Canadian Property & Casualty Quarterly
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The Canadian P&C industry's operating performance was weak in 1H18. Although premium growth accelerated strongly on a direct basis, elevated weather losses drove up the net loss ratio to 71.1%, and resulted in a sizable underwriting loss. Furthermore, the net investment result fell sharply yoy. In all, net income after tax declined to CAD 530 million, from CAD 1.5 billion a year ago. The ensuing low 2.6% industry ROE was the same as the 2H16 result, a period which included Canada's largest cat loss – the Fort McMurray wildfire.