Northbridge is allowed to claim GST input tax credits for insurance policies it issued to trucking companies operating in both Canada and the United States, the Federal Court of Appeal has ruled. The decision overturned a Tax Court of Canada ruling in December 2020 that disallowed Northbridge’s claim for the tax credits. At issue is […]
By David Gambrill | October 26, 2023
3 min read
As governments gear up for a national push toward electric vehicles (EVs), Canadians are harbouring anxieties about their auto insurance policies. Seventy eight per cent of Canadians are concerned about the cost of their insurance premiums on an electric vehicle, according to a recent BrokerLink survey. This number differs provincially. For example, 94% of […]
By Alyssa DiSabatino | October 26, 2023
3 min read
Canada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never thought he’d see a “more problematic” reinsurance market than the one following the 9/11 terrorist […]
By Jason Contant | October 25, 2023
3 min read
Hard market conditions in personal lines across Canada are not slowing down in 2023 Q3, according to data from tech vendor Applied Systems. Auto and homeowner premiums are rising year-over-year in all provinces. In 2023 Q3, personal auto premiums in Canada increased 7.5% year-over-year and 5.7% quarter-over-quarter. Canadian home insurance premiums also saw a 7.5% […]
By Jason Contant | October 24, 2023
2 min read
Canada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of Ontario annual general meeting in Toronto. “We know that [on] Jan. 1, 2023, we really […]
By David Gambrill | October 24, 2023
3 min read
Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens is pretty much not what we thought would happen,” Gore Mutual Insurance president and CEO […]
By David Gambrill | October 23, 2023
4 min read
Lorri Frederick will retire as president of ClaimsPro North America at the end of this year. Frederick’s insurance career spans more than 30 years in the industry, including 10 years at independent adjusting firm ClaimsPro. “During her 10 years with ClaimsPro, Lorri has been instrumental in the organization’s continued industry leadership through delivering service excellence […]
By Jason Contant | October 23, 2023
2 min read
Ransomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study. The average ransomware incident costs companies $596,000 USD, accounting for 40 of 177 claims from Canadian organizations, NetDiligence’s 2023 Cyber Claims Study found. These cyber […]
By Alyssa DiSabatino | October 23, 2023
2 min read
Ontario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative penalties of $75,000 against 1843538 Ontario Inc., carrying on business as McLaren Collision, and $15,000 […]
By Jason Contant | October 20, 2023
3 min read
Canada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC), shared at a recent broker convention. Last year, Canada’s insurers paid more than $1 billion […]
By Alyssa DiSabatino | October 19, 2023
3 min read