Industry
Ontario’s 2022 budget proposes to create more choice for auto insureds, crack down on fraud and provide guidance on territorial rating.
By David Gambrill | April 29, 2022
3 min read
OTTAWA – The mayor of Abbotsford, B.C., says expecting local governments to shoulder the cost of infrastructure upgrades to protect their communities from flooding has been a “monumental mistake.” Henry Braun made the comment to a Senate standing committee on agriculture and forestry as he argued for upward of $2.5-billion from senior levels of government […]
By Jason Contant | April 29, 2022
2 min read
Brokers have another golden opportunity to educate clients on the importance of overland flood coverage. A recent survey of Canadian homeowners conducted by rate aggregator LowestRates.ca found that 30% of 544 respondents were unaware that coverages like overland flood are add-ons to a standard home insurance policy. Only 9% added this type of coverage to […]
By Jason Contant | April 28, 2022
4 min read
Better wildfire management in Canadian and Alaskan forests could offer a cost-effective way to limit greenhouse gas emissions, a new study says. Research published in the journal Science Advances on Wednesday found wildfires in North American boreal forests could represent about three per cent of global carbon dioxide emissions under the Paris Climate Agreement’s budget […]
Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says Imran Ahmad, a partner at the law firm and head of technology/co-chair of data protection, […]
By Jason Contant | April 27, 2022
Most Canadian insurance brokers believe their firms can positively change their track records on diversity, equity and inclusion (DEI), according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. Fully 95% agreed with the statement ‘positive change is possible,’ and there was almost […]
By Phil | April 27, 2022
Canada’s commercial property line has been the P&C industry’s hottest growth area of business over the past decade, according to the Q4-2021 MSA Outlook Quarterly. This might come as a surprise to some, given personal auto insurance accounts for just over 30% of all the country’s direct premiums written (DPW), per 2021 statistics from Canada’s […]
By David Gambrill | April 26, 2022
JOHN’S, N.L. – A fuel company in Newfoundland and Labrador is investigating after an employee’s email account was breached and information was downloaded from the account. A release from NARL Marketing, which operates the North Atlantic outlets across the province, says someone breached the account on April 13 between 8:06 a.m. and 12:18 p.m., and […]
By Jason Contant | April 26, 2022
1 min read
There’s plenty of opportunity for the broker channel to be able to take back some market share from the direct side and agent side, says Joseph Carnevale, president of the Insurance Brokers Association of Ontario (IBAO). Brokers can gain a competitive advantage by continuing to make technological gains, Carnevale says, and by making the most […]
By Jason Contant | April 25, 2022
OTTAWA – The governor of the Bank of Canada is signalling Canada’s key interest rate could go up another half percentage point in June to help wrestle inflation under control. Tiff Macklem is appearing at the House of Commons standing committee on finance today. Two weeks ago the central bank raised its key interest rate […]
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