Industry
Supply shortages and the skyrocketing price of lumber have combined with project delays and the continued effects of the pandemic to raise property reconstruction costs in Canada, according to the latest reconstruction cost update from Opta Information Intelligence. Opta’s recent analysis for the second quarter of 2021 reveals that property reconstruction costs increased by 6.4% […]
By Jason Contant | June 4, 2021
3 min read
Clients are still indeed paying ransomware demands, despite a report to the contrary, because the threat of having sensitive data exposed is very much a concern, according to a pair of cyber insurance experts. Their comments come following a report earlier this year that claimed a sharp drop in the number of victims deciding to […]
By Adam Malik | June 4, 2021
If your employees are working remotely because of the pandemic, pick up the phone and ask those workers what’s keeping them up at night, suggests the new CEO of the Canadian Universities Reciprocal Insurance Exchange (CURIE). It is important for leaders, of both insurance carriers and brokerages, to continue to engage with employees when there […]
By Greg Meckbach | June 4, 2021
2 min read
Rapid snow melt or heavy rains have prompted flood warnings, watches or high streamflow advisories in British Columbia from the central coast north to the Yukon boundary and along most of the eastern length of the province. Evacuation orders and alerts have been issued by the Regional District of Kitimat-Stikine in the northwest, as rising […]
1 min read
SCOR Canada Reinsurance Company is getting a new CEO, Olivier Gay (pictured) the Paris-based reinsurance announced Thursday. The move is effective June 11. Gay succeeds Paul Christoff, whose appointment as CEO of SCOR Canada was announced in February 2020. At that time, Christoff succeeded Joseph El-Sayegh, who has since joined Quebec’s largest P&C brokerage, Lussier […]
By Greg Meckbach | June 3, 2021
Hub International Limited has announced the acquisition of Global Credit Risk Management Inc. (GCRM), a Canada-wide independent broker of accounts receivable and political risk insurance. With a national presence and offices located in Ontario and Alberta, GCRM provides accounts receivable insurance and advisory services to businesses of all sizes. Customers include manufacturers, commodity traders, the […]
By Jason Contant | June 3, 2021
CALGARY – An insurance provider for the Trans Mountain pipeline said it will not renew its policy with the company when it expires in August. Argo Group International Holdings Ltd., an international underwriter based in Bermuda, said the project no longer fits the company’s risk appetite. “We currently insure the Trans Mountain pipeline, but do […]
Public auto insurer Saskatchewan Government Insurance (SGI) is proposing a “rate rebalancing” that will result in a net 0% overall change for provincial Auto Fund rates, effective next January. Reflecting current frequency and severity trends, and in an effort to promote fairness across vehicle types, SGI is essentially asking for an overall 1.7% rate increase, […]
By Jason Contant | June 2, 2021
TORONTO – Canadian auto sales disappointed in May despite increasing nearly 36 per cent from a year earlier when sales plunged due to lockdowns to address the COVID-19 pandemic. According to estimates compiled by DesRosiers Automotive Consultants, Canadian light vehicle sales totalled 153,761 last month, up from 113,224 in May 2020. However, sales in May […]
As the world gets more and more virtual, don’t forget how to be human, an insurer executive urged during a recent webinar. Technology should be used to enhance the industry’s relationship with clients, rather than act as a replacement, explained Erin Fischer, senior vice president, chief claims and regional insurance operations officer at Wawanesa. Much […]
By Adam Malik | June 1, 2021
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