Industry
VANCOUVER – British Columbia endured sizzling summer heat and bone-numbing cold to end 2021 and the province’s electrical utility says the result was a record-breaking, year-round demand for power, launching a trend that’s not expected to end soon. In a report examining electricity demand during last year’s unprecedented weather events, BC Hydro says the province’s […]
By Jason Contant | January 21, 2022
2 min read
Canadians who have auto insurance really need to re-read the fine print on their policies, a recent survey found. A poll of more than 1,300 auto policy holders, conducted by rate comparison site Ratehub.ca, focused on 10 common misconceptions around how car insurance works. One question asked respondents whether or not speeding tickets from automated […]
By Phil | January 20, 2022
Wood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more wood frame construction condos there rather than concrete, fire-resistant buildings that you’d see in Toronto, […]
By Jason Contant | January 20, 2022
3 min read
Francesco Biondi, Associate Professor, Human Systems Labs, University of Windsor – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. While waiting to board a plane on a recent trip out of […]
4 min read
Company leaders should constantly identify recurring themes in employee feedback and surveys, congregate that data, and then determine upskilling options for talent development, a recent blog from Harvard Business Review says. Upskilling is a longer-term investment in augmenting the knowledge, skills, and competencies that help employees advance their carriers, explains the blog, How to Build […]
By Jason Contant | January 19, 2022
Business interruption, cyber incidents, and climate change have been dubbed the Top 3 risks facing Canadian businesses this year, according to a new report. Although these were Canada’s Top 3 risks, Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer 2022 found the results differed across the globe. Globally, cyber incidents were considered the […]
By Alyssa DiSabatino | January 19, 2022
OTTAWA – Headline inflation in Canada hit a 30-year high at the end 2021 with warnings from economists that the pace of price increases could rise even higher and stirring expectations of a central bank response before the month is over. Statistics Canada reported Wednesday that the annual pace of inflation climbed in December to […]
Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and those with a better claims history,” Peter Kennedy, Aon senior vice president and national director, […]
By Jason Contant | January 18, 2022
Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct loss ratio for standalone cyber at a staggering 73%. Ransomware’s the main culprit. And there’s […]
By Phil | January 18, 2022
British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims related to the massive flooding. Preliminary estimates from CatIQ were $450 million in insured damage. […]
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