Asked about business succession in Canadian Underwriter’s 2024 National Broker Survey, most brokerage owners said they want to sell their companies to family members, or to current managers and employees. But recent changes to Canada’s tax code could make a business sale to family members both more attractive and complicated. It all revolves around Section […]
By Phil | August 9, 2024
4 min read
MONTREAL, Que. — More than 100 mm of rain is forecast to hit parts of Eastern Canada by the weekend as the remnants of tropical storm Debby make their way to the region. Environment Canada is warning of heavy rain and risks of flash flooding, water accumulation, and sewer backups across a swath of the […]
By David Gambrill | August 8, 2024
3 min read
Munich Re Canada president and CEO Klaus Wilkens will join Insurance Bureau of Canada’s board of directors, the association announced Wednesday. Wilkens was appointed president and CEO of Munich Reinsurance Company of Canada and Temple Insurance in April 2024. He’s been with the company for nearly 30 years, since he first joined as a casualty […]
By Alyssa DiSabatino | August 8, 2024
1 min read
While 2023’s year-end results are largely good news for Canada’s P&C insurers, even those reporting good annual earnings have several reasons for concern, notes Alister Campbell, president and CEO of the Property and Casualty Insurance Compensation Corporation (PACICC). He listed several potential stressors in his keynote address to brokers attending the Insurance Brokers Association of […]
By Phil | August 8, 2024
4 min read
JASPER, Alta. — Officials from Parks Canada say crews are making good progress on tackling the wildfire in Jasper National Park but expect some firefighting to continue into the fall. During a virtual press conference Tuesday, agency incident commander Landon Shepherd told reporters rain has helped firefighters battle the blaze that burned into the Jasper […]
By David Gambrill | August 7, 2024
3 min read
As summer winds down, drivers need to prepare for the back-to-school season. Brokers and insurers, meanwhile, need to familiarize clients with the risks they’ll face as a new school year starts. Drivers will once again be dropping off and picking up kids from school. They’ll be sharing the road with school buses, and seeing a […]
By Phil | August 7, 2024
3 min read
CALGARY — Parts of the domestic terminal building at the Calgary airport are closed due to damage caused by hail and heavy rainfall. The Calgary International Airport said in a post on social media the work has started to clean up the water and assess the damage. However, parts of the domestic terminal will remain […]
By David Gambrill | August 6, 2024
1 min read
Several years ago, the P&C industry’s financial gurus rolled up their sleeves to figure out the new numbers in preparation for IFRS-17 reporting. MSA Research, which supplies the data for Canadian Underwriter’s 2024 Stats Guide, convened an IFRS-17 working group in 2021. It included representatives of companies and audit firms to help create new KPIs […]
By Phil | August 6, 2024
3 min read
Beyond pressures seen in the personal lines auto and property markets, the Canadian P&C industry will need to keep its eye on several things in 2024. First there are the commercial and liability sides of the business. “Results in commercial property and liability insurance appear to be allowing insurers active in those sectors to significantly […]
By Phil | August 2, 2024
2 min read
Over the past year, Canada’s P&C insurance industry has been reporting its financial results using the new IFRS-17 accounting standards. The outcome recalls the biblical story of the Tower of Babel. In the Book of Genesis, everyone on Earth speaks the same language and they migrate to one spot before starting to build a city […]
By Phil | August 1, 2024
3 min read