Industry
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. […]
1 min read
Business changes rapidly, and not all business models can weather the storm — but three models will dominate the future large commercial insurance (LCI) market, KPMG said in a new report. The three models — named the agile global player, innovative specialist and open-source risk manager — are here to stay, KPMG suggested. The agile […]
By Alyssa DiSabatino | August 4, 2022
3 min read
A growing wildfire in British Columbia’s Okanagan area has forced the evacuation of more than 300 properties in the ski resort community. These properties, including the Apex Mountain Ski Resort in Penticton, were ordered evacuated as the fire showed “aggressive and unpredictable growth,” the Canadian Press reported Tuesday. A small, unoccupied cabin was also destroyed. […]
By Jason Contant | August 3, 2022
Environment and Climate Change Canada says hail ranging from the size of a pea to a softball fell in central Alberta on Monday. Sara Hoffman, who is a meteorologist with the agency, says although the storm that passed through the Rocky Mountain House and Red Deer areas wasn’t record breaking, the size of the hail […]
A more assertive regulatory landscape may prove concerning for large commercial insurers (LCI) in the near future, especially those with multinational clients, a survey from KPMG suggested. Evolving client and broker expectations, economic uncertainty, technological evolution and environmental, social and governance (ESG) activism also are causing mounting pressures to the LCI sector, said approximately 400 […]
By Alyssa DiSabatino | August 3, 2022
YELLOWKNIFE – Electric vehicles are a rare sight in Canada’s North, with challenges such as frigid winter temperatures and limited infrastructure. The Northwest Territories is hoping to change that. The territorial government plans to develop a vehicle-charging corridor between the Alberta boundary and Yellowknife to encourage more residents to buy electric vehicles to reduce their […]
By Jason Contant | August 2, 2022
4 min read
NFP has grown dramatically in Canada over the last three years, with a 110% expansion in revenue, the large national brokerage reported late last month. “NFP in Canada is 20 times larger than it was five years ago,” Scott Saddington, chief operating officer of NFP in Canada, said in a press release July 26. To […]
Manitoba Public Insurance (MPI) is warning consumers about the need to protect their vehicles from catalytic converter theft as reports of this type of crime have significantly increased in recent months. According to MPI claims data, the public insurer has seen approximately 150 catalytic converter theft-related claims reported monthly. In April 2022, that number exceeded […]
By Jason Contant | July 29, 2022
Police say they’ve charged 28 people in Ontario and Saskatchewan, including several ServiceOntario employees, following an investigation into the fraudulent modification and sale of hundreds of stolen vehicles. In a news release Thursday, Ontario Provincial Police said they began an investigation in September 2020 after uncovering an alleged auto theft network that they say was […]
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