Industry
Low oil prices continue to present a major challenge for the Canadian economy, but they could be viewed as a “positive shock” for some jurisdictions and the economy of the United States, a speaker suggested on Monday at KPMG’s annual Financial Reporting Update in Toronto. In his Ontario regional outlook, guest speaker Paul Ferley, assistant […]
By Jason Contant | October 24, 2016
4 min read
Fairness is still lacking in Ontario’s auto insurance system and a balance needs to be struck between both lower premiums and the right level of benefits, Don Forgeron, president and chief executive officer of Insurance Bureau of Canada (IBC), said during last week’s 96th annual convention of the Insurance Brokers Association of Ontario. “When it […]
By Canadian Underwriter | October 24, 2016
Customers in their 20s and 30s are “not that informed” of their property insurance needs, suggested Duane Sanders, president and chief executive officer of Travelers Canada, at the Insurance Brokers Association of Ontario annual convention Thursday. Sanders was one of five Canadian insurer CEOs at this year’s CEO Panel, held annually at the IBAO convention. […]
By Jason Contant | October 22, 2016
3 min read
Toronto-based Kingsway Financial Services Inc. has reported a net income attributable to common shareholders of US$1.4 million in the third quarter of 2016 ending Sept. 30, compared to a net loss attributable to common shareholders of US$0.9 million in the third quarter of 2015. “We were pleased to report a solid and profitable quarter, highlighted […]
By Canadian Underwriter | October 21, 2016
2 min read
TORONTO – Auto insurance rates are rising in Ontario, moving the Liberal government even further away from a self-imposed target of an average 15-per-cent reduction. The Liberals promised in 2013 to cut auto insurance premiums an average of 15 per cent by August 2015, but after that deadline came and went, Premier Kathleen Wynne later […]
By The Canadian Press | October 19, 2016
1 min read
The Bank of Canada announced on Wednesday that it is maintaining its interest rate target at 0.5%, while downgrading its growth outlook for the country. The central bank expects Canada’s real gross domestic product (GDP) to grow by 1.1% in 2016 and about 2% in both 2017 and 2018. “This projection implies that the economy […]
By Canadian Underwriter | October 19, 2016
Pet health insurance insurance company Petsecure announced on Monday that it is partnering with the Toronto Humane Society to offer a new pet health insurance product for consumers in the Greater Toronto Area. “Supporters of the Toronto Humane Society” are now able to purchase Toronto Humane Society Pet Health Insurance online at www.thspetinsurance.ca and by phone […]
By Canadian Underwriter | October 17, 2016
REGINA – Heavy rain and snow have delayed harvest in Saskatchewan, but Agriculture Minister Lyle Stewart is sounding optimistic that farmers will be able to get the crop off the field. Saskatchewan Agriculture says many areas reported at least 25 millimetres of rain before 10 to 15 centimetres of snow started falling in a weather […]
By The Canadian Press | October 13, 2016
Pool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool Re led initiative, which began at last year’s inaugural Congress for National Terrorism (Re)Insurance Pools, […]
By Canadian Underwriter | October 11, 2016
The property and casualty insurance industry in Canada reported an aggregated combined ratio of 96% in 2015, a three-point improvement from 99% in the previous year, driven by fewer severe weather and catastrophe events, the Office of the Superintendent of Financial Institutions (OSFI) reported on Friday. The Canadian P&C industry (excluding mortgage insurance) reported $5.1 […]
By Canadian Underwriter | October 7, 2016
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