Industry
Penny McCune will become the first woman to serve as president and CEO of Saskatchewan Government Insurance (SGI), effective June 1. She succeeds former president and CEO Andrew Cartmell, who retired on April 4, 2022, after a 12-year tenure with the company. Cartmell was the longest-serving president and CEO of the province’s public insurer. […]
By Alyssa DiSabatino | May 19, 2022
2 min read
Modern tech companies are moving along at a much faster pace than the insurance policies designed to protect them, says Michael Brunero, head of tech, media and intellectual property (IP) at CFC Underwriting. “We started to realize the policy that we were originally selling to these clients felt like it was designed for companies that […]
By Jason Contant | May 19, 2022
4 min read
GATINEAU, Que. – The Competition Bureau says car-sharing service Turo Inc. has ended its policy in Canada that prevented someone from also listing the vehicle on other platforms, following an agency investigation. The Bureau says the change is good for competition in the car-sharing space and in digital markets where anticompetitive conduct can lock in […]
By The Canadian Press | May 19, 2022
1 min read
Definity Financial Corporation’s executive vice president of personal insurance is concerned about two trends in auto physical damage. “The two areas that are of concern to us are theft and total loss, where we are seeing approximately a 25% increase year-over-year in loss costs,” says Paul MacDonald, Definity’s executive vice president of personal insurance during […]
By Jason Contant | May 18, 2022
3 min read
OTTAWA – The cost of nearly everything at the grocery store continued to climb higher to push the annual inflation rate up in April. Statistics Canada said Wednesday that its consumer price index for April rose 6.8 per cent compared with a year ago, up from a gain of 6.7 per cent for March. The […]
By The Canadian Press | May 18, 2022
A forest fire has forced the evacuation of residents in a community north of Sudbury, Ont. Conservation officers and Ontario Provincial Police assisted with the precautionary evacuation of Shining Tree, Ont., residents Saturday afternoon after a forest fire broke out in the area on May 10. The fire is still burning out of control today, […]
By The Canadian Press | May 17, 2022
If the Ontario Progressive Conservative Party moves ahead with one of its proposed changes to auto insurance, it could result in increased claims costs for auto insurers, or else shift the burden more onto extended (supplementary) health insurance policies, says financial management consultant David Marshall. In its 2022 budget document, the ruling Conservative party said […]
By Jason Contant | May 17, 2022
Intact’s CEO Charles Brindamour said he is “quite thrilled” with some of the auto insurance reform measures contained in Ontario government’s proposed budget. Brindamour commented on the budget proposals for auto insurance reform during a Virtual Fireside Chat with RBC Capital Markets. Historically, as far back as 2016, the Ontario government has “done a pretty […]
By Alyssa DiSabatino | May 16, 2022
A city in northwestern Ontario is monitoring water levels and telling residents to watch for the possibility of flooding. That comes after an evacuation order was issued by the City of Kenora on Friday that said hundreds of residents were expected to be affected. City officials are out surveying the situation today. In a news […]
By The Canadian Press | May 16, 2022
Definity Financial Corporation president and CEO Rowan Saunders doesn’t expect the Canadian P&C insurance industry’s return on equity to remain as elevated as it was last year. In 2021, the industry’s ROE hit 17%. The industry also recorded the lowest-ever combined ratio (85.2%), making it the third-most profitable year since 1975. Only in 2003 and […]
By Jason Contant | May 13, 2022
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