Supply chain challenges, shrinking capacity, electrification of vehicles and better data management are among the pressures facing transportation clients, said Canada’s largest insurer. “You can’t be a specialist in transportation in the insurance field if you don’t really understand the…
If a long-predicted recession comes to pass, brokers will need to stay close to their clients’ changing needs. But in some ways, commercial insurance brokers have gained an advantage from the discipline developed while navigating their clients through COVID-19. Those…
A recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a…
Women are safer driving newer cars, a new report by the U.S. National Highway Traffic Safety Administration suggests. Female fatality risk compared to male fatality risk is significantly reduced in newer vehicles, starting with model year 2000, the report finds.…
Yes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
Supply chain issues driving inflation since early in the COVID-19 pandemic remain a concern, although emerging signs suggest some trends impacting global goods pricing are starting to abate. “We’ve seen some easing of the supply chain challenges,” said Colette Taylor,…
The Ontario government re-introduced its 2022 budget and, while there were no changes from an auto insurance perspective, creating choice for consumers will be among the industry’s main concerns, the Insurance Bureau of Canada (IBC) told Canadian Underwriter. The budget…
Canada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The…
Recent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
The car rental shortage isn’t only impeding on Canadians’ travel plans—it could also affect policyholders’ loss of use endorsements. Luckily, there are alternative options for insurers to reimburse customers on their loss of use policies, says one of Canada’s largest…
Severe weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide,…
A more assertive regulatory landscape may prove concerning for large commercial insurers (LCI) in the near future, especially those with multinational clients, a survey from KPMG suggested. Evolving client and broker expectations, economic uncertainty, technological evolution and environmental, social and…