Canada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts to cool inflation to around 3% by mid-2023. Lower inflation is welcome news for Canada’s […]
By Phil | June 27, 2023
3 min read
MONTREAL – This week’s rainfall likely won’t be enough to extinguish the wildfires in northern Quebec, but the wet weather could give firefighters a chance to get ahead of the flames, officials said Tuesday. Quebec’s forest fire prevention agency – SOPFEU – is evaluating the effects of recent rainfall, Katia Petit, Quebec associate deputy minister […]
By Jason Contant | June 27, 2023
2 min read
CALGARY – Canadian oil company Suncor Energy Inc. has confirmed it has been the victim of a cyberattack. The Calgary-based energy giant said in a news release late Sunday that it has “experienced a cyber-security incident.” Suncor provided no further details about the attack, or which parts of its operations were affected. However, over the […]
By Jason Contant | June 26, 2023
3 min read
Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing recently,” according to Economic Insights, a Swiss Re publication released Jun. 22. “Larger reserves for […]
By David Gambrill | June 26, 2023
3 min read
Canada’s property and casualty insurance industry is doing a better job of client education generally, but organizations of all sizes can do a “much better job” of putting the client first, said one expert during the Young Brokers Conference in Niagara Falls. For example, brokers can be proactive in servicing clients during a claim. “If […]
By Alyssa DiSabatino | June 23, 2023
3 min read
Managing general agent (MGA) Can-Sure Underwriting failed to quash a motion to correct a misnomer in a flood damage claim, arguing the claimant incorrectly identified the MGA as an insurer. Ontario’s Superior Court also rejected Can-Sure’s argument that the claimant, representing a rental property in Innisfil, Ont., missed a one-year contractual limitation period to amend […]
By David Gambrill | June 23, 2023
4 min read
Gore Mutual has lost its appeal of a priority decision in an accident benefits case related to the fatal crash of two snowmobiles, one covered by insurance, the other uninsured. Ontario’s Appeal Court ruling means Gore Mutual – and not the publicly funded Motor Vehicle Accident Claims Fund (MVACF) – is obliged to pay accident […]
By David Gambrill | June 22, 2023
3 min read
MONTREAL – Hot, dry conditions are forecast to continue through the weekend in regions of Quebec threatened by wildfires. Katia Petit, a senior Quebec civil security official, says no community or essential infrastructure is immediately threatened by flames, but says there is heavy smoke in some areas. In the northern Quebec town of Lebel-sur-Quevillon, Mayor […]
By Jason Contant | June 22, 2023
1 min read
When a NatCat occurs in Canada, it’s common for U.S. adjusters to be on the scene — sometimes before Canadian adjusters, who are bound by provincial licensing restrictions. And while processes for getting either country’s adjusters on the scene are complicated, Canadian adjusters are now benefitting from technology and following U.S. adjusting processes more closely. […]
By Phil | June 20, 2023
3 min read
A brokerage has been added as a defendant in a sideline negligence claim, even though the central legal action for breach of contract involving two other parties (including a defendant reinsurer) has yet to be decided. Ontario’s Superior Court applied the “balance of convenience” principle on June 5 to find it would be more costly […]
By David Gambrill | June 16, 2023
4 min read