Industry

Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. There are four stories in all. Canada’s property and casualty insurance industry has […]

By Greg Meckbach | July 29, 2021

3 min read

Industry

Why avid cottagers should consider standalone coverage

Avid cottage enthusiasts may benefit from some of the “bells and whistles” offered in a standalone policy, as opposed to simply attaching their recreational homes to existing homeowner policies, according to a lifestyle insurance expert at Aviva Canada. Benefits of a standalone policy include coverage for short-term cottage rentals, buildings constructed in or on water […]

By Jason Contant | July 29, 2021

3 min read

Industry

Intact’s latest observations on driving habits during pandemic

While more than 100,000 Canadians a day are getting their COVID-19 shots, Canada’s biggest auto insurer is noticing an increase in driving activity but things are not quite back to normal. “Driving activity has been on the rise since early May,” said Isabelle Girard, senior vice president of personal lines at Toronto-based Intact Financial Corp. […]

By Greg Meckbach | July 29, 2021

3 min read

Industry

Court clarifies definition of ‘newly acquired automobile’ in motorcycle accident case

A newly acquired motorcycle is considered a “newly acquired automobile” for the purpose of accident benefits under the Ontario Automobile Policy (OAP 1), a panel of three Ontario judges has found. The Divisional Court considered a statutory appeal of the meaning of section 2.2.1 of OAP 1, which looks at extending insurance to other automobiles. […]

By Jason Contant | July 29, 2021

4 min read

N.S. politicians critiqued for vague response to threat of rising seas

HALIFAX – As Nova Scotia’s provincial election campaign has unfolded amid deadly heat waves in Western Canada and catastrophic flooding in Europe, the topic of preparing the province for its own potential weather disasters has been submerged by other issues. That’s not surprising to David Kogon, the mayor of Amherst, the community that sits beside […]

4 min read

NFP partnership aims to support aerospace clients in Canada

Large brokerage NFP Corp. has joined forces with Piiq Risk Partners to form an exclusive Canadian partnership. With a strategic focus on the aerospace and aviation industries, the collaboration will provide solutions and services to the Canadian operations of global clients, NFP said in a press release Monday. With over 800 employees in Canada, NFP […]

2 min read

Home insurance rates dropping but no reprieve for condo owners

Personal property premiums were a mixed bag in the first quarter of 2021, with insurance for condo owners continuing to rise, but home insurance rates trending down, according to a new report from LowestRates.ca released Tuesday. Year-over-year, home insurance premiums (other than condo) quoted on the rate comparison site were down 12% in British Columbia, […]

3 min read

Why many brokers need to change their auto quoting process

Many brokerages that use AutoPlus to obtain auto insurance quotes will likely have to change their processes over the next couple of months. AutoPlus’s vendor, CGI Group Inc., will start updating that online database product Aug. 13, says the Insurance Brokers Association of Ontario. Starting at the end of October, brokers who query AutoPlus, for […]

3 min read

Annual rate of inflation hits 3.1% in June, down slightly from May high

OTTAWA – The country’s headline inflation barometer registered a year-over-year increase of 3.1 per cent last month as the pace of price growth slowed in June compared with the decade-fast pace one month ago. June’s reading for the consumer price index was down from the annual inflation rate of 3.6 per cent recorded in May, […]

3 min read

How much ransom demands are increasing for your cyber clients

Average ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made to Coalition policyholders jumped nearly 170% from $450,000 to $1.2 million per claim, Coalition said […]

3 min read