Industry
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
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 […]
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 […]
By Jason Contant | July 28, 2021
2 min read
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
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 […]
By Greg Meckbach | July 28, 2021
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, […]
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 […]
By Jason Contant | July 27, 2021
Nova Scotia motorists who purchase autonomous emergency braking systems will no longer qualify for a discount with one insurer as of October. In Nova Scotia, Aviva General Insurance Company has a 15% discount, to bodily injury and accident benefits insurance premiums, for vehicles with original manufacturer-installed autonomous emergency braking systems. This is according to Nova […]
By Greg Meckbach | July 27, 2021
With many people still working from home, one marine underwriter has seen the pleasurecraft line of business “take off.” But that doesn’t mean it’s smooth sailing for marine underwriting. It can still be difficult finding capacity for small- or mid-sized commercial risks, said MaryKate Townsend, manager and senior underwriter at Pacific Marine Underwriting Managers (PMU). […]
Amid the uncertainty over Aon PLC’s now-scuttled plan to acquire Willis Towers Watson PLC, Marsh & McLennan Companies Inc. increased its staff level by nearly 2,000 during the first half of 2021, Marsh & McLennan CEO Dan Glaser says. “We are hiring. The first six months of the year, [our] head count has grown nearly […]
By Greg Meckbach | July 26, 2021
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