Industry
Non-standard auto insurer Echelon Insurance is a step closer to being acquired by The CAA Club Group of Companies. Shareholders of Echelon Financial Holdings Inc. voted Wednesday in favour of the $175 million deal, Echelon said in a release. In addition to non-standard auto, Echelon’s other offerings include coverage for motorcycles, antique and classic vehicles […]
By Greg Meckbach | January 23, 2019
1 min read
TORONTO – More than half of Ontario’s eligible municipalities have opted in as willing hosts to cannabis stores as the first locations are set to open in a little over two months. Municipalities have until 11:59 p.m. Tuesday to tell the Alcohol and Gaming Commission of Ontario if they are opting out of hosting the […]
By Jason Contant | January 22, 2019
3 min read
Unlike Economical Insurance, Canada’s largest mutual insurer plans to stay that way. “Everybody says, ‘Because of what Economical is doing, are you going to demutualize?’ No,” Carol Jardine, president of the Canadian property and casualty operations of Wawanesa Mutual Insurance Company, said Thursday during a luncheon hosted by the Insurance Brokers of Toronto Region (IBTR). […]
By Greg Meckbach | January 18, 2019
2 min read
The Canadian insurance industry is not at the beginning of a hard market, says Phil Cook, a P&C industry consultant and CEO of Omega Insurance Holdings. “There are some commentators out there that will say we are at the beginning of a hard market; it’s going to turn now,” said Cook, speaking Wednesday at the […]
By Jason Contant | January 16, 2019
Nearly two years after David Marshall released his report on Ontario auto insurance reform, there is still no indication on where the government plans to go with it. “We haven’t had a concrete yes or no that they are going to implement any or part of the Marshall report,” Jeff Gatcke, president of the Insurance […]
By Greg Meckbach | January 15, 2019
Evidence of a hard market in personal lines in Canada was apparent in Applied Systems’ latest quarterly Applied Rating Index, released Tuesday. The Q4 2018 index found that average premiums for personal auto and personal property lines increased by more than five per cent in all provinces in comparison to the fourth quarter of 2017. […]
By Jason Contant | January 10, 2019
OTTAWA – The Bank of Canada left its trend-setting interest rate unchanged at 1.75 per cent Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects the economy to expand with renewed vigour. More rate hikes, it stressed, will be necessary […]
By Greg Meckbach | January 9, 2019
With signs of a hard insurance market in Canada, it appears that a lot of insurers are still reticent about entering the cannabis space. “When an insurance cycle goes a little bit harder, when insurers are trying to put their houses in order, it makes underwriters cautious even about the books they know, never mind […]
By Jason Contant | January 8, 2019
Homeowners in Quebec now have storm surge coverage available, while homeowners in Manitoba are covered for overland flood damage, The Co-operators said Monday. Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk, especially in coastal regions where extreme weather patterns have intensified with the changing climate. “We […]
By Jason Contant | January 7, 2019
British Columbia’s public auto insurer is challenging the view that opening up the market to competition will create efficiencies and better accident benefits. The Insurance Corporation of British Columbia (ICBC) was responding to comments from the Canadian Federation of Independent Business (CFIB) saying “it’s clear that the solution to the challenges in B.C.’s auto insurance […]
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