Topic Commercial
Uptick in business bankruptcies just the tip of the iceberg: CFIB
August 19, 2022 by The Canadian PressTORONTO – A small business lobby group says commercial bankruptcies are rising in Canada and even more small businesses are at risk of closure. Data from the Office of the Superintendent of Bankruptcy Canada shows small business insolvencies have been…
Behind the scenes of an aggressive brokerage consolidator
August 19, 2022 by Jason ContantSynex Business Performance plans to end this year with more than $1 billion in premium, a far cry from its humble beginnings of $3 million in premium just seven years ago. Currently, the Quebec City-based holding company has about $800…
Before paying a ransom, hacked companies should consider their ethics and values
August 18, 2022 by The Canadian PressMichael Parent, Professor, Management Information Systems, Simon Fraser University – THE CONVERSATION The recent cyberattacks in August on Bombardier Recreational Products and the Ontario Cannabis Store highlight the continuing scourge of cyber criminals and ransomware. Ransomware is a piece…
How tech is helping insurers mitigate equipment breakdown losses
August 17, 2022 by Alyssa DiSabatinoThe use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that…
Deloitte report: How microeconomic factors will impact claims costs
August 17, 2022 by Philip PoradoYes, 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…
As inflation and supply chain concerns ease, will insurers adjust pricing?
August 16, 2022 by Philip PoradoSupply 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,…
Ski-Doo maker ramping up operations after cyberattack forced suspension
August 16, 2022 by The Canadian PressVALCOURT, Que. – BRP Inc. says it is ramping up production at four of its factories after a cyberattack brought its operations to a halt earlier this month. The Ski-Doo and Sea-Doo maker says manufacturing sites in Valcourt, Que., Sturtevant,…
Why the pandemic hit these Canadian sectors particularly hard
August 16, 2022 by Jason ContantHospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of…
Why Deloitte doesn’t anticipate a soft market ‘for the next few years’
August 15, 2022 by David GambrillCanada’s commercial P&C insurance market may not soften “for the next few years,” said a report on the industry published by Deloitte. “While there may be products where the market becomes more competitive on new business with good claims experience,…
BRP operations to remain frozen until next week after cyberattack shutdown
August 12, 2022 by The Canadian PressVALCOURT, Que. – Work at BRP Inc. factories will likely stay at a standstill until next week after a cyberattack that the Sea-Doo maker reported Monday. “Our teams continue working around the clock to resolve the situation and have made…
Do your clients have enough (or any) coverage for ransomware attacks?
August 10, 2022 by Jason ContantBusinesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new…
Why some small business owners don’t have insurance
August 9, 2022 by Alyssa DiSabatinoAlmost 40% of small business owners say they don’t have a business insurance policy, and another 25% say they don’t think they need it, finds a recent survey of 222 small business owners and self-employed professionals in Canada. The…