Industry
Ride sharing firm Uber Canada chose Economical as its insurance provider because Uber would not agree to Intact’s pricing, a senior Intact executive said Tuesday. “We had a very good relationship, we just couldn’t agree on the price,” Intact CFO Louis Marcotte said during a virtual fireside chat with Barclays analyst John Aiken. Waterloo, Ont.-based […]
By Greg Meckbach | September 16, 2020
3 min read
VICTORIA – The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums that have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will be required to give 30 days’ notice to condo or “strata” corporations if they intend […]
By The Canadian Press | September 16, 2020
2 min read
The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous underwriting process. In several lines, carriers have indicated they will be reducing or tightening capacity, […]
By Jason Contant | September 15, 2020
Among a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is the most concerning challenge we’re facing today,” said Kevin Neiles, chief marketing officer and Western […]
By Adam Malik | September 15, 2020
OTTAWA – A trio of federal cabinet ministers is warning COVID-19 researchers to take additional precautions to protect their efforts from thieves and vandals. The statement Monday says the federal government is concerned about “hostile actors” targeting pandemic-related research in this country and urges government scientists, academics and private-sector workers to double- and triple-check their […]
By The Canadian Press | September 15, 2020
Fresh from closing four acquisitions in western Canada, large brokerage Westland Insurance Group plans to continue exploring opportunities in the west, as well as consider deals that would move the brokerage in a more easterly direction. Westland announced on Sept. 2 the closing of four acquisitions (effective Aug. 31) in Alberta, British Columbia and, for […]
By Jason Contant | September 14, 2020
Sometimes it’s not just about the size of the pandemic auto insurance discount, but the fact that it was a discount and not a rate hike that makes all the difference to a consumer. For example, a 25% auto insurance rate hike in New Brunswick was postponed from June 1 to Sept. 1, The Insurance […]
By Greg Meckbach | September 14, 2020
NEW WESTMINSTER, B.C. – A waterfront park along the Fraser River in New Westminster, B.C., has been extensively damaged by a major fire. New Westminster Mayor Jonathan Cote called the situation at Pier Park “devastating” in a social media message posted late Sunday night. The park was built in 2009 and includes a lengthy boardwalk […]
By The Canadian Press | September 14, 2020
1 min read
While a rating agency complimented the property and casualty insurance space for pivoting its work environment from the office to employee homes, a new workplace survey has found that Canadian employees are looking for greater flexibility in choosing where they work going forward. As people return to the workplace, it seems the office life that […]
By Adam Malik | September 11, 2020
Demand for Canadian property and casualty insurance brokerages remains strong during the COVID-19 pandemic, but potential brokerage purchasers are becoming more targeted in their approach, a P&C transaction advisor observed. “For most potential transactions, the list of potential purchasers has narrowed,” Mike Berris, a partner at British Columbia-based Smythe Advisory, wrote in a blog on […]
By Jason Contant | September 11, 2020
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