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Markets / Coverages
Legal pot sales could reach $1 billion in fourth quarter: Statistics Canada
September 21, 2018 The Canadian PressOTTAWA – Statistics Canada forecasts Canadians could spend more than $1 billion on legal cannabis between October and December this year once marijuana for adult use is legalized on Oct. 17. The agency estimates that the amount spent on legal…
Diesel fuel leaks into river after fatal train derailment
September 20, 2018 The Canadian PressWINNIPEG – A train that derailed in northern Manitoba on Saturday that killed a railway worker is leaking diesel fuel into the Metishto River. Manitoba Sustainable Development says the fuel is from one of the locomotives. The province says spill…
Federal government accelerates phase out of rupture-prone rail tankers
September 19, 2018 The Canadian PressOTTAWA – The federal government is speeding up the timelines for the removal of rupture-prone tank cars from Canadian railroads. Ottawa has taken steps to phase out certain types of tank cars following the deadly train derailment and explosions in…
Hub’s Top 3 trends for commercial brokers
September 16, 2018 by Jason ContantThere are indications the commercial insurance market in Canada is starting to see rate hardening, the president of Hub International Canada told Canadian Underwriter Friday. “It hasn’t all hit yet, so I want to be clear on that,” Tina Osen…
Commercial insurer Ironshore Canada rebranding
September 16, 2018 by Greg MeckbachCommercial specialty insurer Ironshore Canada is being re-branded as Liberty Mutual Canada. In addition to Ironshore, Liberty International Underwriters Canada is also being rebranded as Liberty Mutual Canada, the insurer announced Thursday. But for the rest of 2018, “policies will…
New bespoke commercial package covers 7 industry segments
September 13, 2018 by Jason ContantCommercial insurance clients in multiple industry segments can now receive tailored core coverages under a single package solution. Core coverages include first and third party cyber, D&O liability, media management crisis costs, event cancellation and currency devaluation. Tailored for seven specific…
Cannabis stores in this province face strict rules for displays and security
September 13, 2018 The Canadian PressWINNIPEG – Store owners who will sell cannabis in Manitoba will face strict rules about how they display and secure the drug when its recreational use becomes legal next month. New rules set by the province will require that stores…
Why Quebec’s largest brokerage doubled up on life insurance
September 11, 2018 by Jason ContantFor its latest acquisition, Quebec’s largest brokerage decided to look outside its traditional stronghold of property and casualty insurance, which represents about 90% of its revenue base. On Aug. 8, Lussier Dale Parizeau announced the acquisition of Trinome Conseils. Patrice…
Vancouver’s short-term rental listings drop by half after new rules introduced
September 11, 2018 The Canadian PressVANCOUVER – The City of Vancouver says the number of short-term rentals listed online has dropped by almost half since new rules came into effect requiring operators to have a business licence. There are 3,742 active Vancouver listings on sites…
This reinsurer says rates need to go up
September 10, 2018 by Jason ContantUnderwriting margins will need to improve by at least six to nine points in major western markets to deliver sustainable returns, according to the latest sigma report from global reinsurer Swiss Re. The report Profitability in non-life insurance: mind the…
Where Canada ranks worldwide in cyber breaches
September 7, 2018 by Jason ContantThe importance of obtaining cyber insurance has again hit home, following the release of a report that found by mid-2018, Canada was the country with the third most cyber incidents in the world and ninth most exposed records. Last month,…
How much buyers are willing to pay for online books of business
September 5, 2018 by Jason ContantBuyers are pricing in potential future market disruption, such as online distribution, when buying a broker’s books of business, a P&C transaction advisor told Canadian Underwriter Wednesday. Mike Berris, partner and practice group leader with Vancouver-based Smythe Advisory said he…