Thanks 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…
Lorri Frederick will retire as president of ClaimsPro North America at the end of this year. Frederick’s insurance career spans more than 30 years in the industry, including 10 years at independent adjusting firm ClaimsPro. “During her 10 years with…
Ransomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study. The average ransomware incident costs companies $596,000 USD, accounting for…
Ontario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative…
Canada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC),…
For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
Underwriters must pay close attention to the policy wording they use in their exceptions to exclusions, lest insurers find themselves on the hook for covering losses with two or more suspected causes. That’s a key takeaway from Brock Stock Farm…
Add natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Canada saw an overall “modest decline” of 3.5% in personal auto insurance premiums last year, AM Best reported during an industry event in Toronto earlier this month. Lower profit margins in Canadian auto insurance are likely to remain under pressure…
Even though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
A series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
When Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…