Industry
Catastrophic floods that swamped much of southern British Columbia last fall were at least twice as likely because of climate change, suggests new research from Environment Canada. The study, now undergoing peer review, concludes that the likelihood of similar events in the future will only increase as global warming continues to upend normal weather patterns. […]
By Jason Contant | February 16, 2022
3 min read
Economical is now the insurer of choice to provide commercial auto coverage for peer-to-peer car-sharing marketplace Turo in Ontario, Québec, Alberta and Nova Scotia. Turo is a host-and-guest car sharing service that allows owners to list their vehicles – including exotic automobiles – for rental use. Under the partnership, existing Economical personal auto policy customers […]
By Phil Porado | February 15, 2022
2 min read
A decision on commercial auto rates provides a glimpse into the kind of profit level the regulator expects of insurance companies.
By David Gambrill | February 15, 2022
Intact Financial Corporation CEO Charles Brindamour says Canada’s largest P&C insurer has established a “truly global platform” that can now reach 70% of the global specialty solutions market with the expertise it has on board. “The thing that I like about the position we’re in at this stage is we can grow in the markets […]
By Jason Contant | February 15, 2022
Trucks or vehicles used in freedom convoy blockades will have their insurance suspended, Deputy Prime Minister and Finance Minister Chrystia Freeland said in a press conference Monday. For property and casualty insurance professionals, the federal government’s path may raise more questions than it answers. A lot remains unclear after Prime Minister Justin Trudeau announced he […]
By Alyssa DiSabatino | February 15, 2022
OTTAWA – The committee of MPs and senators which oversees federal security policy has uncovered gaps in Canada’s cyberdefences that could leave many agencies vulnerable to state-sponsored hackers from countries like China and Russia. In a new report, the National Security and Intelligence Committee of Parliamentarians says cyberthreats to government systems and networks are a […]
The Insurance Council of British Columbia has reprimanded Westland Insurance Group Ltd. for failing to take appropriate action after becoming aware of a possible compromise of client information. Council executive director Janet Sinclair found that while Westland co-operated with agencies investigating criminal activity involving client credit card data, “there is no record of [Westland] otherwise […]
By Jason Contant | February 14, 2022
Focus on improving its commercial business has paid off, Definity Financial Corporation’s president and CEO Rowan Saunders told a Feb. 14 fireside chat with BMO Capital Markets equity analyst Tom MacKinnon. “It’s really a very different-looking portfolio now than it was just a few years ago,” Saunders said. “That then has given us the ability […]
By Phil Porado | February 14, 2022
Canada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical events. Although resorting to historical data for pricing, and paying out for Cat losses (i.e. […]
By Jason Contant | February 11, 2022
Erika Chamberlain, Professor and Dean, Faculty of Law, Western University – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. The leaders of the so-called freedom convoy in Ottawa have been served […]
By The Canadian Press | February 11, 2022
4 min read
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