Canada’s condo insurance market appears to have stabilized but the industry shouldn’t get lulled into the feeling that reforms are no longer needed, said Aaron Sutherland, the vice president of Insurance Bureau of Canada’s (IBC) Pacific region. Over the past few years, the condo/strata market saw skyrocketing insurance premiums, with British Columbia and Alberta particularly […]
By Jason Contant | August 11, 2022
3 min read
ST. JOHN’S, N.L. – Two out-of-control wildfires in central Newfoundland covered more than 200 square kilometres on Wednesday morning, and Environment Canada warned the flames could cover much of the island in smoke. Jeff Motty, the province’s forest fire duty officer, says the latest estimates suggest the largest fire now encompasses an area of about […]
By Jason Contant | August 10, 2022
3 min read
Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new survey from BlackBerry Limited and Corvus Insurance. The BlackBerry Cyber Insurance Coverage study found 81% […]
By Jason Contant | August 10, 2022
3 min read
Canada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The Office of the Superintendent of Financial Institutions (OSFI) published its new capital guidelines as part […]
By David Gambrill | August 9, 2022
3 min read
High stress is one reason a broker might choose to leave the industry, but employers should be aware of another phenomenon affecting the broader working community today – ‘quiet quitting.’ Quiet quitting is silent withdrawal from the overbearing pressure of work, a worldwide individual response to burnout, career transition coach and job search mentor Elizabeth […]
By Jason Contant | August 9, 2022
3 min read
TORONTO – The Ontario Cannabis Store says a cyberattack faced by one of its logistics partners has left the provincial pot distributor unable to process or deliver orders to marijuana shops and customers. The OCS said Monday evening there is no indication that its systems were targeted or its customers’ information compromised during the Aug. […]
By Jason Contant | August 9, 2022
2 min read
Ontario’s freeze of limitation periods during the COVID-19 pandemic shouldn’t be counted as a time when insureds must declare their intention of making a claim against an insurer, Ontario’s Licence Appeal Tribunal has ruled in an auto accident benefits case. In Tamayo v. Travelers, Inima Tamayo was injured in a motor vehicle accident on Mar. […]
By David Gambrill | August 8, 2022
3 min read
Former Supreme Court of Canada judge Thomas Cromwell will lead an independent review of Hockey Canada’s governance amid calls for a change of leadership of the governing body for its handling of recent allegations of sexual assault against players. Hockey Canada said in a statement that the review will begin immediately and is expected to […]
By Jason Contant | August 8, 2022
3 min read
Personal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted premium rates in Canada increased 9.4% in the second quarter of 2022 compared to 2021 […]
By Jason Contant | August 4, 2022
2 min read
VICTORIA – A hot, dry weather forecast for August and into September is expected to result in increased wildfire activity in British Columbia, especially in the southern regions. Neal McLoughlin, the superintendent of predictive services at the BC Wildfire Service, says wildfire activity is also forecast to shift from the province’s north to southern areas. […]
By Jason Contant | August 4, 2022
1 min read