Industry
Natural catastrophes can affect businesses of any size, and parametric insurance can provide solutions for small accounts, too — not just large ones, panellists said at a Canadian Underwriter webinar on Wednesday. Parametric insurance is a type of index-based insurance policy, meaning a payout is triggered automatically by a set of parameters that underwriters tailor […]
By Alyssa DiSabatino | March 4, 2022
3 min read
BrokerLink’s M&A strategy remains focused on regions where it currently does business and is not looking to get into other verticals at the moment, senior executives at the brokerage tell Canadian Underwriter. “The focus continues to be Ontario, Alberta, and Atlantic Canada for BrokerLink,” says the brokerage’s vice president of acquisitions, Michael Stack. That’s not […]
By Jason Contant | March 4, 2022
REGINA – Ottawa-area MP Pierre Poilievre says he would repeal what he calls Prime Minister Justin Trudeau’s “anti-energy” laws if he becomes the next leader of the Conservatives. Pierre told a campaign stop in Regina that if he becomes party leader and is elected as the next prime minister he would repeal several laws that […]
By The Canadian Press | March 4, 2022
1 min read
Westland Insurance Group Ltd. has announced the acquisition of two Ontario-based brokerages: Stewart Morrison Insurance Brokers Ltd. and Transure Insurance Inc. Stewart Morrison Insurance provides home, auto, business, farm and agribusiness, and lifestyle insurance. It has offices in Lindsay, Fenelon Falls, Bobcaygeon, Port Perry and Peterborough. For its part, Transure Insurance of Waterdown, Ont. offers […]
By Jason Contant | March 3, 2022
2 min read
TORONTO – DesRosiers Automotive Consultants says Canadian auto sales fell 12.4 per cent in February from a year earlier. The consultancy estimates new light vehicle sales came in at 98,722 units, down from 112,654 in February last year. DAC says however that last year’s sales in the month were strong, part of an upward surge […]
By The Canadian Press | March 3, 2022
Despite the recently revoked Emergencies Act requiring all insurers to “suspend” coverage, the industry still has received little clarity on how to enforce such rules, especially as most insurers would consider it a policy “cancellation.” One broker executive questions questions how the Emergencies Act would apply to auto policy suspensions if the act were to be […]
By Alyssa DiSabatino | March 2, 2022
Pressures on commercial insurance rates will continue for the near future, but there will still be opportunities to write new business, says Jason Storah, CEO of Aviva Canada. As for auto lines, it remains to be seen how driving levels (and claims) respond in light of recent government announcements easing pandemic restrictions. It looks like […]
By Jason Contant | March 2, 2022
Many of Canada’s largest banks are increasing their prime interest rate by 25 basis points following the Bank of Canada’s rate announcement. The central bank said Wednesday it was increasing its key rate by a quarter of a percentage point to 0.5% in a bid to help fight inflation, which is at its highest level […]
Public auto insurer Saskatchewan Government Insurance (SGI) is the latest insurer to offer auto insurance clients the choice of no sex (blank) designations. The change will not affect SGI Canada customers in Saskatchewan, since gender or sex designation is not used as a rating factor for auto policies, Heather Hubic (Anderson), a media relations communications […]
By Jason Contant | March 1, 2022
With Russia’s invasion of Ukraine still less than a week old, insurers and industry intermediaries in Canada are working to sort the implications of the crisis. Firms are looking at policies that cover political, business, and other risks related to both the invasion itself and the stiff sanctions imposed on Russia by governments worldwide. Gary […]
By Phil Porado | March 1, 2022
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