Industry
Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and those with a better claims history,” Peter Kennedy, Aon senior vice president and national director, […]
By Jason Contant | January 18, 2022
3 min read
Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct loss ratio for standalone cyber at a staggering 73%. Ransomware’s the main culprit. And there’s […]
By Phil Porado | January 18, 2022
British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims related to the massive flooding. Preliminary estimates from CatIQ were $450 million in insured damage. […]
Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry. Most notably, this change includes the addition of electronic communication and pre-paid courier as valid notices of termination of auto insurance […]
By Alyssa DiSabatino | January 18, 2022
WINNIPEG – The grand chief of the Assembly of Manitoba Chiefs says the latest court settlement for property owners affected by devastating flooding more than a decade ago is fair. The Manitoba government diverted water from the Assiniboine River to reduce the risk of flooding in Winnipeg in 2011, but the water built up and […]
By The Canadian Press | January 18, 2022
1 min read
Crawford & Company has promoted Victoria Hanson to be its director of sales, National TPA (third party administrator) in Canada.
By David Gambrill | January 17, 2022
Home insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa. The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a rise of $67 per year, making the average cost $1,409 annually. The main reasons for […]
By Alyssa DiSabatino | January 17, 2022
4 min read
Heavy snowfall in Ontario isn’t resulting in claim levels associated with a catastrophe event. But time may tell a different story. “We are seeing some increase in auto claims which is typical for snowstorms,” Heather Matthews, chief client officer of Canada for Crawford & Co. told Canadian Underwriter. “Currently it is a slight uptick from […]
By Phil Porado | January 17, 2022
2 min read
TORONTO – A driver sitting behind the wheel of a new vehicle could be scrolling through their Spotify app looking for the right album when they get an incoming call or text, only to have a warning bell go off about the outside temperature while their steering wheel vibrates because they’re drifting closer to the […]
By Jason Contant | January 17, 2022
Insurtech Blink Parametric has partnered with Canadian managing general agent (MGA) AwayCare for real-time flight disruption coverage for Canadian travellers worldwide. Blink announced the partnership with travel insurance provider AwayCare, which has offices in Ontario, Alberta, and British Columbia. The coverage will be underwritten by Northbridge Financial Corporation, a Fairfax company, Ireland-based Blink said in […]
By Jason Contant | January 14, 2022
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