Industry
TORONTO – DesRosiers Automotive Consultants says Canadian auto sales fell 12.4 per cent in February from a year earlier. The consultancy estimates new light vehicle sales came in at 98,722 units, down from 112,654 in February last year. DAC says however that last year’s sales in the month were strong, part of an upward surge […]
By Jason Contant | March 3, 2022
1 min read
Despite the recently revoked Emergencies Act requiring all insurers to “suspend” coverage, the industry still has received little clarity on how to enforce such rules, especially as most insurers would consider it a policy “cancellation.” One broker executive questions questions how the Emergencies Act would apply to auto policy suspensions if the act were to be […]
By Alyssa DiSabatino | March 2, 2022
3 min read
Pressures on commercial insurance rates will continue for the near future, but there will still be opportunities to write new business, says Jason Storah, CEO of Aviva Canada. As for auto lines, it remains to be seen how driving levels (and claims) respond in light of recent government announcements easing pandemic restrictions. It looks like […]
By Jason Contant | March 2, 2022
Many of Canada’s largest banks are increasing their prime interest rate by 25 basis points following the Bank of Canada’s rate announcement. The central bank said Wednesday it was increasing its key rate by a quarter of a percentage point to 0.5% in a bid to help fight inflation, which is at its highest level […]
Public auto insurer Saskatchewan Government Insurance (SGI) is the latest insurer to offer auto insurance clients the choice of no sex (blank) designations. The change will not affect SGI Canada customers in Saskatchewan, since gender or sex designation is not used as a rating factor for auto policies, Heather Hubic (Anderson), a media relations communications […]
By Jason Contant | March 1, 2022
With Russia’s invasion of Ukraine still less than a week old, insurers and industry intermediaries in Canada are working to sort the implications of the crisis. Firms are looking at policies that cover political, business, and other risks related to both the invasion itself and the stiff sanctions imposed on Russia by governments worldwide. Gary […]
By Phil | March 1, 2022
Canada’s financial services industry pushed back against cybercriminals last year, cutting in half the percentage of cyberattacks on the sector. The financial services industry (including insurance) has long been a top target for cybercriminals chasing high-reward payday. But that is precisely why these organizations have some of the most advanced security controls in place, driven […]
By Jason Contant | February 28, 2022
2 min read
Sanctions following Russia’s invasion of Ukraine may impact international insurers and reinsurers’ ability to underwrite Russian risks or make it difficult for them to service claims on existing policies, said a Feb. 25 commentary from global credit rating agency AM Best. While the situation is fluid, the commentary noted those writing large energy and infrastructure […]
By Phil | February 28, 2022
Insurers and law enforcement professionals agree that motorists need to buckle their seat belts and hang up their phones while behind the wheel. But, despite years of consistent messaging, not everyone is on board. Drivers in rural Manitoba are more likely to drive without seatbelts, while motorists in Winnipeg are more prone to using electronic […]
By Phil | February 25, 2022
VICTORIA – A disaster expert who led recovery teams after the earthquake and tsunami in the Indian Ocean that killed more than 230,000 people says British Columbia’s climate response strategy must protect the province from future environmental events. The B.C. government introduced a plan this week that recognizes the forces of climate change are driving […]
By Jason Contant | February 25, 2022
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