Topic B.C.
Has private equity interest in P&C brokerages peaked?
November 21, 2023 by Jason ContantPrivate equity interest in the Canadian P&C brokerage space is showing no sign of slowing down, industry observers said last week at KPMG’s 2023 Insurance Conference in Toronto. Private equity groups remain eager to acquire Canadian brokerages, said Andrew Mathias,…
Price tag for the insured wildfire losses in Northwest Territories
November 20, 2023 by David GambrillInsured wildfire damage in Hay River and Yellowknife, NWT, during the summer — which led to Canada’s largest evacuation ever — cost the P&C insurance industry a total of more than $60 million, Catastrophe Indices and Quantification (CatIQ) Inc. reported…
Why more Canadian drivers are using winter tires
November 14, 2023 by Jason ContantWinter tire use in Canada is increasing, with 71% of polled Canadian drivers outside of Quebec now using winter tires, up from 63% in 2022, according to a survey conducted by Leger for the Tire and Rubber Association of Canada…
11 people sent to hospital after school bus crashes into B.C. home
November 10, 2023 by The Canadian PressBURNABY, B.C. – Adrian Striga says that if he had slept in Thursday morning, it could have cost him his life. Instead, the carpenter was at work when a private school bus crashed through the window of his Burnaby apartment…
Coastal storms: Could U.S. scenario happen here?
November 1, 2023 by 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…
Brokerage reprimanded for handling of privacy breach
October 31, 2023 by David GambrillB.C.’s broker regulator has reprimanded an unnamed brokerage and ordered its nominee to take courses on how to handle a privacy breach, after a stash of client documents was recovered by a third party and returned to the insurance company.…
How to build environments that reduce staircase injuries
October 31, 2023 by By Dr. Andrew Huntley and Claire Miller, 30 Forensic EngineeringAs research drives new ways to build staircases that can prevent slip-and-falls, Canada’s building codes should be updated accordingly to reflect the safer designs. The importance of code updates is illustrated by falls on stairs, which in Ontario alone led…
Accelerant scoops up Omega Insurance Holdings
October 27, 2023 by David GambrillAccelerant Holdings U.K. Ltd. has officially entered the Canadian property and casualty insurance market, closing the deal to acquire Omega Insurance Holdings Inc. from Till Capital Corporation. Accelerant will pay Till Capital approximately $13 million Cdn in exchange for all…
Why auto insurance concerns might hinder electric vehicle adoption
October 26, 2023 by Alyssa DiSabatinoAs 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,…
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…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor 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…
New president for national brokers’ association
October 18, 2023 by Alyssa DiSabatinoTraci Boland is the new president of the Insurance Brokers Association of Canada (IBAC). Boland is partner and manager at Ontario West Insurance Brokers and Bill Blaney Insurance Brokers. She holds more than over 20 years’ experience in the industry…