Industry
The hard market may be the broker's greatest challenge, but stats show it's vastly improved the P&C industry's financial health.
By David Gambrill | March 22, 2022
2 min read
Editor’s Note: This story has been updated to include information from Insurance Bureau of Canada. The Liberal party’s campaign promise to include a higher surtax on the financial sector is one step closer to being implemented, which means higher taxes for P&C insurers. However, the exact structure of the surtax has yet to be clarified. […]
By Alyssa DiSabatino | March 22, 2022
3 min read
OTTAWA – The National Research Council took down parts of its website after it was hit with a “cyber incident.” A brief statement on the council’s main webpage Monday did not specify what kind of incident occurred or which applications had been taken offline. In an email, a spokesperson said actions were taken immediately when […]
By Jason Contant | March 22, 2022
The limitation period under a family protection endorsement runs from final judgement or settlement, the Court of Queen’s Bench of Alberta has decided. Master in Chambers Brian Summers examined a case involving para. 6(c) of the SEF 44 Family Protection Endorsement, finding that the “interpretation most favourable to the insured is that the limitation runs […]
By Jason Contant | March 21, 2022
4 min read
KAMLOOPS, B.C. – The director of provincial operations for British Columbia’s wildfire service says the province needs a “holistic,” large-scale program to reduce wildfire risk, starting in backyards, moving to communities then extending to forested lands. Cliff Chapman says planning is underway to decide how new funding will be used to increase the service’s capacity, […]
HALIFAX – An engineering study looking at three options to save the land link between Nova Scotia and New Brunswick from climate-related flooding is pegging costs at between $189 million and just over $300 million. The study released today suggests either raising the height of the existing 35 kilometres of dikes for an estimated $200 […]
By Alyssa DiSabatino | March 18, 2022
Navacord expanded its group benefits and retirement solution business earlier this month when it acquired B.C.-based Arbutus Financial Services. Arbutus has offices in Vancouver and Nanaimo, and provides group benefits and retirement consulting, as well as personal financial services including financial planning, wealth management and life insurance. The firm has expertise within the mining, gaming […]
By Phil | March 17, 2022
With demand at an all-time high, cyber insurance is becoming increasingly hard to obtain. Indeed, the category in Canada is facing its first-ever hard market. “At the same time that more businesses are waking up to the technology-related risks they face, fewer insurers are able to write it, or at least at the pace the […]
By Phil | March 16, 2022
Facility Association (FA) announced the Newfoundland and Labrador rate board has approved the use of a profit provision for members’ capital. It is the last province to do so, said FA President and CEO Saskia Matheson. “FA member companies support the FARM [facility association residual market] and the guarantee of market availability through capital, […]
By Alyssa DiSabatino | March 15, 2022
Slip-and-fall claims, sewer backup and a hard market pre-dating COVID-19 are among the reasons you may find it difficult to find coverage for clients in the hospitality sector, such as restaurants and bars. “A handful of insurance companies are still willing to write hospitality, but it’s really difficult, and prices have definitely gone up,” said […]
By Phil | March 15, 2022
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