Reinsurers are less hesitant to supply coverage to carriers, and this improvement “is no surprise,” Gallagher Re says in its 1st View: Balance Maintained report. Reinsurer returns were nearly record-breaking and return on equity (ROE) exceeded 20% in many cases. Combined loss ratios in 2024 Q1 showed an improvement of up to 12%, helping reinsurers […]
By Alyssa DiSabatino | July 3, 2024
2 min read
An auto industry group on Monday warned dealerships to be alert for scammers as outages continue after cyberattacks last week. The alert comes as CDK Global, an Illinois-based company that provides software for several auto dealers across Canada and the U.S., was hit by back-to-back cyberattacks on Wednesday that led to a widespread outage. Within […]
By Alyssa DiSabatino | June 28, 2024
2 min read
Victoria, B.C. — Three years after a wildfire destroyed much of the British Columbia village of Lytton, the tiny Fraser Canyon community is still struggling to get back on its feet. Mayor Denise O’Connor told a news conference Tuesday ahead of the anniversary that there’s good news, with the first building permit being issued for […]
By David Gambrill | June 26, 2024
3 min read
Hourly wages offered to Canadian property and casualty insurance industry employees are second only to the compensation offered to workers in the country’s utilities and oil, mining and gas sectors, says a new report by Insurance Bureau of Canada. Canada’s P&C industry employees at carriers and brokerages earned $12 billion in 2022, says InsurEconomy 2024, […]
By David Gambrill | June 25, 2024
2 min read
Auto insurance premiums in Alberta increased by 5.24% in 2023, despite a government pause on rate filings, Insurance Bureau of Canada says. “We’ve seen this time and time again: Rate caps simply don’t work,” comments Aaron Sutherland, vice president of IBC’s pacific and western regions. “They don’t improve affordability for drivers and only serve to […]
By David Gambrill | June 24, 2024
4 min read
Every broker has fielded this phone call: “I’ve just gotten my insurance renewal. The price is way higher than last year! Get me a better price!” As the cost-of-living crisis continues to impact Canadians, it’s imperative that customers feel they are paying the “right” price for their insurance. And they need to trust that their […]
June 17, 2024
4 min read
Another insurer is backing away from Alberta’s auto insurance market. Sonnet Insurance Company announced yesterday it will phase out its auto insurance operations in Alberta. The Definity subsidiary said Dec. 13, 2024, will be its intended date of withdrawal, upon which it will no longer issue new or renewal auto policies in Alberta. “Limited opportunities […]
By Alyssa DiSabatino | June 14, 2024
2 min read
OTTAWA – The Bank of Canada marked a major turning point in its fight against inflation on Wednesday as it lowered its key interest rate for the first time in more than four years, making it the first central bank in the G7 to cut rates. Governor Tiff Macklem says the central bank has more […]
By Jason Contant | June 5, 2024
3 min read
Let’s be honest: shopping for insurance doesn’t top anybody’s bucket list. It’s not fun. It can feel overwhelming. The consequences of a poor insurance buying experience are terrible for everyone: when a person doesn’t know what they bought, never mind why, they are not a satisfied customer – and unlikely to be a repeat customer. […]
June 3, 2024
4 min read
Specialist managing general agent CFC announced it has hired Kelly McGuinness as cyber, tech and professional liability development leader for its new Canada office. McGuinness previously worked for cyber insurer Coalition, where she was the Canada team lead of production underwriting and business development. “Her technical knowledge, relationships and professionalism are second to none and […]
By Alyssa DiSabatino | May 30, 2024
1 min read