Industry
Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of the scope, scale and mandate of the fund as the priority issue for 2022, PACICC […]
By Jason Contant | September 28, 2021
3 min read
Martin Thompson, until recently CEO of RSA Canada, will be stepping in as interim Group CEO of Brit Ltd., which is owned by Toronto-based Fairfax Financial Holdings Limited. Brit, which covers complex risks, said in a press release Tuesday that Group CEO Matthew Wilson will be taking an indefinite leave of absence due to health […]
2 min read
WHEATLEY, Ont. – A town in southwestern Ontario rocked by a massive explosion last month will be receiving up to $2 million from the provincial government to help with recovery efforts. The province says the funds will help businesses affected by the blast in Wheatley, Ont., resume operations. It also says money will be used […]
By The Canadian Press | September 28, 2021
Two storms this summer across Saskatchewan and Alberta caused a total of $120 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Severe storms beginning Aug. 31 brought flash flooding and large hail that caused $64 million in insured damage, the Insurance Bureau of Canada (IBC) said in a […]
By Jason Contant | September 27, 2021
The race to achieve scale, connect digitally with customers and realize synergies are driving continued strong M&A activity in P&C insurance, a recent PricewaterhouseCoopers (PwC) Canada report suggests. Valuations remain at “historic highs” for insurance brokers and MGAs, bringing new vendors to market. Meanwhile, strategic carriers and aggregators continue to consolidate, according to PwC Canada’s […]
By Melissa Shin | September 27, 2021
TORONTO – Ontario is investing $100 million in the province’s tourism sector to help it recover from the impact of COVID-19. Tourism Minister Lisa MacLeod says the money will be distributed through the new Tourism Recovery Program. McLeod says the program will help for-profit tourism businesses in the attraction, accommodation, and leisure travel sectors. She […]
By The Canadian Press | September 27, 2021
1 min read
Red cars are more expensive to insure, right? Wrong. Yet, according to a 2019 Ratehub survey, roughly 22% of respondents thought car colour had an impact on insurance rates. Several insurer and brokerage websites have blog posts titled What New Drivers Should Know About Purchasing a New Car and Auto Insurance (Allstate Canada) or Is […]
By Melissa Shin | September 24, 2021
An increase in extreme weather events may threaten the availability of property insurance in Canada, warns DBRS Morningstar in a new report. The rating agency said that Canadian property and casualty (P&C) insurers have, so far, proven resilient in the face of rising weather-related losses. “However, as climate risk increases and severe weather events become […]
By Jason Contant | September 24, 2021
Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market, which began even before the COVID-19 pandemic, has resulted in increased rates and some insurers […]
4 min read
HALIFAX – An independent investigation has found the 2019 sinking of a small workboat near Halifax that claimed one life was caused by hull modifications that compromised the vessel’s stability. The Transportation Safety Board of Canada, in a report released today, says three people were aboard the 12-metre Captain Jim when it started taking on […]
By The Canadian Press | September 24, 2021
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