Topic Supply Chain
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…
Bank of Canada raises key interest rate amid stubbornly high inflation
June 7, 2023 by The Canadian PressOTTAWA – The Bank of Canada announced a quarter-percentage point rate hike Wednesday, the first interest rate increase since January, as high inflation persists. Its key interest rate now sits at 4.75 per cent, the highest it’s been since 2001.…
Why claims frequency is trending for electric vehicles
May 16, 2023 by Jason ContantRepairable 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…
Risk of shock to financial system down, but concerns linger: Bank of Canada survey
May 15, 2023 by The Canadian PressOTTAWA – 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…
Where Intact sees personal auto and inflation heading
May 12, 2023 by Jason ContantIntact 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…
How is the cannabis insurance market faring?
May 9, 2023 by Jason ContantFour-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,…
Aviva reveals Number 1 risk facing Canadian businesses
May 3, 2023 by Jason ContantEconomic 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…
Vancouver port traffic dips in 2022, hinting at economic slowdown to come
May 3, 2023 by Christopher Reynolds - THE CANADIAN PRESSMONTREAL – 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…
Auto insurers take note: Why this economic downturn is so unusual
April 25, 2023 by Jason ContantCanada’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…
Is Canada still heading toward a recession?
April 21, 2023 by Jason ContantCanada 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…
How recent extreme weather compares to 1998 Quebec ice storm
April 12, 2023 by Jason ContantThe 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 recalls ‘full self-driving’ system to fix flaws in behaviour
February 16, 2023 by Tom Krisher - THE ASSOCIATED PRESSDETROIT (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…