Canada’s Top 10 property and casualty insurers control almost three-quarters of the marketplace, with the remaining participants competing for the balance of available premium, ratings agency AM Best said during an industry event Friday. The Top 10 P&C carriers control 71.9% of market premium, up from about 64% just one year ago, AM Best senior […]
By Jason Contant | September 12, 2022
3 min read
An Ontario-based insurance group with a mutual insurer as strategic partner has acquired Stan Darling Insurance, a local brokerage with four offices, in a deal announced Wednesday. The insurance group is led by Kevin McKinnon and its strategic partner, The Commonwell Mutual Insurance Group (CMIG). Brokerage M&A continues apace in the Canadian P&C industry, with […]
By Jason Contant | September 9, 2022
3 min read
Ontario’s insurance market conduct regulator took a closer look at how auto insurance health care providers are billing insurers through the province’s electronic billing system, and found that 27 medical health professionals on the billing roster have been sanctioned by their health regulatory colleges. Of the 27 medical health practitioners who were sanctioned, most received […]
By Alyssa DiSabatino | September 9, 2022
3 min read
Countries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial plants and operations back to a local base to avoid international disputes, business interruptions, energy […]
By David Gambrill | September 9, 2022
3 min read
VANCOUVER – Haze from wildfires burning in Washington state, Idaho and the British Columbia Interior is expected to create smoky skies across much of southern B.C. over the weekend. Environment Canada has posted air-quality statements for the Fraser Valley and a large section of southeastern B.C., while haze is also expected across Metro Vancouver on […]
By Jason Contant | September 9, 2022
2 min read
By Claude Comtois, Professeur emerite de geographie, Universite de Montreal – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. When compared to other major river navigation routes around the world, the […]
By Jason Contant | September 8, 2022
6 min read
Westland Insurance has entered a new industry vertical and the U.S. market for the first time with the acquisition of Front Row Insurance Brokers Inc., one of the largest and most respected film and entertainment insurance brokers in North America. Surrey, B.C.-headquartered Westland said the acquisition adds a key vertical under its corporate advisory & […]
By Jason Contant | September 8, 2022
3 min read
Good overall underwriting results and solid risk-adjusted capitalization left the industry in a resilient position in 2021, despite the headwinds Canada’s P&C industry has faced in the last two-and-a-half years, according to AM Best’s Canada Market Segment Report. Headwinds the industry faces include equity market declines, inflation, weather-related concerns, supply chain imbalances, broker consolidation and […]
By Alyssa DiSabatino | September 8, 2022
3 min read
OTTAWA – The Bank of Canada raised its key interest rate by three-quarters of a percentage point Wednesday and signalled this won’t be the last increase as it continues its battle against high inflation. The rate hike was in line with what many economists were expecting and brings the bank’s key rate target to 3.25 […]
By Jason Contant | September 7, 2022
2 min read
With predictions that Canada might be headed for a ‘moderate’ but short-lived recession, Canadian P&C insurance professionals will understandably be concerned about their own job prospects. Living in fear of a layoff can be crippling. Proactively confronting this layoff anxiety is the best way to keep fears from getting the better of you, executive coach […]
By Jason Contant | September 6, 2022
4 min read