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Client sent a text while driving and got caught? A conviction for that infraction beyond the police fine can cost a driver a 70% premium hike when it’s time to renew, said a new study from RatesDotCa. The study was based on a hypothetical 35-year-old employed, single male driver who lives in Toronto, logs about […]
By Phil | September 27, 2022
2 min read
Most of Canada’s oilsands producers have made little progress on their goal to decarbonize the sector despite historically high profits and low capital expenditures, a new report said. A report from the Pembina Institute said little has been done by members of the Pathways Alliance, an industry group that accounts for 95 per cent of […]
By Jason Contant | September 26, 2022
Post-tropical storm Fiona swept through Atlantic Canada and eastern Quebec this weekend, knocking out power to hundreds of thousands of people, washing away homes and cottages, and causing widespread flooding and infrastructure damage. While the insured and economic damages associated with the storm are still being assessed, more than half a million people were left […]
3 min read
Inaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported values and losses are not aligned, said speakers in a panel discussion at the recent […]
By Alyssa DiSabatino | September 26, 2022
Canada’s insurance industry saw the highest increase in digital fraud attempts—up 125% between Q2 2021 and Q2 2022—of all industries in the country that were screened as part of a quarterly study from credit-reporting firm TransUnion. The only Canadian industries outside of insurance that saw rising fraud incidents year-over-year in Q2 2022 were online dating […]
By Phil | September 26, 2022
Investors are increasingly pursuing companies for ‘greenwashing,’ referring to company directors who misrepresent their climate credentials or fail to act in accordance with their stated climate goals, says a financial services executive at Marsh Canada. Commercial brokers can help their D&O clients navigate the risk by ensuring their statements are both ironclad and peer reviewed, […]
By Alyssa DiSabatino | September 23, 2022
Recent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment will create short-term challenges, it also creates a long-term opportunity, noted Gord Dowhan, CFO at […]
By Phil | September 23, 2022
REGINA – The Saskatchewan Court of Appeal has set aside a temporary injunction that halted a lawsuit filed by some parents of those who died in the Humboldt Broncos bus crash. Sixteen people were killed and 13 were injured when an inexperienced truck driver went through a stop sign and into the path of the […]
By Jason Contant | September 23, 2022
4 min read
Canada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel further north than in the past,” said Dipika Deol, head of P&C treaty underwriting, Canada […]
Canada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with international standards won’t be onerous for many companies, since many are already on the path […]
By David Gambrill | September 22, 2022
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