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, […]
By Jason Contant | November 17, 2023
3 min read
It might be easier to attract recruits to insurance if P&C professionals reminisced on what keeps them in the industry, rather than voicing the age-old adage of how they ‘fell in‘ to the profession, experts at Reuters’ Future of Insurance Conference shared on Thursday. Doing so can help attract — and avoid turnover — from […]
By Alyssa DiSabatino | November 17, 2023
3 min read
News reports about drivers of stand-up e-scooters injuring pedestrians in several Canadian cities are raising questions about insurance coverage for the vehicles — and how injured pedestrians might recover damages. But what about the e-scooter drivers themselves? Can they recover damages from insured entities like cities or private-property owners if they’re harmed while driving an […]
By Phil | November 17, 2023
3 min read
Quebec’s forest fire prevention agency says the area burned by wildfires this year was greater than the previous 20 years combined. SOPFEU director general Eric Rousseau told reporters today that some 4.5 million hectares of land burned during this year’s record-breaking fire season, including more than 1.1 million in the bottom half of the province, […]
By Jason Contant | November 15, 2023
1 min read
Winter tire use in Canada is increasing, with 71% of polled Canadian drivers outside of Quebec now using winter tires, up from 63% in 2022, according to a survey conducted by Leger for the Tire and Rubber Association of Canada (TRAC). Winter tires are required by law in Quebec. TRAC’s 2023 Canadian Consumer Winter Tire […]
By Jason Contant | November 14, 2023
2 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 […]
By Alyssa DiSabatino | 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 […]
By Alyssa DiSabatino | November 13, 2023
3 min read
Canadian property and casualty insurance professionals generally believe they work more efficiently in a hybrid office than at home — although some of this depends how you define workplace “distractions” in a sales culture. In an online survey conducted last month, Canadian Underwriter asked more than 600 P&C industry professionals to rate the efficiency of […]
By David Gambrill | November 13, 2023
3 min read
Systemic cyber risk needs to be tackled with more capacity and ways of dealing with the attritional cyber market, Marc Lipman, president and attorney-in-fact at Lloyd’s Canada, suggested during an industry event last month. “Just like there developed a traditional, attritional property market and a separate Cat property market, we need to develop the same […]
By Jason Contant | November 10, 2023
2 min read
BURNABY, B.C. – Adrian Striga says that if he had slept in Thursday morning, it could have cost him his life. Instead, the carpenter was at work when a private school bus crashed through the window of his Burnaby apartment and into his empty bedroom just before 8 a.m. “I was at work and I […]
By Jason Contant | November 10, 2023
2 min read