Topic
Markets / Coverages
Is Fort McMurray still insurable?
April 26, 2024 by Jason ContantEditor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total…
Does Alberta’s auto insurance rate cap reward bad drivers?
April 25, 2024 David GambrillAlberta’s new 3.7% cap on auto insurance rate increases for good drivers may wind up hurting the province’s well-mannered motorists more than it helps them, industry sources tell Canadian Underwriter. “Your carrier probably wants to reward you for [being a…
Shariah-compliant insurance product launched in Canada
April 25, 2024 by Alyssa DiSabatinoChes Special Risk has launched Canada’s first Shariah-compliant insurance product under the name Ethical Insurance. The product conducts insurance transactions based on principles of Islamic finance — also known as Takaful — and excludes investments or coverage of industries that…
Fire bans announced in B.C. and Alberta as more than 170 wildfires burn
April 25, 2024 The Canadian PressTactical evacuations have started in northeastern British Columbia as wildfires tear through the area. An update from the B.C. Wildfire Service Wednesday night said efforts are focused on protecting public life and safety in the Peace River Regional District and…
Manitoba government plans to lift ban on homegrown recreational cannabis
April 24, 2024 Steve Lambert – The Canadian PressThe Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. “We’re just allowing Manitobans to have the same rights that people in…
Insurers to discuss ‘Plan B’ for federal earthquake insurance backstop
April 23, 2024 by David GambrillCanada’s property and casualty insurers are starting to discuss a ‘Plan B’ for an earthquake backstop, given the federal government’s slow progress on establishing a national flood insurance program. Insurance Bureau of Canada president and CEO Celyeste Power talked about…
‘Trees going up like Roman candles’ as fire season starts early in B.C., Alberta
April 23, 2024 The Canadian PressSusanne Langan first noticed the Burgess Creek wildfire from her home in British Columbia’s Cariboo region on Saturday afternoon as a distant, thin column of smoke. But as winds picked up that night, the flames became more aggressive. “I could…
3 strategies for improving your cybersecurity posture
April 19, 2024 by Jason ContantGetting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday. Three basic strategies — mitigate, separate and positive control — can…
Hybrid brokerage/agency rebrands following merger
April 18, 2024 by Jason ContantQuebec brokerages PMA Assurances and PMT ROY Assurances et services financiers have merged under the name Ellipse Agence en assurance de dommages inc., creating what the firm is calling the province’s largest damage insurance agency distributing Intact Insurance products exclusively.…
How auto theft is evolving
April 17, 2024 by Jason ContantFraudsters are adapting their methods in an attempt to fly under the claims radar, and even using artificial intelligence to create false documentation and platforms for claims handling, speakers tell the Insurance Institute’s 2024 CIP Society Symposium. Auto theft has…
Quebec court approves class action alleging opioid makers misled users about risks
April 16, 2024 The Canadian PressA Quebec Superior Court judge has authorized a class-action lawsuit against 16 pharmaceutical companies that are alleged to have misled consumers about the efficacy and dangers of opioid medications. The class action includes everyone in Quebec who was diagnosed with…
How new commercial truck drivers can get better insurance rates
April 11, 2024 by David GambrillMandatory entry-level training (MELT) for new commercial truck drivers needs to be implemented across Canada, and trucking companies must follow this up with mentorship and onboarding programs, a new report commissioned by the Insurance Bureau of Canada recommends. Plus, safety…