Canada’s largest insurer is losing its appetite for writing Alberta auto business. And that’s because of the province’s ongoing cap on auto insurance rates, Intact CEO Charles Brindamour said during the company’s 2024 Q2 earnings call. The rate cap, implemented at the beginning of this year, prevents insurers from increasing premiums above 3.7%. Many insurers […]
By Alyssa DiSabatino | July 31, 2024
3 min read
A fire caused when batteries from a lawnmower and weedwhacker consumed a home in Strathcona County, east of Edmonton, Alta. earlier this month are a stark reminder of the risks posed by lithium-ion batteries. The homeowner escaped unharmed but the house is said to be ‘a write-off,’ according to reports from Global News and other […]
By Phil | July 31, 2024
3 min read
For a while, it looked as if the rosy numbers posted by Canada’s P&C industry in 2021 and 2022 might be short-lived. Several industry observers predicted the good results would lead to softer market conditions overtaking the industry, and more average returns in 2023. But anyone betting on a reversion to the mean will have […]
By Phil | July 30, 2024
3 min read
A plaintiff seeking to recover a $700 deductible from an alleged motor vehicle accident on April 9, 2024 was advised to get legal counsel before proceeding with their claim. The presiding judge used the term ‘alleged’ to describe the accident in the July 22, 2024 decision, because documents from the plaintiff as required by Saskatchewan’s […]
By Phil | July 29, 2024
2 min read
MISSISSAUGA, Ont. – Ontario Premier Doug Ford says his government will buy five police helicopters rather than lease them. The cost will be about $100 million more than what the province’s budget in March allocated to lease four choppers. The province initially said it would lease four police helicopters for the Toronto area for $36 […]
By Jason Contant | July 29, 2024
1 min read
Two major rainstorms in just over a week put Toronto over the mark to see its wettest July on record, according to Environment and Climate Change Canada (ECCC). Since the start of July, the city’s seen 186 millimetres of rain, says ECCC. More than half of that fell in a July 16 deluge that flooded […]
By Phil | July 26, 2024
3 min read
Two well-known former P&C insurance industry execs, T. Neil Morrison and Carol Jardine, have joined Aviva Canada’s board as non-executive directors. Morrison has also been appointed chairman designate. He will take over from current board chairwoman Anne Marie O’Donovan next year. Morrison was appointed to the Aviva plc Board on June 17. Morrison has more […]
By David Gambrill | July 26, 2024
2 min read
Although there have been “growing rumbles of a ‘softening’ in commercial liability markets,” there is limited evidence of softening in the first quarter results of Canadian property and casualty insurers, says Canada’s insurance insolvency protection organization. The Property and Casualty Insurance Compensation Corporation (PACICC) recently analyzed the new IFRS 17 metric Net Insurance Service Ratio […]
By Jason Contant | July 24, 2024
3 min read
OTTAWA – The Bank of Canada cut its key interest rate for a second consecutive time on Wednesday, but warned the path back to two per cent inflation may be uneven and would ultimately determine the pace of future rate cuts. The central bank says its decision to lower its policy rate by a quarter […]
By Jason Contant | July 24, 2024
2 min read
Financial Services Regulatory Authority of Ontario (FSRA) has implemented temporary measures to allow claims adjusters to process insurance claims from Ontario’s flash flooding more quickly. FSRA is temporarily allowing licensed adjusting firms to use claims adjusters licensed outside of Ontario. FSRA has also allowed Ontario insurers to use the services of employees of affiliated insurers. […]
By Alyssa DiSabatino | July 19, 2024
2 min read