Floods, storms and droughts could result in a total loss of CAD$139 billion to Canada’s gross domestic product (GDP) between now and 2050, new research found. Total direct losses from 2022 to 2050 are expected to reach $88 billion in…
OTTAWA – The Canadian economy hit reverse in August, its first monthly pullback since October last year. “The amazing run of amazing Canadian economic data is officially over, with growth coming back to reality in a hurry,” Bank of Montreal…
OTTAWA – The Bank of Canada left its benchmark interest rate unchanged Wednesday following two straight hikes, but suggested future increases are still likely, albeit at a more-gradual pace. In its scheduled announcement, the central bank said it held off…
OTTAWA – Economic growth in the country blew past expectations in May, powered by the energy sector, raising expectations that the Bank of Canada will raise interest rates again this fall. Statistics Canada said Friday that real gross domestic product…
The Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the…
Interest rates in Canada are predicted to stay “very low by historic standards” through the end of 2019, an economist recently told insurance professionals, while a “movement against globalization” is a concern for one of Canada’s largest carriers. Avery Shenfeld,…
When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day…
The global economy is projected to post its best performance this year since 2014, while growth in Canada in expected to accelerate over the next two years, according to Scotiabank’s Global Outlook, published on Tuesday. While geopolitical risks abound, recent…
Europe’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…
The outlook for the Canadian property and casualty (P&C) industry is stable, driven by good demand, strong underwriting discipline and solid balance sheets, Moody’s Investors Service said in a report released on Monday. However, despite the stable outlook, these trends…
Preparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural…