Industry
Inflation caused Canadian insurers to suffer some loss in profitability during the first quarter of 2021 but the industry's still solid.
By Phil Porado | June 23, 2022
2 min read
The issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O) implications on the broker. In a LinkedIn post earlier this month, Hugh Fardy, a broker […]
By Jason Contant | June 23, 2022
4 min read
SAGUENAY, Que. – Officials in the City of Saguenay, Que., have renewed a state of emergency for a neighbourhood under threat of another landslide. On Wednesday, Quebec Premier Francois Legault toured the area and met with residents, announcing the government would increase the emergency aid destined for affected people. He said most of the roughly […]
By The Canadian Press | June 23, 2022
1 min read
Canadian Insurance Services Regulatory Organizations (CISRO) will soon be engaging Canada’s national MGA association to find out the emerging risks for the sector, the regulator said during a recent industry event. “Later this year, CISRO will be engaging CAMGA [Canadian Association of Managing General Agents] to find out… what are the big, emerging risks that […]
By Jason Contant | June 22, 2022
3 min read
To successfully lead a company through an era of constant change, a CEO should consider simplifying the company’s portfolio and prepare for shareholder activism, a Harvard Business Review blog says. Inflation, geopolitics, supply chain issues, labour costs, divisiveness, unsettled equity markets and stakeholder expectations seem to “change the game” daily, Tim Ryan, U.S. chairman and […]
By Jason Contant | June 21, 2022
MONTREAL – Quebec is extending a state of emergency in a city north of Quebec City where a neighbourhood is threatened by landslides. Public Security Minister Genevieve Guilbault tweeted late Monday afternoon that she signed a decree allowing Saguenay to extend a state of emergency in the La Baie district, part of which was evacuated […]
By The Canadian Press | June 21, 2022
MONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say everyone affected by the breach, regardless of where they live, will be eligible to claim. […]
By The Canadian Press | June 20, 2022
Here’s some cyber security advice for your clients: time to install multi-factor authentication (MFA). In the future, that advice may morph to: Please send us a scan of all your tech vulnerabilities, so we can see what cybercriminals see. As of this moment, telling your clients passwords alone are secure and that cybercriminals won’t likely […]
By Jason Contant | June 17, 2022
One of British Columbia’s largest brokerages, Axis Insurance Managers, has completed its acquisition of BMG Insurance Brokers, a Western Canada-based brokerage that specializes in aviation and aerospace risks. Vancouver-based Axis completed the acquisition of privately-owned BMG Aviation Ltd. (doing business as BMG Insurance Brokers), effective June 1. Axis says BMG is “recognized and respected nationally […]
Central Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest NatCat in Canadian history.
By David Gambrill | June 16, 2022
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