Industry
TORONTO – Canada’s two largest pipeline companies say they have taken a proactive approach to avoid the type of cyberattack that has disrupted gasoline supplies in the U.S. Southeast and contributed to higher retail gasoline prices across North America. Hackers were able to seize control of computer systems for the Colonial Pipeline, locking access, and […]
By Jason Contant | May 13, 2021
3 min read
Vehicle manufacturers are likely going to be on the hook for damages following autonomous car crashes in which no human being is controlling the vehicle, a cyber insurance specialist says. “Certainly, one of the more dramatic ways of thinking about that is: What if a car is attacked in a way that allows the criminal […]
By Adam Malik | May 13, 2021
A major catastrophe event resulting in insurance claims exceeding $35 billion would likely overwhelm the capacity of Canada’s insurance industry, according to a recent report by the Property and Casualty Insurance Compensation Corporation (PACICC), How Big is Too Big? At that point, multiple insurers would be distressed and could fail, including both smaller regional insurers […]
By David Gambrill | May 13, 2021
4 min read
FORT SIMPSON, N.W.T. – A mayor in the Northwest Territories was watching for movement in slabs of ice and snow sitting on top of one of two rivers threatening his community on Tuesday. About 700 of Fort Simpson’s 1,200 residents were forced from their homes after water levels rose dangerously on the weekend. “On Fort […]
By The Canadian Press | May 12, 2021
Arthur J. Gallagher & Co. has announced an agreement to acquire certain Willis Towers Watson reinsurance, specialty and retail brokerage operations as part of a proposed “regulatory remedy” for the pending Aon and Willis Towers Watson deal. Under the agreement, Gallagher would acquire the combined operations for gross consideration of $3.57 billion, the brokerage announced […]
By Jason Contant | May 12, 2021
A decade of sliding down a slippery financial slope has prompted insurers to run for the exits in the municipal insurance line of business. A number of companies have exited the market, with more possibly to follow, leaving brokers with fewer options for clients, says a brokerage executive. Over the last decade, rising premiums on […]
By Adam Malik | May 11, 2021
May 2021 came in with a bang for Canadian brokerages involved in mergers and acquisitions activity, particularly in western Canada and Ontario. Over the course of a week, at least seven acquisitions were announced in the Canadian P&C brokerage space. The announcements included three acquisitions by Westland Insurance Group, and one each from Navacord, InsureLine, […]
By Jason Contant | May 11, 2021
REGINA – Saskatchewan’s Crown-owned insurer says it will start mailing rebates on vehicle insurance this week. Saskatchewan Government Insurance says 709,000 cheques are to be sent out. The rebates apply to all vehicles, motorcycles, trailers and snowmobiles for which insurance premiums were paid between Jan. 1, 2018, and Dec. 31, 2020. SGI has said it […]
By The Canadian Press | May 11, 2021
1 min read
To compete in a digital world, the insurance industry needs to hire data scientists and computer programmers, Virtual Symposium B.C. attendees heard last week. “Every insurance organization is going to look at new roles that they never had before,” said Jeff McCann, founder and CEO of Apollo Insurance Solutions Ltd. For brokerages, some of those […]
By Greg Meckbach | May 10, 2021
2 min read
Canadian insurers may introduce new communicable disease exclusions to harmonize policy language with their revised reinsurance policies, Insurance Bureau of Canada (IBC) said recently. International reinsurance markets introduced a new communicable diseases exclusion in many countries over the past few months, said Vanessa Barrasa, IBC’s manager of media relations. In Canada, it was largely introduced […]
By Jason Contant | May 10, 2021
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