Industry
Quebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said it will be undertaking a “special project” to help reduce the major financial risks to […]
By Jason Contant | June 28, 2019
3 min read
Wages and job openings in the insurance and financial sectors have dropped, Statistics Canada reported recently. The vacancy rate in insurance and finance stood at 2.8% during the first quarter of 2019, down from 3.1% in 2018 Q1, StatsCan said in the Job Vacancy and Wage Survey (JVWS) released June 18. The insurance sector includes […]
By Greg Meckbach | June 28, 2019
2 min read
Do your clients know how often their workers click on links they receive in emails that should have been flagged as suspicious? “I wouldn’t find it unreasonable for an insurer to ask questions about phishing click-through rates,” Srinath Sampath, senior director and analyst with Stamford, Conn.-based IT research firm Gartner Inc., told Canadian Underwriter. This […]
Rising water levels are causing delays in the St. Lawrence Seaway that could cost the economy more than $1 billion, shippers and port operators say. A new study from the Chamber of Marine Commerce warns that opening the floodgates further at a dam in Cornwall, Ont., in order to relieve high water levels upstream would […]
Legislated limits on pain and suffering awards, which are meant to manage liability insurance costs, could conceivably be challenged in court, a Canadian personal injury lawyer suggests. South of the border, the Kansas Supreme Court recently held that a state law capping damages for non-economic injuries in personal injury lawsuits is unconstitutional. Diana Hilburn was […]
By Greg Meckbach | June 27, 2019
Aviva Canada kicked off a new road safety initiative, although things got off to a rocky start in Toronto. The Take Back Our Roads campaign launched this week as a way to improve road safety on streets across Canada, said Catherine Brown, vice president of marketing and corporate social responsibility at Aviva. The project is […]
By Adam Malik | June 27, 2019
WASHINGTON – Federal Reserve Chairman Jerome Powell said Tuesday the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates. Speaking to the Council on Foreign Relations in New York, Powell said the Fed is now grappling […]
By Greg Meckbach | June 26, 2019
Economic profit is unevenly distributed among insurance companies, but five bold moves can help carriers catch up, McKinsey & Company said in a paper released late last week. These moves include shifting resources between businesses, reinvesting a substantial share of capital in organic growth opportunities, and pursuing M&A deals that could include new product lines […]
By Jason Contant | June 25, 2019
Posting its lowest level of profitability in almost 20 years, the Canada’s property and casualty industry’s ugly financial results in 2019 Q1 have raised concerns about an elevated insolvency risk. Canada has not had an insurer go bankrupt for more than 10 years, with one high-profile example being the wind-up of Markham General in 2002. […]
By David Gambrill | June 25, 2019
VANCOUVER – Crews with the B.C. Wildfire Service are battling another small but worrisome blaze on the province’s south coast. The fire was reported Monday afternoon on Cecil Hill near Pender Harbour on the Sechelt Peninsula. It is not threatening any homes, but it has now scorched more than two square hectares of bush and […]
By Greg Meckbach | June 25, 2019
1 min read
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