Industry
“Re-vinning” of stolen vehicles — where thieves steal a vehicle, put what appears to be a legitimate vehicle identification number (VIN) on the front dash and then sell it to an unsuspecting customer — is increasing as a fraud trend, Équité Association told Canadian Underwriter Tuesday. Équité Association released its list of Top 10 stolen […]
By Jason Contant | December 8, 2021
3 min read
OTTAWA – Canada’s central bank has sent a warning that increases in the cost of living would continue into next year, but signalled it wasn’t yet prepared to pull its key lever to rein in inflation. The annual pace of inflation in October rose to 4.7 per cent, a pandemic-era high and the fastest year-over-year gain in […]
Clients telling you they can’t afford winter tires? Manitoba Public Insurance (MPI) administers a loan program to help get drivers the cash, and the traction, they need. Loan terms last up to four years at prime plus 2% and up to $2,000 per vehicle. Loan amounts average $1,246 and the average term is 2.9 years, […]
By Phil | December 7, 2021
2 min read
The Canadian insurance industry has a lot to gain from making payments faster, easier, and more transparent. In a post-pandemic economy, many Canadians are reducing their use of cash as a payment method and are relying instead on digital payments. In fact, a recent Interac survey¹ revealed that two thirds of Canadians believe businesses that […]
December 7, 2021
Project management, system implementation, and accessing resources are the biggest challenges, as the start date of the new insurance accounting standard IFRS 17 nears, Chris Cornell, partner, audit, and national sector leader, insurance, with KPMG in Canada told Canadian Underwriter in an interview for the Oct. 2021 issue. What follows are key excerpts from his […]
By Phil | December 6, 2021
Like insurers, Canada’s institutional investors are examining how environmental, social and governance (ESG) factors weigh into their operational decisions. A new EY report on global institutional investors that includes Canada showed 74% are more likely to divest from companies with poor ESG track records. What’s more: Thibaut Millet, who leads EY’s Canada climate change and […]
Westland Insurance Group Ltd. has announced the acquisition of two brokerages in the Canadian Prairies: Church Eaton Insurance of Calgary and Hook Lafrance Insurance in Regina. Westland’s president and chief operating officer Jamie Lyons said in a press release Monday that Church Eaton brings “niche commercial expertise and specialist capabilities within key industry verticals, adding […]
By Jason Contant | December 6, 2021
OTTAWA – Citing a dramatic increase in ransomware attacks on organizations – including health providers and vital utilities – federal ministers are urging Canadians to bolster their cybersecurity. In an open letter Monday, the ministers encouraged people to adopt the latest security measures, build a response plan and ensure information technology staff are well-prepared to […]
Canada’s largest mutual insurer is promoting its new Beneva direct-to-consumer brand by being a major sponsor of Quebec City’s major junior hockey team and official presenter of the Videotron Centre’s calendar of events. Beneva announced Thursday a partnership with Quebecor Sports and Entertainment Group. Quebec City-based Beneva was formed in 2020 through the merger of […]
By Greg Meckbach | December 3, 2021
Five hundred and eighty dollars. And … four demerit points. That’s how much a first offence for using a cell phone while behind the wheel will cost a Saskatchewan driver, Saskatchewan Government Insurance (SGI) said as part of an October campaign to curb distracted driving across the province. The same fine is issued to first […]
By Phil | December 3, 2021
1 min read
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