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Markets / Coverages
Quebec to offer ‘X’ gender option for health cards, driver’s licences
March 5, 2024 Morgan Lowrie – The Canadian PressQuebecers who do not identify as male or female will soon be able to opt for an ‘X’ gender marker on their health cards and driver’s licences. Both Quebec’s automobile insurance board and its public health insurance board confirmed Monday…
What the P&C industry should tell clients about preventing auto theft
March 5, 2024 by Alyssa DiSabatinoWhile the federal government is chipping away at a plan to combat auto theft nationwide, P&C professionals can advise their clients now to help them protect their vehicles, experts said during a Canadian Underwriter webinar last week. “We call it…
Why clients are missing insurance payments — and risk policy cancellation
March 4, 2024 by Jason ContantOne Ontario brokerage has seen an increase in the number of clients missing insurance payments as well as cancellation notifications from insurers for non-payment. For Mitch Insurance, the number of clients missing insurance payments has increased 104% since 2019. While…
Vehicle warranties: Auto insurers don’t owe premium tax on dealer’s fees
February 29, 2024 by David GambrillAn insurer doesn’t owe provincial premium tax on auto dealer’s fees charged for vehicle equipment warranties, the Supreme Court of B.C. has ruled. Vehicle equipment warranties are commonly sold at auto dealerships. Customers pay for vehicle warranty policies as part…
Navacord’s first deal of the year
February 29, 2024 by Jason ContantCommercial insurance brokerage Navacord Corp. has completed its first transaction of the year with a partnership with Winnipeg-based Avant Insurance. Announced Wednesday, the deal with the personal and commercial lines brokerage was effective Feb. 1. Navacord said in a press…
No evidence that RCMP data was extracted during recent cyberattack: commissioner
February 28, 2024 The Canadian PressOTTAWA – The head of the RCMP said Tuesday there was no evidence to date that personal or operational information had been pilfered from the national police force’s systems during a recent cyberattack. “Based on information that we’ve gone through,…
Why this Uber driver was not injured in an auto accident
February 26, 2024 by David GambrillAn Uber driver who slipped on ice when helping a passenger load the trunk was not involved in an auto ‘accident,’ the Ontario Licence Appeal Tribunal has ruled. The ruling is consistent with a trend in Ontario case law over…
As planet warms, ferocious snowfalls like the one that hit Nova Scotia could increase
February 26, 2024 Hina Alam, The Canadian PressATLANTIC CANADA – Forecasters say a warming global climate could actually cause some parts of Canada to see colder conditions, including heavy snowfalls like the one that hit parts of the Maritimes this week. There’s a direct relationship between the…
Intact CEO’s take on fear of auto rate cap contagion
February 23, 2024 by David GambrillIntact CEO Charles Brindamour does not anticipate Alberta’s auto rate cap will bleed over into Ontario’s private auto insurance sector. “There’s always a risk,” Brindamour told Mario Mendonca, managing director of equity research at TD Cowen, during a fireside chat…
How Intact plans to approach auto pricing in 2024
February 21, 2024 by David GambrillIntact delivered a combined ratio of 94.7% in its auto insurance business in 2023, and the company expects to post a similar auto result in 2024 as well, Intact Financial Corporation CEO Charles Brindamour said today in a virtual fireside…
PE-driven M&A is slowing, despite record deals in 2023
February 20, 2024 by Alyssa DiSabatinoDespite some consolidators slowing their pace — namely, private equity firms — Canadian insurance brokerage M&A reached a record level of deals in 2023. There were 108 publicly announced deals last year, Smythe LLP, a P&C insurance advisory and consulting…
‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9% in January
February 20, 2024 Nojoud Al Mallees – The Canadian PressOTTAWA – Canada’s inflation rate fell more than expected last month as price growth moderated across the economy, including outright price declines for gasoline, airfares and clothing. Statistics Canada reported Tuesday the annual inflation rate tumbled to 2.9 per cent…