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Technician working on lithium-ion rechargeable battery
News ClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyEmerging RisksInsurersLoss ControlLoss TrendsSupply ChainTechnology

Why claims frequency is trending for electric vehicles

May 16, 2023 by Jason Contant

Repairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in

The Bank of Canada pictured in Ottawa
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Risk of shock to financial system down, but concerns linger: Bank of Canada survey

May 15, 2023 by The Canadian Press

OTTAWA – Risk management experts believe the likelihood of a shock that could impair the Canadian financial system has decreased since last year, but concern remains around geopolitical tensions, high inflation, unemployment and household debt burdens. The Bank of Canada’s

Body shop interior with cars on the lift
News ClaimsInsurersPersonal AutoSupply Chain

Where Intact sees personal auto and inflation heading

May 12, 2023 by Jason Contant

Intact Financial Corporation expects inflation’s effect on personal auto to continue to tame, but the insurer has levers in place if the uncertain economic environment throws another curveball, senior executives said during a 2023 Q1 earnings call. Personal auto premiums

Purchasing cannabis with a credit card
News CannabisClaimsClaims Canada ArchiveCommercialInsurersLegalLiabilityLoss TrendsMergers and AqcuisitionsMGAsSupply Chain

How is the cannabis insurance market faring? 

May 9, 2023 by Jason Contant

Four-and-a-half years after recreational marijuana use was legalized in Canada, cannabis companies continue to face a number of challenges, including insolvency, consolidation and low or flat growth, according to a recent report from EY Canada. “Established/mature markets — including Canada,

Economic uncertainty
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Aviva reveals Number 1 risk facing Canadian businesses

May 3, 2023 by Jason Contant

Economic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very

Cargo containers at a port in Vancouver
News B.C.CommercialInsurersSupply ChainTrending

Vancouver port traffic dips in 2022, hinting at economic slowdown to come

May 3, 2023 by Christopher Reynolds - THE CANADIAN PRESS

MONTREAL – Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown. Though grain and fertilizer exports surged in the second half of 2022, the gains

Economic downturn and recovery
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Auto insurers take note: Why this economic downturn is so unusual 

April 25, 2023 by Jason Contant

Canada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week.  “Anybody here who

Canadian flag and economic downturn
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Is Canada still heading toward a recession?

April 21, 2023 by Jason Contant

Canada will likely not experience a recession in the traditional sense but rather a ‘shallow downturn,’ BMO Financial Group’s chief economist Douglas Porter said at an industry event Thursday. “I’m reluctant to call what we’re looking at in Canada a

People survey the damage around their home in Montreal after the ice storm.
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How recent extreme weather compares to 1998 Quebec ice storm

April 12, 2023 by Jason Contant

The storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification

Tesla is recalling nearly 363,000 vehicles with its "full self-driving" system.
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Tesla recalls ‘full self-driving’ system to fix flaws in behaviour

February 16, 2023 by Tom Krisher - THE ASSOCIATED PRESS

DETROIT (AP) – Tesla is recalling nearly 363,000 vehicles with its “Full Self-Driving” system to fix problems with the way it behaves around intersections and following posted speed limits. The recall, part of a larger investigation by U.S. safety regulators

The Bank of Canada is expected to hold its interest rate next week.
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Bank of Canada hikes key interest rate by quarter point, says it plans to hold

January 25, 2023 by The Canadian Press

OTTAWA – The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the cycle. The rate increase marks the eighth consecutive

man wearing a white hardhat and yellow safety vest is onlooking a large blue shipping container on a truck
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How much cargo theft rose in 2022

January 16, 2023 by Alyssa DiSabatino

Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo