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Markets / Coverages
Will building code changes affect farm fire severity?
November 2, 2023 by Jason ContantWith changes from the National Building Code of Canada (NBC) in the process of becoming law in Ontario next spring, farm insurance experts are raising concerns that the maximum barn size restriction will be removed and Ontario’s Fire Code (OFC)…
Ontario hospitals warn stolen patient, employee data may be published
November 2, 2023 The Canadian PressFive Ontario hospitals affected by a recent ransomware attack, along with their shared IT provider, are warning patients and staff that their data may be published. The attack caused an outage of some online services at Bluewater Health, Chatham-Kent Health…
Coastal storms: Could U.S. scenario happen here?
November 1, 2023 Philip PoradoIncreasing intensity of hurricanes making landfall along the U.S. coastline, sparked largely by climate change, has resulted in significant insured losses for several years. And storms seem to be getting worse. That trend impacts insurability and, going forward, “property values…
How Quebec’s language law may affect outside insurance providers
October 30, 2023 by Jason ContantQuebec’s recently enacted language law is creating concerns that smaller insurance providers may consider pulling out of the province. Bill 96 (Law 14), An Act respecting French, the official and common language of Québec, came into effect June 1. Under…
How Northbridge beat the taxman
October 26, 2023 by David GambrillNorthbridge is allowed to claim GST input tax credits for insurance policies it issued to trucking companies operating in both Canada and the United States, the Federal Court of Appeal has ruled. The decision overturned a Tax Court of Canada…
What it’s like to be a public sector risk manager
October 26, 2023 Alyssa Di SabatinoNo two days are alike for public sector risk managers. One day, their jobs might require predicting risk for a transit facility; the next day, a long-term care home. That’s why it’s crucial for public risk managers to break out…
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
How the hard market impacts public risk managers
October 25, 2023 Alyssa Di SabatinoBudgeting is where risk managers of publicly owned organizations feel the hard market the most. Public risk managers must often buy insurance for their entire region or branch while predicting what future losses may be. Like all risk managers, they…
Where auto and home insurance rates are headed
October 24, 2023 by Jason ContantHard market conditions in personal lines across Canada are not slowing down in 2023 Q3, according to data from tech vendor Applied Systems. Auto and homeowner premiums are rising year-over-year in all provinces. In 2023 Q3, personal auto premiums in…
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…
The most common cyber claims in Canada
October 23, 2023 by Alyssa DiSabatinoRansomware 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…
Regulator imposes hefty penalties in auto repair fraud case
October 20, 2023 by Jason ContantOntario’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…