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News InsuranceLegislation / Regulation

Accounting body proposes extension for IFRS 17

November 15, 2018 by David Gambrill

The International Accounting Standards Board (IASB) has voted to propose a one-year deferral of the effective date for IFRS 17 to 2022. Insurance companies globally have lobbied for the extension as they prepare their transition to the International Financial Reporting

News InsuranceLegalMarkets / Coverages

Is seven months too long to wait for car repairs?

November 14, 2018 by Jason Contant

A B.C. small claims tribunal has dismissed a driver’s claim that his repair shop negligently misrepresented the amount of time it would take to repair his vehicle. Jizhou Zhang sought an award of $4,500 for the loss of use and

News ClaimsInsuranceLegal

How often are people scamming insurers with cheque fraud?

November 14, 2018 by Jason Contant

Insurance fraud is again in the news, after a Moncton, N.B. man was sentenced to 30 days in prison and 18 months probation for illegally intercepting two insurance cheques sent to an Aviva Canada insured. Just how prevalent is cheque

News BrokersInsuranceLegal

Brokers, do your auto insurers cover HST on capped benefits?

November 14, 2018 by Greg Meckbach

Brokers placing Ontario auto coverage should ask insurers whether they are including sales tax when they calculate caps on benefits, a lawyer told Canadian Underwriter Tuesday. Ontario consumers must pay 13% Harmonized Sales Tax on many goods and services. Some

insPRESS Insurance

Charles Taylor Adjusting and 30 Forensic Engineering Team Up to Deliver Special Seminar – RSVP Today

November 14, 2018 by -30- Forensic Engineering

TORONTO, ON, NOV. 14, 2018/insPRESS/ – Charles Taylor Adjusting and 30 Forensic Engineering are pleased to invite you to: ‘The Mechanical Room’ – Building Mechanical and Electrical Systems. Join us on Thursday, November 22, 2018 for an informative session focused on helping you

insPRESS Insurance

CEP-Sintra relocates Moncton Office

November 14, 2018 by Cynthia Galazzo

MONCTON, NB, NOV. 14,  2018/insPRESS/ – CEP-Sintra is pleased to announce the relocation of its Moncton, New-Brunswick office. First, we would like to express our sincere appreciation and gratitude to our clients and partners for all the support and trust they have

insPRESS Insurance

ServiceMaster Restore Announces New Location in Fort McMurray

November 14, 2018 by ServiceMaster of Canada Limited

FORT McMURRAY, AB, NOV. 14,  2018/insPRESS/ – ServiceMaster Restore is proud to announce the opening of its newest location in Fort McMurray, Alberta under the ownership of Patrick Schwenning and Josh Wildman. Stephan Roy, National Director of ServiceMaster Restore, expressed his enthusiasm

News InsuranceRiskTechnology

Breach notification law calls for some ‘major adjustments’

November 13, 2018 by Greg Meckbach

The Canada-wide data breach law, which has been in effect for two weeks, is pushing businesses manage cyber risk more effectively, a computer security expert says. The federal Digital Privacy Act makes it mandatory for clients to disclose data breaches

News InsuranceLegislation / Regulation

How this public insurer plans to save $1 billion a year

November 13, 2018 by Jason Contant

Changes to accident benefits regulations will result in projected net savings of $1 billion annually, British Columbia’s Ministry of Attorney General said Friday. Changes to Insurance Corporation of British Columbia’s (ICBC) accident benefits will cost an estimated $200 million annually.

News BrokersInsuranceMarkets / Coverages

Large commercial brokerage reports ‘stealth’ firming in casualty lines

November 13, 2018 by Jason Contant

A recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as

News InsuranceMarkets / Coverages

Why insurers urge caution on regulating condo deductibles

November 12, 2018 by Jason Contant

The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation

News Insurance

Towerhill Insurance Brokers sold to BrokerLink

November 12, 2018 by Jason Contant

Editor’s Note: George Longo, president and CEO of commercial brokerage Towerhill Insurance Brokers, sold his Towerhill retail brokerage business to BrokerLink, as reported on Nov. 12, 2018. In a statement to his clients, Lloyd’s syndicates and colleagues, Longo said he