Industry
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 […]
By Jason Contant | April 25, 2022
1 min read
A Toronto daycare with seven locations will have a pandemic coverage sublimit of $50,000 apply to each of its seven locations, thereby costing the insurer Northbridge $350,000, Ontario Appeal Court has decided. Northbridge General Insurance argued the $50,000 pandemic sublimit was supposed to apply in the aggregate to all seven of the daycare’s locations. A […]
By David Gambrill | April 22, 2022
3 min read
Insurance Brokers Association of Ontario (IBAO) president Joseph Carnevale is not concerned about a brokerage’s ownership structure, since he sees it playing no part in whether or not brokers are “trusted advisors” to clients. “Every broker in the country is independent because we always have to put the best interests of our clients ahead of […]
By Jason Contant | April 22, 2022
TORONTO – On a day when the Federal Reserve spooked markets with its tough talk on interest rates, Bank of Canada governor Tiff Macklem says he won’t “rule anything out” when it comes to the central bank’s own interest rate path and taming Canada’s out-of-control inflation. Macklem spoke to reporters virtually Thursday from Washington, D.C. […]
Registered Insurance Brokers of Ontario (RIBO) has appointed Melissa Bajwa to its board. Bajwa is currently the vice president of compliance and broker network operations with PROLINK, one of the largest independent brokerages in Canada. She joined PROLINK in 2016 as a personal insurance manager. In 2020, she was appointed principal broker for the brokerage […]
By Jason Contant | April 21, 2022
2 min read
Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt and find new areas to gain access or new things to do in order to […]
Canadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car insurance quote on the site, according to data from rate aggregator LowestRates.ca. The data insights […]
By Jason Contant | April 20, 2022
OTTAWA – Governments should consider extreme heat a natural disaster as climate change raises the risk of soaring summer temperatures in much of Canada, a new report says. Irreversible Extreme Heat, penned by experts at the Intact Centre on Climate Adaptation at the University of Waterloo, says “Canadian alarm bells should be ringing” about the […]
OTTAWA – Newly disclosed documents reveal the breach of an internal computer network at Rideau Hall was described to senior government officials as a “sophisticated cyber incident” in the days before the public was told of the security lapse. Internal government emails, obtained by The Canadian Press through the Access to Information Act, also say […]
By Jason Contant | April 19, 2022
Insurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government of Newfoundland and Labrador removed the 15% RST on home insurance in the province for […]
By Jason Contant | April 14, 2022
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