Insurance

Fostering Resilience: The Crucial Role of Trust in Your Insurance Partner

Fostering Resilience: The Crucial Role of Trust in Your Insurance Partner

TEST

December 1, 2023

3 min read

What high interest rates mean for P&C investments

Commercial Lines

What high interest rates mean for P&C investments

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

Police, insurers collaborate to dismantle auto theft ring

Police, insurers collaborate to dismantle auto theft ring

Ontario’s Peel Regional Police (PRP) in collaboration with Équité Association have prevented more than $350,000 of insurance fraud by disrupting and dismantling an auto theft ring, the southern Ontario police force reported Wednesday. As part of the investigation dubbed Project Memphis, nine high-end stolen vehicles valued at more than $1.2 million were recovered, PRP said […]

November 30, 2023

3 min read

How to recruit underwriters when job candidates get multiple offers

How to recruit underwriters when job candidates get multiple offers

Competition for available qualified underwriting talent is fierce. “We’ve got candidates in the mix that will often have two or three offers in hand,” said Stefan Rolfe, associate director of insurance at Impact Recruitment. “And they can often bounce one off another.” That puts the ball in the candidate’s court. If underwriting firms want to […]

November 30, 2023

2 min read

Government impersonation, phishing are top financial scams, Interac survey finds

Government impersonation, phishing are top financial scams, Interac survey finds

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

P.E.I. utility seeks rate hike for $37M in post tropical storm Fiona losses

P.E.I. utility seeks rate hike for $37M in post tropical storm Fiona losses

CHARLOTTETOWN — The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for rate hikes of about 2.4 per cent by March 1, 2024, for rural residential customers. […]

November 29, 2023

3 min read

‘Vacancy’ confusion in a home insurance policy: what the court said

‘Vacancy’ confusion in a home insurance policy: what the court said

A Nova Scotia court awarded more than $225,000 against a home insurer after its telephone agent placed coverage for a couple’s newly purchased house, when in fact it was unclear if the property was vacant, thus triggering a policy exclusion for water damage. Nova Scotia’s Supreme Court upheld TD Insurance’s policy exclusion for the new […]

November 29, 2023

4 min read

Are short-term renters covered by condo insurance?

Are short-term renters covered by condo insurance?

An Airbnb renter can be considered an insured under a strata’s insurance policy but may not necessarily rely on other liability protections in a strata’s bylaws, a B.C. Supreme Court justice determined in Strata Plan VR 2213 v Schappert, 2023 BCSC 2080. A subrogated claim brought by the plaintiff’s insurers led to a special case submitted under […]

November 29, 2023

4 min read

Psychologist fined over accident benefits statements

Psychologist fined over accident benefits statements

An Ontario registered psychologist has been fined $15,000 and suspended from practice for a total of 24 months after a regulator found he made misleading accident benefits statements to insurers. The Financial Services Regulatory Authority of Ontario (FSRA) has imposed a compliance order against Romeo Vitelli, which prohibits him from conducting examinations, assessments, or treatment […]

November 29, 2023

3 min read

Uniting industries to tackle the auto theft crisis

Uniting industries to tackle the auto theft crisis

Canada’s auto theft rates have reached crisis levels. With provinces across the country experiencing double digit increases in the first half of this year, the industry is estimating $1 billion in losses for 2023. The financial and emotional stress associated with having a car stolen is without a doubt taking a toll on Canadians, and […]

November 28, 2023

3 min read

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