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A pedestrian passes a Silicon Valley Bank Private branch in San Francisco, Monday, March 13, 2023. Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures. Regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. (AP Photo/Jeff Chiu)
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Will U.S. bank collapse impact Canadian insurtech funding?

March 14, 2023 by Alyssa DiSabatino

Canadian insurtechs may not be entirely immune to the aftershocks of two U.S. bank failures, one expert told Canadian Underwriter.  Silicon Valley Bank (SVB) failed on Mar. 10 after its mostly tech-centric and tech start-up customer base, hit hard by

Computer wrapped with crime scene tape to represent a hacker attack
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Is cyber coverage broken? And, can it be fixed?

March 10, 2023 by Jason Contant

Not long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago

Water Rescue crew on site searching for survivors after dangerous NatCat Flooding Aerial drone views high above Flooding caused by Climate Change leaving entire neighborhood underwater and houses completely under water , boat with water rescue searching for people stuck in their flooded homes
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Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show

March 10, 2023 by David Gambrill

When it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s

Business or financial marketing share, marketing strategy and profit distribution, share and equity, isometric businessman trolley pushing and sharing part of pie chart
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Where Aviva Canada’s 2022 results rank them in Canada’s P&C marketplace

March 9, 2023 by David Gambrill

Aviva Canada’s year-end 2022 P&C results have vaulted the company into second place in the Canadian market, the company’s CEO announced Thursday. “Aviva Canada delivered strong results for fiscal year 2022, achieving a combined operating ratio of 92.5% (90.7% in

Canadian armoured forces vehicles
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Cyberattack hits Canadian engineering giant with contracts for military bases, power plants

March 9, 2023 by Lee Berthiaume - THE CANADIAN PRESS

OTTAWA – A Canadian engineering giant whose work involves critical military, power and transportation infrastructure across the country has been hit with a ransomware attack. Toronto-based Black & McDonald has so far refused to publicly comment on the cyberattack, while

A closeup of a seismograph machine needle drawing a red line on graph paper depicting seismic and earthquake activity - 3D render
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New earthquake model considers eastern Canada risk

March 9, 2023 by Jason Contant

Aon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural

Magnifying glass looking at interest rates
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Bank of Canada holds key rate for first time in a year, leaves door open to hikes

March 8, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating its wait-and-see approach to monetary policy. The central bank said Wednesday that it has decided to hold its

Corporate boardroom in chaos
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What might cause the softening D&O market to stall?

March 8, 2023 by Philip Porado

Hard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several

Torrential rain causing flood.
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Aviva Canada now offers parametric solution for severe rain

March 8, 2023 by David Gambrill

Aviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of

Oilsands refineries near Athabasca River
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N.W.T. says lack of notice on oilsands tailings spill goes against deal with Alberta

March 7, 2023 by Bob Weber - THE CANADIAN PRESS

Alberta didn’t live up to the terms of a deal it has with the Northwest Territories to inform it about threats to its shared watershed after two major oilsands tailings spills, the territory’s environment minister said Friday. Shane Thompson said

Winter storm brings heavy snow, strong winds and thunder and lightning to southern Ontario
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Major winter storm brings snow, thunder and lightning to parts of Ontario

March 6, 2023 by The Canadian Press

TORONTO – A fierce winter storm has dumped heavy snow across southern Ontario, where strong winds, thunder and lightning were also reported.   Environment Canada meteorologist Haizhen Sun says between 22 and 30 centimetres of snow fell on the Greater Toronto

Cheering fans at a music festival
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Westland expands entertainment team with latest acquisition

March 6, 2023 by Jason Contant

Westland Insurance has added to its entertainment team with the acquisition of Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc. The music insurance brokerage for more than 40 years pioneered music insurance programs for independent artists in the late 1970s,