Industry
The combination of an unfriendly environment and “misguided provincial government policies” have contributed to the Insurance Corporation of British Columbia’s (ICBC) dismal financial performance, the Fraser Institute said in a new report. The report, titled The Decline and Fall of ICBC and released on April 5, said that the unfavourable environment arises from a higher […]
By Jason Contant | April 16, 2018
3 min read
TORONTO – Auto insurance rates in Ontario increased in the first quarter of 2018, putting the Liberal government further away from its promise to cut rates by 15 per cent. The numbers released Friday by the Financial Services Commission of Ontario show an average increase of just over two per cent compared to the end […]
By The Canadian Press | April 16, 2018
1 min read
Aviva Canada is embedding earthquake coverage in all of its homeowner and tenant insurance policies in British Columbia, coverage that is typically offered as an endorsement. The insurer is also conducting a needs analysis to determine if it will introduce the new coverage in Quebec, where the penetration of earthquake insurance is estimated to be only […]
By Jason Contant | April 13, 2018
OTTAWA – Sexual harassment is far more prevalent in Canadian workplaces than company executives would like to believe, a new report says. Indeed, the report from the Human Resources Professionals Association says recent revelations of harassment in the political, media, entertainment and business sectors have exposed the “dark reality” that sexual harassment in the workplace […]
By The Canadian Press | April 12, 2018
2 min read
A “very busy” Manitoba broker working alone with no support staff has been fined $500 by the provincial broker regulator for failing to remit an insured’s crop hail insurance premium to an insurer until four months after the due date. The General Insurance Council of Manitoba stated in its decision that it “never considered that […]
By David Gambrill | April 7, 2018
If you are going to cry at work, make sure it’s not in front of a Boomer. Forty-seven per cent of Canadian workers 55 and older think workplace crying has a negative effect on your professional reputation, according to a recent survey by staffing firm Accountemps. Gen X-ers will be somewhat more forgiving of workplace […]
By Jason Contant | April 5, 2018
Canada’s mutual insurers are concerned about new provisions in Bill C-74, tabled last week in the House of Commons, that could indirectly allow banks to share their information with insurance companies, currently disallowed under the Bank Act. Bill C-74 authorizes banks to share data with unregulated entities such as fintechs. In addition, it authorizes banks […]
By David Gambrill | April 5, 2018
IFRS 17, Insurance Contracts was published in May 2017 and is the most significant change to financial reporting for insurance companies in Canada in decades, not only in the measurement of insurance assets and liabilities, but in how insurance contracts are presented in financial statements. The new standard becomes effective on January 1, 2021. However, […]
By BDO | April 4, 2018
Ontario auto insurers face “a wide range of outcomes” with an election scheduled this June, says the head of Canada’s largest property and casualty insurer. The worst case scenario would see a political climate ill-suited to writing auto insurance in the province. Charles Brindamour, CEO of Intact Financial Corp., responded to a question from a securities […]
By Greg Meckbach | April 2, 2018
Fair wages for women is becoming a “bigger issue” in the insurance industry, says Colin Simpson, CEO of the Insurance Brokers Association of Ontario. “There is proven disparity in the marketplace” between men’s and women’s salaries, Simpson told Canadian Underwriter Thursday. This is in spite of the fact that Ontario passed its Pay Equity Act […]
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