Industry
VICTORIA – The B.C. government says proposed legislation it has introduced takes first steps to address concerns about sky-high costs and availability of insurance for condominiums and other shared properties. Housing Minister Selina Robinson says the legislation proposes to amend the Strata Property Act and the Financial Institutions Act. Robinson says the changes will seek […]
By Greg Meckbach | June 23, 2020
1 min read
MONTREAL – An improperly extinguished campfire is the likely cause behind a massive blaze in Quebec’s Lac-St-Jean region that remains out of control, Quebec’s Forestry Minister told a briefing on Sunday. “This photo is possibly where fire started,” Pierre Dufour told reporters in Roberval, Que., holding up a photo of a campfire surrounded by charred […]
By Greg Meckbach | June 22, 2020
3 min read
Demands are being placed on the insurance industry and that could set up some tense moments with a couple of groups, suggested the head of Zurich Canada. Demand from insurers, investors and shareholders are significant challenges to the industry as a result of the COVID-19 pandemic, noted Saad Mered, Zurich Canada’s CEO and chief agent, […]
By Adam Malik | June 19, 2020
Canada’s pandemic-induced economic recession is now in full swing, and although businesses are gradually starting to open up after a decline in COVID-19 infection rates, there is a great deal of speculation about insolvencies. And that has the P&C industry talking about the importance of protecting receivables when clients around them are teetering towards bankruptcy. […]
By David Gambrill | June 19, 2020
2 min read
Health experts are urging caution after business leaders called on Prime Minister Justin Trudeau and provincial premiers to ease air travel restrictions. Paul Pottinger, professor of infectious diseases at the University of Washington’s School of Medicine, says big business should follow the lead of Health Canada and the World Health Organization, which has highlighted a […]
By Greg Meckbach | June 19, 2020
TORONTO – Ontario is introducing legislation today to temporarily ban commercial evictions. The government says it will protect commercial tenants from being locked out or having their assets seized due to the negative impacts of COVID-19. It would be retroactive to May 1, which is a month earlier than the Progressive Conservatives had previously proposed […]
By Greg Meckbach | June 18, 2020
Threats are being lobbed at auto insurers by an Ontario member of parliament who indicated that insurers not offering satisfactory relief measures could be called out and face repercussions. In the latest salvo from Ontario Finance Minister Rod Phillips — who in April said insurers should provide relief on the basis that people are driving […]
By Adam Malik | June 17, 2020
The surge in people working from home has brought an increase in home cooking fires, risk and insurance professionals observe. “You are seeing a spike in residential fires in condos and rental units because people are at home more and cooking more,” said Jeff McCann, CEO of Apollo Insurance Solutions Ltd., in a recent interview […]
By Greg Meckbach | June 16, 2020
VANCOUVER – A report commissioned by the B.C. government says insurance premiums for condominium buildings have increased by as much as 40 per cent year over year while deductible costs have tripled. Blair Morrison, chief executive officer of The B.C. Financial Services Authority, says the state of the insurance market for condo buildings is unhealthy. […]
Canada’s federally regulated P&C insurers appeared to be turning the corner financially in 2020 Q1 before the pandemic hit and the bottom fell out of the national economy, data from Canada’s federal solvency regulator suggest. Overall, the industry turned a net profit of $381.7 million in the first quarter of this year, up substantially from […]
By David Gambrill | June 12, 2020
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