Industry

What the derecho in May cost P&C insurers

Central Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest natural catastrophe loss in Canadian history. “Damage in Ontario is estimated to be over $720 million, while the storm caused an estimated $155 million of damage in Quebec,” the Insurance Bureau of Canada notes in a release, citing […]

By David Gambrill | June 16, 2022

2 min read

Industry

The latest insolvency risk: climate change

A single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional” causes of failure — internal operations (problematic business approaches), organizational structure (such as corporate governance) […]

By Jason Contant | June 15, 2022

4 min read

Industry

Personal information about more than 100 military sex misconduct claimants leaked

OTTAWA – The company overseeing the federal government’s $900-million settlement deal with military members who experienced sexual misconduct in uniform is admitting to more privacy breaches, despite repeated promises to have fixed the problem. Epiq Class Action Services Canada confirmed the additional errors after a third veteran came forward to The Canadian Press to report […]

By Jason Contant | June 15, 2022

3 min read

Industry

How broker E&O tracked during the pandemic

Broker errors and omissions (E&O) claims grew during the pandemic for those who failed to maintain adequate levels of coverage for their clients, a broker E&O specialist says. While home and auto claims were down due to lockdowns, resulting in a softening of broker E&O claims, there was growth in activity for other reasons, reports […]

By Jason Contant | June 14, 2022

2 min read

Key enterprises could face penalties under federal bill to bolster cybersecurity

OTTAWA – Key enterprises in the banking, telecommunications and transportation industries would be among those required to bolster cybersecurity and report digital attacks – or possibly face penalties – under a federal bill introduced Tuesday. The legislation is intended to flesh out Liberal government efforts to protect critical infrastructure following last month’s announcement that Chinese […]

2 min read

Positives emerging from the crack-down on tow truck turf wars

Despite recently-withdrawn charges related to violent tow truck turf wars across the Greater Toronto Area, the investigation resulted in many positives, including regulatory change, says Équité Association. In 2021, Équité Association’s investigative services team supported the York Regional Police’s far-reaching and complex investigation into fraudulent behaviour of several industries linked to organized crime — with […]

3 min read

Bank of Canada says economy can handle higher interest rates

High household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday. “We think the economy needs higher interest rates, and it can certainly handle higher interest rates,” he told […]

4 min read

Industry veteran elected to Ontario Chamber of Commerce’s board

Desjardins Group’s Marilyn Horrick has been elected to the Ontario Chamber of Commerce’s (OCC) board of directors. OCC president and CEO Rocco Rossi announced new members to the chamber’s board of directors last month. Horrick, senior vice president for Desjardins Group’s Ontario market, was one of seven newly elected board members. “I am extremely proud […]

2 min read

How to help your clients mitigate cyber risk in 90 minutes: Victor Canada

Introducing Victor Canada’s new cyber assessment and consultation, a complimentary offering for Victor Errors & Omissions and Technology policyholders. An increase in the frequency and sophistication of cyberattacks has left many brokers wondering how best to help their clients manage their cyber exposures. With this in mind, Victor Insurance Managers Inc. (Victor Canada) has collaborated […]

June 9, 2022

4 min read

Canadian P&C brokerage space sees four M&A deals in June

Merger and acquisition activity in the Canadian P&C insurance industry is showing no sign of slowing down in the second half of 2022, with the announcement of four transactions by three brokerages already since the beginning of June. McDougall Insurance & Financial, BrokerLink and StoneRidge Insurance Brokers (SIB) all announced M&A deals earlier this month. […]

3 min read