Industry
Rising interest rates are "double-edged swords for the insurance industry,” according to a financial expert in the P&C industry.
By David Gambrill | April 14, 2022
2 min read
WINNIPEG – Heavy snow and strong winds were combining in a spring blizzard expected to last three days across southern Manitoba and a section of southeastern Saskatchewan. Schools were closed in many areas, roads were shut down and most flights at Winnipeg’s international airport were cancelled Wednesday. The National Hockey League also postponed a scheduled […]
By Jason Contant | April 14, 2022
The Financial Services Regulatory Authority of Ontario (FSRA) is proposing to adopt principles of conduct for insurance intermediaries, including adjusters, brokers, MGAs and third-party administrators. Whether the principles apply to MGAs in the same way as retail brokers is open to question. Retail brokers deal with clients directly, while MGAs are not consumer-facing. MGAs can […]
By Jason Contant | April 13, 2022
4 min read
OTTAWA – The Bank of Canada raised its key interest rate by the highest amount in more than 20 years and warned more rate hikes are coming as it increased its outlook for inflation. The central bank hiked its policy interest rate by half a percentage point to one per cent on Wednesday. Bank of […]
Editor’s Note: This story has been updated to include information from Burns & Wilcox Jodie Kaufman Davis has been promoted to expanded leadership roles, including president of Burns & Wilcox Canada. “Jodie is the first-ever president of Burns & Wilcox Canada,” the company tells Canadian Underwriter. “With this position, she will continue to have […]
By Jason Contant | April 12, 2022
3 min read
VANCOUVER – British Columbia mayors whose communities were devastated by last year’s flooding and wildfires want the federal government to deliver billions of dollars in promised funding as soon as possible. Abbotsford Mayor Henry Braun said he was among 28 mayors and members of regional districts who met with federal and provincial politicians Monday to […]
Western Canada is the target for the latest rounds of acquisitions from large Canadian P&C brokerages. Intact Financial Corporation subsidiary BrokerLink and Westland Insurance Group announced recent acquisitions in northern and southern Alberta, Saskatchewan, and Manitoba. Westland Insurance Group also continues to grow with the acquisition of two new brokerages: Saskatchewan-based Booth Burnett Insurance and […]
By Jason Contant | April 11, 2022
FREDERICTON – New Brunswick officials are advising people in flood-prone areas of the province to pay attention as the water levels of the Saint John River are on the rise. The spillway gates at the Mactaquac Dam, near Fredericton, will need to be opened soon because of the rising water, Department of Public Safety spokesman […]
As expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward. Banks and insurers will also have to pay a one-time 15% tax on 2021 taxable […]
By Phil | April 8, 2022
As workplace digitization increases, small brokerages can benefit from automating their processes just as much as big ones, said panellists in a Canadian Underwriter webinar Wednesday. Across the industry, digital technology adoption has accelerated year-over-year. Canadian brokerages with revenues of $5 million to $9 million had the highest technology adoption score at 50% in 2021, […]
By Alyssa DiSabatino | April 8, 2022
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