Industry
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 […]
By Jason Contant | June 4, 2021
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
2 min read
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
3 min read
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
Many insurers and reinsurers are considering or actively transitioning away from insuring fossil fuel companies as pressure mounts from investors and clients over environmental, social and governance (ESG) practices. “But pressure from end investors isn’t the whole story,” Tom Johansmeyer, head of Property Claim Services (PCS), a Verisk business, wrote in a recent Harvard Business […]
By Jason Contant | June 1, 2021
4 min read
RSA Canada CEO Martin Thompson is leaving the company, says the insurer’s new owner, Intact Financial Corp. Intact and Danish insurer Tryg A/S announced Tuesday they have completed their acquisition of London-based RSA PLC. As part of the deal, Toronto-based Intact acquires RSA Canada as well as some of RSA’s international operations. “Martin Thompson announced […]
By Greg Meckbach | June 1, 2021
HALIFAX – Lisa Drader-Murphy opened her first store in 1997 with $250 in the bank. Over more than two decades, the Canadian fashion designer built her luxury clothing brand debt-free by reinvesting her earnings back into the business. “I was raised with old-fashioned values,” she said from her home in Falmouth, a village in rural […]
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