Industry
OTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won’t stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020 during the first wave of the COVID-19 pandemic as the economy went into a downturn […]
By Jason Contant | January 26, 2022
3 min read
Have you noticed an uptick in new policies and policy change requests lately? Many P&C insurance companies have, because coverage needs for individuals and businesses throughout Canada changed drastically during the pandemic. For example, people who once had long commutes may be working from home, so their vehicle insurance needs have changed. And their needs […]
By Phil | January 25, 2022
Vaughan, Ont., has replaced Brampton as the most expensive city in Ontario for car insurance in 2021, according to a new report from rate comparison site Ratesdotca. With estimated annual insurance premiums of $2,179, Vaughan is now the costliest city in Ontario. Brampton, the former title holder, is in fourth place, averaging $1,976 a year, […]
By Jason Contant | January 25, 2022
The war for talent has been an ongoing struggle for the P&C industry. Mix that with the influx of workers leaving their jobs during the COVID-19 pandemic, and the search for talent has become that much more difficult. As a result, companies have had to take a fresh look at talent acquisition, mentorship and retention methods during […]
By Alyssa DiSabatino | January 25, 2022
OTTAWA – The federal government says the country’s cybersecurity agencies are investigating a recent attack against Global Affairs Canada. The government is not saying who it suspects was behind the Jan. 19 attack, which has left some diplomats without access to some online services almost a week later. The attack came one day before the […]
1 min read
Editor’s Note: This story has been changed to reflect the fact that the Sudbury branch is being led by a team of local insurance experts. Gifford Carr Insurance Group, an Ontario-based personal and commercial insurance brokerage, is expanding into Sudbury, Ont., with a new branch location. The Sudbury branch will is run by […]
By Alyssa DiSabatino | January 24, 2022
2 min read
Private equity-backed brokerages that acquire 100% of a brokerage and then offer the ability to roll over some equity continue to be Canada’s most popular M&A model, but others are gaining traction, a P&C transaction advisor says. “While obtaining markets is always a challenge, it is not in the best interest for Canadian domestic insurance […]
By Jason Contant | January 24, 2022
CALGARY – A new Indigenous non-profit organization is seeking an ownership stake in the Trans Mountain Pipeline, saying its aim is to make sure communities along the pipeline’s route receive its benefits directly. Nesika Services publicly launched Monday, calling itself a grassroots, community-led not-for-profit. Chief Tony Alexis of the Alexis Nakota Sioux Nation in Alberta […]
Insured damage for severe weather events across Canada reached $2.1 billion again last year, and $2-billion annual Cat losses are quickly becoming the new normal, according to Catastrophe Indices and Quantification Inc. (CatIQ). This is a steep incline compared to the period between 1983 and 2008 where Canadian insurers averaged only $422 million a […]
By Alyssa DiSabatino | January 21, 2022
Scam artists who set up websites impersonating home and auto insurance brokerages could be taking advantage of uninsured motorists, a former brokerage owner says. In theory, the industry can try to block access to websites operated by unlicensed miscreants purporting to place insurance, but this would require forensic investigators and possibly court orders against innocent […]
By Phil | January 21, 2022
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