Industry
Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt and find new areas to gain access or new things to do in order to […]
By Jason Contant | April 21, 2022
3 min read
Canadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car insurance quote on the site, according to data from rate aggregator LowestRates.ca. The data insights […]
By Jason Contant | April 20, 2022
OTTAWA – Governments should consider extreme heat a natural disaster as climate change raises the risk of soaring summer temperatures in much of Canada, a new report says. Irreversible Extreme Heat, penned by experts at the Intact Centre on Climate Adaptation at the University of Waterloo, says “Canadian alarm bells should be ringing” about the […]
OTTAWA – Newly disclosed documents reveal the breach of an internal computer network at Rideau Hall was described to senior government officials as a “sophisticated cyber incident” in the days before the public was told of the security lapse. Internal government emails, obtained by The Canadian Press through the Access to Information Act, also say […]
By Jason Contant | April 19, 2022
Insurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government of Newfoundland and Labrador removed the 15% RST on home insurance in the province for […]
By Jason Contant | April 14, 2022
Rising interest rates are "double-edged swords for the insurance industry,” according to a financial expert in the P&C industry.
By David Gambrill | April 14, 2022
2 min read
WINNIPEG – Heavy snow and strong winds were combining in a spring blizzard expected to last three days across southern Manitoba and a section of southeastern Saskatchewan. Schools were closed in many areas, roads were shut down and most flights at Winnipeg’s international airport were cancelled Wednesday. The National Hockey League also postponed a scheduled […]
The Financial Services Regulatory Authority of Ontario (FSRA) is proposing to adopt principles of conduct for insurance intermediaries, including adjusters, brokers, MGAs and third-party administrators. Whether the principles apply to MGAs in the same way as retail brokers is open to question. Retail brokers deal with clients directly, while MGAs are not consumer-facing. MGAs can […]
By Jason Contant | April 13, 2022
4 min read
OTTAWA – The Bank of Canada raised its key interest rate by the highest amount in more than 20 years and warned more rate hikes are coming as it increased its outlook for inflation. The central bank hiked its policy interest rate by half a percentage point to one per cent on Wednesday. Bank of […]
By The Canadian Press | April 13, 2022
Editor’s Note: This story has been updated to include information from Burns & Wilcox Jodie Kaufman Davis has been promoted to expanded leadership roles, including president of Burns & Wilcox Canada. “Jodie is the first-ever president of Burns & Wilcox Canada,” the company tells Canadian Underwriter. “With this position, she will continue to have […]
By Jason Contant | April 12, 2022
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