Ransomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…

Northbridge 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…

As governments gear up for a national push toward electric vehicles (EVs), Canadians are harbouring anxieties about their auto insurance policies.  Seventy eight per cent of Canadians are concerned about the cost of their insurance premiums on an electric vehicle,…

Canada’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…

Hard 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…

Canada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of…

Thanks 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…

Lorri Frederick will retire as president of ClaimsPro North America at the end of this year. Frederick’s insurance career spans more than 30 years in the industry, including 10 years at independent adjusting firm ClaimsPro. “During her 10 years with…

Ransomware 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…

Ontario’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…

Canada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC),…

For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…