Industry

After 13 years, court gives auto accident claimant “a last chance”

Ontario’s Superior Court of Justice has adjourned a motion from State Farm Mutual Automobile Insurance Company to dismiss an auto insurance claim arising out of a car accident that happened 13 years ago. “The power to dismiss an action for delay should not be exercised without giving the plaintiff an opportunity to remedy their default,” […]

By David Gambrill | June 23, 2022

4 min read

Industry

What’s to blame for P&C industry’s quarterly profitability decline?

At first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed entirely from a drop in investment income (as opposed to any slip in underwriting discipline), […]

By Phil | June 23, 2022

2 min read

Industry

Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?

The issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O) implications on the broker. In a LinkedIn post earlier this month, Hugh Fardy, a broker […]

By Jason Contant | June 23, 2022

4 min read

Industry

City in Quebec renews state of emergency for neighbourhood facing landslide threat

SAGUENAY, Que. – Officials in the City of Saguenay, Que., have renewed a state of emergency for a neighbourhood under threat of another landslide. On Wednesday, Quebec Premier Francois Legault toured the area and met with residents, announcing the government would increase the emergency aid destined for affected people. He said most of the roughly […]

By Jason Contant | June 23, 2022

1 min read

Regulator to engage MGA sector on emerging risks

Canadian Insurance Services Regulatory Organizations (CISRO) will soon be engaging Canada’s national MGA association to find out the emerging risks for the sector, the regulator said during a recent industry event. “Later this year, CISRO will be engaging CAMGA [Canadian Association of Managing General Agents] to find out… what are the big, emerging risks that […]

3 min read

Why portfolio simplification and shareholder activism matter

To successfully lead a company through an era of constant change, a CEO should consider simplifying the company’s portfolio and prepare for shareholder activism, a Harvard Business Review blog says. Inflation, geopolitics, supply chain issues, labour costs, divisiveness, unsettled equity markets and stakeholder expectations seem to “change the game” daily, Tim Ryan, U.S. chairman and […]

3 min read

Quebec extends state of emergency in Saguenay because of landslide threat

MONTREAL – Quebec is extending a state of emergency in a city north of Quebec City where a neighbourhood is threatened by landslides. Public Security Minister Genevieve Guilbault tweeted late Monday afternoon that she signed a decree allowing Saguenay to extend a state of emergency in the La Baie district, part of which was evacuated […]

1 min read

Quebec court approves $200.9M settlement against Desjardins over data breach

MONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say everyone affected by the breach, regardless of where they live, will be eligible to claim. […]

1 min read

The future of cyber-security: MFA and beyond

Here’s some cyber security advice for your clients: time to install multi-factor authentication (MFA). In the future, that advice may morph to: Please send us a scan of all your tech vulnerabilities, so we can see what cybercriminals see. As of this moment, telling your clients passwords alone are secure and that cybercriminals won’t likely […]

3 min read

Axis Insurance acquires specialist broker

One of British Columbia’s largest brokerages, Axis Insurance Managers, has completed its acquisition of BMG Insurance Brokers, a Western Canada-based brokerage that specializes in aviation and aerospace risks. Vancouver-based Axis completed the acquisition of privately-owned BMG Aviation Ltd. (doing business as BMG Insurance Brokers), effective June 1. Axis says BMG is “recognized and respected nationally […]

2 min read