Topic
Legislation / Regulation
Editorial | Public order laws and auto insurance don’t mix
January 29, 2024 by David GambrillAnyone seeking clarity on how the federal government’s Emergencies Act was supposed to apply to auto insurance cancellations won’t find it in the Federal Court of Canada’s latest ruling. The Federal Court of Canada last Tuesday found the federal government’s…
How cyber pricing is trending for large Canadian companies
January 25, 2024 by Jason ContantLarge corporate cyber clients in Canada saw pricing decreases last year and one cyber underwriter expects the market for those risks will flatten out in 2024. “In 2023, we did see some fairly significant softening in the market; prices were…
How to reconcile financial results pre- and post-IFRS 17
January 24, 2024 by Jason ContantInsurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.…
Decade after fatal fire, some Quebec seniors’ residences unable to install sprinklers
January 22, 2024 Pierre Saint-Arnaud – The Canadian PressMONTREAL – Ten years after 32 people died in a fire that ripped through a residential complex for seniors in rural Quebec, around a quarter of all private seniors’ residences in the province are still struggling to comply with a…
Does Canada need a pandemic backstop, too?
January 19, 2024 by David GambrillCanada’s P&C insurance industry “dodged a bullet” when the courts didn’t automatically read pandemic coverage into business interruption losses, an insurance executive said at the Insurance Institute of Canada’s Industry Trends & Predictions 2024 webinar yesterday. Phil Cook, chairman of…
Why a court upheld a $175K personal injury award against Ontario Place
January 18, 2024 by David GambrillOntario’s Court of Appeal has upheld a $175,000 damage award against Ontario Place in Toronto, finding that Ontario Place had blocked people’s access to the main exit and failed to erect barriers that would have prevented people from leaving the…
Quantum computing: How could it be regulated?
January 16, 2024 by Jason ContantCanadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and…
Temporary pink slips that went uncovered: What the court said
January 10, 2024 by David GambrillAlberta’s Court of the King’s Bench has ordered the Insurance Council of Alberta’s appeal panel to re-consider a matter involving allegations that a broker issued temporary auto insurance pink slips for which there was no insurance coverage. Retired broker Anthony…
Regulator seeks industry feedback on AI, quantum computing
January 5, 2024 by Jason ContantCanada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer…
Car dealership fined for not sending premiums for warranties to insurer
January 2, 2024 by David GambrillAn Alberta car dealership selling equipment warranties but not submitting the premiums to the insurer has been fined $85,000 by the province’s insurance regulator. Alberta Insurance Council [AIC] noted in its November 2023 decision that Penhold Car Farmers sold 17…
The down low on D&O risk in 2024
December 18, 2023 by Alyssa DiSabatinoClients will benefit from competitive market pricing for directors and officers (D&O) insurance in 2024, but can expect underwriting discipline to return, says Allianz Commercial’s D&O insurance report. Of particular concern is inadequate responses by company directors and officers to…
What the short-term rental crackdown means for home insurance
December 15, 2023 by David GambrillWith the federal government cracking down on short-term rentals, property and casualty insurance providers are urging clients who rent their properties short-term to contact them to verify whether or not they are covered for property damage or liability for third-party…