A strata apartment owner is entitled to collect a deductible from the owner of the unit above his own, following a toilet overflow that caused substantial damages to his apartment, British Columbia’s Civil Resolution Tribunal (CRT) has determined. In Meier v. Dietz, John Meier lives below Rositta Dietz in a strata building. Dietz’s toilet overflowed, […]
By Phil | August 21, 2023
3 min read
Aviva Canada said it’s invested in OneClose Inc., a technology company that provides a financial solution to help owners of newly built condos save on what are called ‘interim occupancy fees.’ “Consumers who buy a newly built condo in Ontario face a period of time after they move into their unit when they cannot obtain a mortgage,” […]
By Phil | August 21, 2023
2 min read
More Canadians are witnessing road rage, but fewer and fewer are admitting to doing it themselves, according to new survey results. 81% of Ontario and Alberta drivers claimed to have witnessed road rage, while only 6% admit to engaging in it, a new RatesDotCa survey found. Comparatively, last year’s iteration of the survey […]
By Alyssa DiSabatino | August 15, 2023
2 min read
Ontario’s financial services regulator is consulting on proposed guidance for how and when it issues public warning notices. The guidance applies to all sectors (except pensions) regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which includes property and casualty insurance. However, the guidance is not applicable to insurance professionals such as brokers that […]
By Jason Contant | August 14, 2023
3 min read
Commercial lines premium increases in Canada have abated year-over-year, but that doesn’t mean there’s a soft market, according to Applied Systems’ Commercial Index Q2 2023. Overall, commercial rates saw an increase of 7.44% in 2023’s second quarter, which is a decrease compared to the 8.95% rate increase 2022 Q2. However, quarter-over-quarter, rates have been increasing […]
By Alyssa DiSabatino | August 14, 2023
2 min read
M&A transactions involving large-value brokerage deals do not reflect a trend and likely aren’t sustainable, Intact Financial Corporation CEO Charles Brindamour suggested during a recent earnings call. “If I go towards distribution, which are smaller transactions, I think we’ve seen a number of eye-popping transactions that we don’t think reflect a trend because we don’t […]
By Jason Contant | August 11, 2023
3 min read
Losing your employees to other P&C firms? Join the club. A full 38% of financial services and accounting professionals, including within the insurance sector, are already looking or plan to look for a new job before the end of the year, according to a recent Robert Half survey. If you want to hold onto […]
By Alyssa DiSabatino | August 11, 2023
3 min read
Two years after Intact Financial Corporation acquired RSA Canada (and some other operations outside Canada), value creation from the acquisition has exceeded expectations, Intact’s chief financial officer said during an earnings call last week. “We estimate that annual RSA synergies has hit a run rate of $315 million in the quarter,” Intact executive vice president […]
By Jason Contant | August 8, 2023
2 min read
Duliban Insurance Brokers Ltd. has acquired Mason Insurance Brokers, an Ontario-based brokerage established in 1919. Amid an flurry of large consolidator deals, this acquisition marks one that took place between two local brokers. Based in Niagara, Ont., Mason Insurance Brokers offers auto, home, commercial and premier cottage insurance, and also has a life insurance and financial […]
By Alyssa DiSabatino | August 8, 2023
2 min read
Ontario’s insurance regulator has fined Aviva Insurance Company of Canada (AIC) and its subsidiary S&Y Insurance Company (S&Y) $300,000 each for breaching the province’s “take all comers” rule for auto insurance. In a settlement with the Financial Services Regulatory Authority of Ontario (FSRA), Aviva and S&Y acknowledged third-party quote aggregators were using unapproved filters that […]
By David Gambrill | August 4, 2023
4 min read