Keyword
inflation
How home insurance premiums are trending
March 6, 2024 by Jason ContantCanadian home insurance policyholders should brace for price increases this year following a nearly 8% year-over-year increase since the beginning of the year, according to internal data from rate comparison site My Choice Financial. Canada’s home insurance landscape is poised for…
How auto theft, inflation and vehicle complexity boost claims costs
March 6, 2024 Philip PoradoLate last year, Toronto’s police department wrapped an auto theft intervention, codenamed Project Stallion, that recovered 1,080 vehicles stolen citywide with a combined value of $59 million. That works out to just shy of $55,000 per vehicle. Auto theft is…
‘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…
Bank of Canada holds key interest rate, signals shift toward rate cut talks
January 25, 2024 Nojoud Al Mallees – The Canadian PressThe Bank of Canada is turning its attention to when it may be able to start cutting interest rates, governor Tiff Macklem said Wednesday as he announced the central bank’s decision to hold its key rate at five per cent.…
Why most of your commercial clients are underinsured by at least 30%
December 12, 2023 by Jason ContantAccurate valuation and occupancy data points remain top challenges for commercial broker submissions, according to Greg McCutcheon, president of Canada’s largest property data provider, Opta Information Intelligence. In this inflationary environment, keeping up with valuations and ensuring commercial property brokers…
Why you can expect more insurance regulation next year
December 11, 2023 by David GambrillAs the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing…
Bank of Canada holds its key interest rate steady at 5% in final decision of 2023
December 7, 2023 The Canadian PressOTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing…
Fighting inflation half-heartedly would be ‘huge mistake,’ Bank of Canada warns
November 22, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation…
Why P&C execs predict 2024 will look similar to 2023
October 23, 2023 by David GambrillThanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens…
Climate change not the leading cause of NatCat losses: Verisk
September 15, 2023 by David GambrillAlthough climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
Weakening economy convinces BoC to hold key rate, but door to more hikes stays open
September 6, 2023 Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,…
How inflation’s helping some Canadian P&C companies
August 24, 2023 Philip PoradoInflation, and more specifically efforts by Canada’s central bank and its peers worldwide to curb its impacts, has given something of a boost to property and casualty (P&C) insurers’ balance sheets. Specifically, higher interest rates have expanded fixed income investment…