Industry
Electronic auto theft, high-end vehicles stolen for shipment overseas, and street racing are three emerging trends coming out of Insurance Bureau of Canada’s (IBC) list of Top 10 stolen vehicles in 2020. Electronic auto theft is on the rise across the country, as more vehicles are equipped with technology like keyless entry remotes, according to […]
By Jason Contant | December 8, 2020
3 min read
FORT MCMURRAY, Alta. – More than seven months ago, Cora Dion and her husband fled Fort McMurray for the second time in four years as a spring flood threatened their home in northern Alberta. They returned to a soggy mess in the basement, a dispute with their insurance company and the near-foreclosure of their home […]
By The Canadian Press | December 8, 2020
4 min read
When it comes to regulating “Best Terms Pricing” in Canada, Canadians, politicians and insurance regulators be forewarned: Be careful what you wish for. Banning the practice in a hard commercial lines market could wind up making things worse for consumers, not better. This point was made generally in a recent email to Canadian Underwriter from […]
By David Gambrill | December 7, 2020
5 min read
Getting consistent, high-quality scientific data into the hands of decision makers can protect people from the fallout of bad choices leading up to a catastrophe, such as what’s happened in Fort McMurray, Alta., a catastrophic data expert says. But it will take a coordinated effort to determine the right — and most effective — data […]
By Adam Malik | December 4, 2020
One of Canada’s largest institutional investors has joined forces with Cinven, an international private equity firm, to acquire Compre, a specialist global consolidator of closed books of non-life insurance policies. Victoria-based British Columbia Investment Management Corporation (BCI) and Cinven announced Nov. 30 the deal to acquire Compre from CBPE Capital LLP. Financial details of the […]
By Jason Contant | December 4, 2020
2 min read
The industry continues to consolidate and pension funds are one major source of capital for insurers, a Montreal-based merger and acquisition expert observes. “One or two notable [carrier M&A] transactions per year has slowly transformed the Canadian landscape, including the recently-announced acquisition of RSA by Intact and Tryg,” said Georges Pigeon, Montreal-based partner for deal […]
By Greg Meckbach | December 4, 2020
TORONTO – A new study estimates more than half of executives responsible for cybersecurity expect to grow their budgets in response to new challenges raised by the COVID pandemic. Consulting firm PwC Canada says a poll of 3,000 executives around the world, found 55 per cent expected to budget more for security, with Canadian responses […]
By The Canadian Press | December 4, 2020
1 min read
Being able to collect better data regarding sales and customer behaviour are obvious reasons to upgrade the data system at your brokerage, but there are other benefits, Vancouver-based P&C insurance consulting firm Smythe Advisory said in a blog published Tuesday. Assuming your brokerage has made the commitment to upgrade your data system with the view […]
By Jason Contant | December 3, 2020
Canada’s solvency regulator has come out with a softer version of its proposed rule regarding the property and casualty insurance industry’s issuance of high-limit policies. The new version is in response to the industry’s previous concerns about the massive $21-billion to $30-billion price tag associated with the original version of the proposed rule. The Office […]
By David Gambrill | December 3, 2020
REGINA – The Saskatchewan government is reviving an emergency grant program for small businesses that have been hit by restrictions aimed at stemming the spread of COVID-19. The province will begin accepting applications for its small business emergency payment program next week until the end of January. Businesses with fewer than 500 employees can apply […]
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