The Bank of Canada announced it would raise interest rates to 5% in October to help control inflation, but the P&C industry warns those high interest rates can wreak havoc on insurers’ investment portfolios. It’s not all doom and gloom, though. Stable, high interest rates have a possibility of generating favourable returns over time, experts […]
November 30, 2023
3 min read
TORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing with scammers pretending to be representatives of official government institutions. That was followed by 41 […]
November 30, 2023
2 min read
Reinsurers have their ears to the ground on climate change losses, and Canada’s record wildfire season is adding to the heat, according to industry experts. But while reinsurers are keeping a close watch on wildfire risk, tallied wildfire losses aren’t expected to raise reinsurance renewals for Canadian carriers exponentially, experts told Canadian Underwriter. Part […]
November 28, 2023
3 min read
MONTREAL – The Lion Electric Co. says it is cutting 150 jobs or about 10% of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives. Lion Electric chief executive and founder Marc Bedard says it was a difficult decision, but the right thing to do for […]
November 27, 2023
1 min read
Quebec’s recently enacted French-language law is causing some Canadian businesses concerns about compliance and even fear of losing employees, a new business risk report from Beazley suggested. Bill 96, An Act respecting French, the official and common language of Québec, became Law 14 this June. The law requires written publications and “documents,” which includes insurance, […]
November 22, 2023
3 min read
Primary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the high double-digit increases carriers saw during the Jan. 1, 2023, renewal season. Increases varied from […]
November 22, 2023
3 min read
Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in Toronto. “Insurers in our mind have to adopt an 80/20 lens,” said Georges Pigeon, […]
November 17, 2023
3 min read
For the second year in a row, the Honda CR-V was the most stolen vehicle in Canada, according to Équité Association. The auto insurance fraud prevention organization today announced its Top 10 Most Stolen Vehicles in Canada, which now includes theft frequency figures, regional breakdowns and a list of the least stolen vehicles. In […]
November 14, 2023
3 min read
An Ontario insurer is not required to defend a Woodstock, Ont., sports bar against a “mixed” claim from a patron who said he sustained injuries after he was over-served and then forcibly removed from the bar, the Ontario Superior Court of Justice has found. Although the court found the patron was injured partly due […]
November 13, 2023
3 min read
BrokerLink has expanded its well-established footprint in the Greater Toronto Area with the acquisition of brokerages All-Risks Insurance (Burlington), Dowhaniuk Insurance and Heinsoo Insurance. BrokerLink announced Monday it completed the asset acquisition of Solutions Financial PCC Inc., operating as All-Risks Burlington on Oct. 1. Effective Nov. 1, it also acquired the shares of Hamilton, Ont.-based […]
November 13, 2023
2 min read