Industry
The pace of the hardening market in commercial lines has come as a surprise to some executives at Canada’s largest property and casualty insurer. “We have seen a shift in commercial lines that is pretty abrupt in the past six months,” Charles Brindamour, CEO of Intact Financial Corp., said during a recent conference call with stock […]
By Greg Meckbach | February 13, 2019
2 min read
The Canadian auto insurance industry needs to improve its profitability by about 10 percentage points, executives with Canada’s largest property and casualty insurer suggest. Canada-wide and industry wide, personal lines auto has a loss ratio of about 75%, said Darren Godfrey, senior vice president of personal lines at Intact Financial Corp. So, with an industry-wide […]
By Greg Meckbach | February 12, 2019
3 min read
VICTORIA – The British Columbia government is clamping down on the use of experts to cut costs and reduce delays in settling claims in motor vehicle accidents. Attorney General David Eby says the changes to B.C. Supreme Court civil rules are intended to stop the disproportionate use of experts and their reports in court cases […]
By The Canadian Press | February 11, 2019
1 min read
Eight Lloyds syndicates have closed and some clients insured by the London market are seeing premiums increase four-fold, the head of a major Bermuda insurer suggests. “After some firm action by Lloyd’s in (2018), we saw the closure of eight syndicates and over 70 different announcements of exit or significant reductions in various lines from […]
By Greg Meckbach | February 8, 2019
Economical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization) is that they cannot be sold for 180 days after the company ceases to be […]
By Greg Meckbach | February 5, 2019
Marilyn Horrick, a former executive with The Guarantee Company of North America, is now executive vice president and chief operating officer of MSA Research Inc. The appointment took effect Friday. Toronto-based MSA’s reports include financial information on most of Canada’s property and casualty insurers. In addition to joining MSA, Horrick is also chief operating officer […]
By Greg Meckbach | February 1, 2019
Canada is making good progress on a national flood program, pending a final decision by federal, provincial and territorial (FPT) ministers responsible for emergency management. “What they are looking at is one national insurance solution to improve outcomes for high-risk Canadians across the country,” Craig Stewart, vice president of federal affairs at Insurance Bureau of […]
By Jason Contant | January 29, 2019
Looking to create a flexible workplace culture? Toss out the rule book and don’t formalize the process, recommends PwC. “A policy guide or a formal program can work against you,” wrote Anne Donovan, the U.S. people experience leader at PwC, in a blog posted on Harvard Business Review Monday. “It seems counter-intuitive, but having rules […]
By Jason Contant | January 28, 2019
Ontario auto insurance rates increased by an average of 3.35% in the fourth quarter of 2018, with several companies receiving approval for double-digit rate increases, the province’s regulator reported. Overall, 23 insurers representing approximately 51% of the market based on premium volume had rates approved in 2018 Q4. Hartford Fire Insurance Company was approved for […]
By David Gambrill | January 24, 2019
MONTREAL – Quebec’s cannabis agency generated about $40 million of sales in its first three months of operation, but supply shortages are forcing the public retailer to reduce its expansion plans. The province expects to have 40 points of sale in March 2020, 20 per cent less than the 50 outlined in the original expansion […]
By Jason Contant | January 24, 2019
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