YELLOWKNIFE – The Northwest Territories government says a break-in at its Department of Education, Culture and Employment headquarters in Yellowknife has resulted in a privacy breach affecting about 3,000 people. The government says the break-in occurred early on Sunday and items including hard drives were stolen. Those drives contained personal information of people on income […]
By Jason Contant | April 21, 2023
2 min read
Canada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to work closely with all related stakeholders to advance these discussions [about the government backstop for […]
By David Gambrill | April 20, 2023
3 min read
A high percentage of today’s pool of risk managers has been working in the industry a long time, and the next largest group are fairly new to the business. Those in the younger group “are excited about what they’ve done or learned and can contribute fresh ideas and energy,” said RIMS Canada vice chairwoman Jacqueline […]
By Phil | April 20, 2023
3 min read
CALGARY – Imperial Oil Ltd. said its cleanup efforts following recent high-profile wastewater releases from its Kearl oilsands site will be complete next month. Executives with the Calgary-based company said at an annual investor day event Wednesday that cleanup from February’s wastewater overflow from a containment pond is already complete, and efforts to fully remediate […]
By Jason Contant | April 20, 2023
2 min read
Canada’s primary insurers will need to run at sustained combined operating ratios of 95% or lower in the future in order to withstand future NatCat losses (and the cost of reinsuring them), without having to pass costs on to consumers, one senior industry exec suggested at a panel discussion Wednesday. “Return over time means that […]
By David Gambrill | April 19, 2023
3 min read
Brokers with clients looking to save money would be better off helping them understand how affordable a coverage is, rather than opting out of OPCF-49, or Direct Compensation-Property Damage (DCPD) coverage, one expert told Canadian Underwriter. Starting on Jan. 1, 2024, in exchange for a premium discount, the OPCF-49 form gives the policyholder’s consent for the […]
By Alyssa DiSabatino | April 19, 2023
2 min read
Canadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile and property segments, said a recent Fitch Ratings report. The downside below the 49th parallel? […]
By Phil | April 19, 2023
3 min read
Rising water levels from melting snow and warmer temperatures are starting to affect roads in parts of New Brunswick. New Brunswick’s River Watch officials say water levels in the lower Saint John River have reached flood stage, and they are asking drivers to be vigilant as they navigate affected roadways. They are warning drivers not […]
By Jason Contant | April 19, 2023
1 min read
If Canadian insurers want to avoid another year of more than $3.1 billion in insured damages, age-old quandaries such as the national flood program, land use policies, and building codes need to be revisited, said panellists at Swiss Re’s 37th Annual Canadian Insurance Outlook Breakfast. Although climate risk is increasing, resiliency is staying the same, […]
By Alyssa DiSabatino | April 18, 2023
3 min read
Canada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance brokers might think they don’t need to revisit clients’ coverages to make sure their assets […]
By Phil | April 18, 2023
2 min read