Industry
Canada’s federal solvency regulator is expecting high-quality submissions from property and casualty insurers for the last comprehensive “public quiz” before the IFRS 17 insurance accounting standard goes live on Jan. 1, 2023. Tara-Lea Herkert, director of the capital division of the Office of the Superintendent of Financial Institutions (OSFI), said the regulator wants a better […]
By Jason Contant | May 4, 2021
3 min read
TORONTO – Canadian auto sales in April were up 254 per cent compared with the same month last year, when sales plunged due to lockdowns in the early stages of the COVID-19 pandemic. According to estimates compiled by DesRosiers Automotive Consultants, Canadian auto sales totalled 162,455 units last month, up from just 45,833 units in […]
By The Canadian Press | May 4, 2021
1 min read
Although American inventor and Founding Father Benjamin Franklin was not referring to insurance when he penned the famous words “time is money,” today’s risk managers should take the expression to heart if they wish to reduce their companies’ claims costs. The more time it takes to resolve a claim, the more expensive the claim will […]
By Adam Malik | May 3, 2021
Ontario’s Licence Appeal Tribunal (LAT) has ordered a cost award of $8,598.95 against Security National Insurance Company for failing to confirm receipt of an auto accident victim’s disability certificate and then not replying to her follow-up correspondence for more than a year. “The [auto insurance] applicant is a vulnerable individual because she was injured in […]
By David Gambrill | May 3, 2021
4 min read
The parent company of Northbridge Insurance took a stand against cutting staff due to the pandemic. “One of the things we did last year is we said [to the president of each Fairfax-owned insurer], ‘You cannot use COVID-19 as a reason to reduce staff, to fire people.’ These are our loyal employees. They have been […]
By Greg Meckbach | May 3, 2021
2 min read
Growing your sales team involves a variety of tactics — including protecting your strengths (strong salespeople and existing customers) — and avoiding the “first-year turnover problem,” says a new blog from Harvard Business Review. Organizations need to be purposeful about what more salespeople will do for them, as well as what kinds of results to […]
By Jason Contant | May 3, 2021
MONTREAL – The COVID-19 pandemic, a dockworkers strike and a rail blockage hit the Port of Montreal, which saw its cargo volumes fall in 2020 for the first time in seven years. The port says its volumes fell 14 per cent to 35.1 million tonnes last year. As a result, its net profit was cut […]
By The Canadian Press | May 3, 2021
Ontario NDP MPP Guy Bourgouin (Mushkegowuk-James Bay) has officially introduced a motion calling on the provincial government to tackle rising insurance costs faced by owner-operators. “Today is a victory for all the truckers in northern Ontario and across the province who are facing crippling costs in their industry. The passing of this motion in the […]
By Adam Malik | April 30, 2021
Ignoring the successes, failures and lessons learned by other industries and not applying them within the world of property and casualty insurance is a big mistake some in the industry may be making, according to a panel of experts during a recent webinar. P&C pros need to see what strategies other industries are implementing and […]
CALGARY – The Canada Energy Regulator says it has decided to grant a request by the operator of the Trans Mountain pipeline to protect the identity of its insurers in its regulatory filings. In a ruling, the federal regulator says it accepts Trans Mountain’s argument that identifying its insurers could be expected to make it […]
By The Canadian Press | April 30, 2021
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