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Markets / Coverages
Rain helps firefighters’ efforts in Quebec, but not enough to extinguish flames
June 27, 2023 The Canadian PressMONTREAL – This week’s rainfall likely won’t be enough to extinguish the wildfires in northern Quebec, but the wet weather could give firefighters a chance to get ahead of the flames, officials said Tuesday. Quebec’s forest fire prevention agency –…
Suncor Energy suffers cybersecurity incident
June 26, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Canadian oil company Suncor Energy Inc. has confirmed it has been the victim of a cyberattack. The Calgary-based energy giant said in a news release late Sunday that it has “experienced a cyber-security incident.” Suncor provided no further…
Quebec wildfires continue to bring intense smoke
June 22, 2023 The Canadian PressMONTREAL – Hot, dry conditions are forecast to continue through the weekend in regions of Quebec threatened by wildfires. Katia Petit, a senior Quebec civil security official, says no community or essential infrastructure is immediately threatened by flames, but says…
Why consolidation slows down service levels
June 21, 2023 by Alyssa DiSabatinoConsolidators will have to tread the line between growing rapidly while also ensuring growth doesn’t hinder operations, particularly customer service, said experts at an industry panel. Amid consolidation, small and medium-sized brokerages will be able to remain competitive if they…
How trade agreements could change claims adjusting in Canada
June 20, 2023 Alyssa Di SabatinoWhen a NatCat occurs in Canada, it’s common for U.S. adjusters to be on the scene — sometimes before Canadian adjusters, who are bound by provincial licensing restrictions. And while processes for getting either country’s adjusters on the scene are…
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,…
Brokerage M&A activity spikes in era of high interest rates
June 19, 2023 by Alyssa DiSabatinoOntario saw a record 48 finalized brokerage transactions in 2022, mostly led by consolidators, said Suzanne Pountney, president of the Insurance Brokers Association of Ontario (IBAO), during the Young Broker Conference in Niagara Falls. “This is up 60% over last…
Collision between semi-trailer and bus kills 15, injures 10
June 16, 2023 Steve Lambert and Jeremy Simes - THE CANADIAN PRESSDAUPHIN, MAN. – Flags were at half-mast as residents of a western Manitoba city awaited word on the fate of loved ones, while police started to piece together what caused a crash between a semi-trailer and a bus carrying seniors…
How inflation is affecting small business owners and carriers
June 16, 2023 by Jason ContantAlthough inflation cooled to 4.4% in April from its high of 8.1% in June 2022, it’s still affecting small business owners and insurers, an executive at Hartford Steam Boiler told Canadian Underwriter. From a carrier perspective, claims costs are increasing…
How carriers get real-time info on property (and other) risk exposures
June 15, 2023 by Jason ContantCarriers in the small business space are increasingly turning to technology to understand exposure changes and help insureds manage their own risk, an expert said recently. By relying on things like sensor technology, carriers can get real-time information on changes…
Nova Scotia identifies thousands more victims of data hack
June 15, 2023 Marlo Glass - THE CANADIAN PRESSHALIFAX – Nova Scotia Cybersecurity Minister Colton LeBlanc says his department has identified thousands more people affected by a recent global data breach, and this week it is beginning the process of notifying the “most vulnerable” victims of the hack.…
Rainfall inadequate to douse northern Quebec wildfires
June 14, 2023 The Canadian PressMONTREAL – Quebec officials say the rainfall over the past 24 hours in the northern part of the province was inadequate to douse the wildfires. The province’s forest fire prevention agency – SOPFEU – says a wildfire near Lebel-sur-Quevillon, Que.,…