Industry
Buyers are paying up to double-digit multiples for Canadian commercial lines property and casualty brokerages, while pricing for smaller retail brokerages has softened, a P&C industry consulting firm has observed. “Some of the prices being paid for larger commercial brokerages have been surprising,” British Columbia-based Smythe Advisory said in its 2021 Property & Casualty Insurance […]
By Jason Contant | July 16, 2021
3 min read
A wildfire in Lytton, B.C., during historically high temperatures points to a serious need to prevent similar occurrences, says the chairwoman of the Transportation Safety Board, which is investigating the possibility that a freight train could have been linked to the disaster. Kathy Fox said an update on the investigation will be provided in the […]
By Jason Contant | July 15, 2021
4 min read
Webinars are here to stay, says a brokerage executive. Many organizations turned to webinars following the onset of the global COVID-19 pandemic in March 2020. It was a way to connect, share information, and maintain a foothold in providing expert opinion and research. But after the pandemic passes, once lockdown restrictions ease and in-person events […]
By Adam Malik | July 14, 2021
2 min read
Canada’s existing auto insurance structure is well-positioned to resolve claims and provide fair and timely compensation to accident victims when autonomous vehicles (AVs) are involved in a crash, a Travelers Canada executive said Monday. “The current auto insurance framework is the preferred structure, versus consumers having to recover from their vehicle manufacturer, which could be […]
By Jason Contant | July 14, 2021
Provincial fire crews in Saskatchewan are now fighting more than 100 wildfires in the province. The Saskatchewan Public Safety Agency says hot, dry weather forecast for the rest of the week, along with scattered storms producing lightning, is going to keep driving that number up. The agency says fire crews are now “fully engaged” in […]
By The Canadian Press | July 14, 2021
1 min read
Following record heat and a wildfire that burned down about 90% of the village of Lytton, B.C., Canada’s transportation regulator has ordered fire monitoring, suppression, and risk reduction measures for railways to protect against wildfire “in the context of extreme weather conditions.” Hundreds of wildfires have been raging in British Columbia for weeks. This includes […]
By Jason Contant | July 13, 2021
Older green energy equipment is not equipped with the latest technology to protect it from increasingly severe weather events, meaning more claims activity for insurers, according to an expert in the area. Insurers have been seeing the effects of climate change on the property side of their books for some time, but now they are […]
By Adam Malik | July 13, 2021
Nova Scotia motorists who consent to a “soft” credit check from Economical Insurance will soon be eligible to get a discount on their auto premium, the province’s regulator announced Monday. The Nova Scotia Utility and Review Board (NSURB) has already allowed some carriers — including RSA, Aviva, and The Co-operators — to start using credit […]
By Greg Meckbach | July 13, 2021
THUNDER BAY, Ont. – An organization representing 49 First Nations in northern Ontario is urging the province to declare a state of emergency over wildfires that it says are threatening several remote communities. The Nishnawbe Aski Nation says the declaration is needed to trigger an immediate response to the situation, including aircraft and watercraft for […]
By The Canadian Press | July 13, 2021
The recent case of Surespan Structures Ltd. v. Lloyds Underwriters presents a cautionary tale for underwriters. Underwriters will want to consider the principles expressed in this case. Among them, if limits to coverage are intended, then clear limits should be expressed with respect to each grant of coverage. As in statutory interpretation, there is a […]
By David Gambrill | July 12, 2021
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