 Curious to know more about how these players are navigating the market? Click the link below for the full analysis on InsuranceOne.ca and see the competitive dynamics in Canada’s P&C sector unfold. 👉 https://lnkd.in/gec2PA7x #Insurance #CanadianInsurance #MarketTrends #InsuranceInsights #Q22024 #InsuranceOne #IntactFinancial #LloydsCanada #AvivaCanada #Property #Casualty #OSFI