Industry
A small portion of consumers want to buy insurance online without talking to somebody, Robyn Young, CEO of Excel & Y Insurance Services, told Canadian Underwriter in an interview for the December-January issue. “Do I think that’s the best way to buy insurance? No,” said Young, who took over this past September as president of […]
By Phil | January 13, 2022
2 min read
The Canadian Elevator Contractors Association (CECA) recently surveyed the industry and found more than 900 private-residence elevators are installed annually in Ontario. CECA estimates over 2,000 residential elevators are installed annually across Canada. For homeowners, having an elevator can increase accessibility and even a home’s selling price. But what are the risks? Unlike the commercial […]
3 min read
Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found a “clear bias” towards an increase in the compensation fund rather than a reinsurance purchase, […]
By Jason Contant | January 13, 2022
OTTAWA – A new report suggests Canada is not doing enough to adapt to and prevent the effects of climate change and is lacking the critical data it needs to do so. “I mean, 2021 has really now been a wake-up call that these are no longer sort of one-off anomalies, but this is sort […]
4 min read
Alberta could become Canada’s answer to Barbados, with the passage of a new law allowing captive insurance companies in the province. Bill 76, which received royal assent, will make Alberta the second Canadian province where captive insurance companies can domicile. British Columbia has hosted them for the past 25 years. Alberta is seeking options to […]
By Phil | January 12, 2022
Westland Insurance Group Ltd., a property and casualty insurance brokerage, has expanded its war chest for mergers and acquisitions, thanks to its partnership with asset manager Blackstone Credit. Blackstone will be investing an additional $250 million towards Westland’s growth, the asset manager has announced. That brings its total investment in Westland to over $1.2 billion […]
By Alyssa DiSabatino | January 12, 2022
MONTREAL – Truckers are warning that a Jan. 15 deadline requiring them to be vaccinated in order to enter Canada will put additional strain on supply chains amid the latest COVID-19 surge and severe worker shortages. As of Saturday, truck drivers and other essential workers seeking to cross into the country will need to be […]
By Jason Contant | January 12, 2022
A shift toward remote work has led businesses of all sizes to focus on the importance of their intellectual property (IP). There is more IP in existence today than ever, and in more areas as companies look for ways to improve processes and develop solutions. Unfortunately, this brings IP litigation exposure to companies in industries […]
By Phil | January 11, 2022
Manitoba Public Insurance (MPI) is issuing its third COVID-19 auto insurance rebate in less than two years. The latest rebate totalling $312 million equals about $328 on an average private passenger policy, MPI said in a press release Dec. 30, 2021. In total, MPI has provided rebates of nearly $500 million to its policyholders — […]
By Jason Contant | January 11, 2022
Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs. 28% as previously reported. Canadian Underwriter regrets the error. If your client is a renter, […]
By Alyssa DiSabatino | January 11, 2022
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