Topic Commercial
What are Canada’s major business risks for 2023?
January 17, 2023 by Alyssa DiSabatinoCyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023. The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),…
How much cargo theft rose in 2022
January 16, 2023 by Alyssa DiSabatinoCargo 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…
What’s driving reinsurer underwriting margins in 2023?
January 16, 2023 by Philip PoradoUnderwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal…
Industry veteran joins Westland following acquisition
January 13, 2023 by Jason ContantIndustry veteran Doug Morrow has joined Westland Insurance as its new vice president of commercial insurance for Alberta, the brokerage announced earlier this week. Most recently president and CEO of Excel Insurance Group, Morrow joined Westland as vice president, commercial…
How an Alberta election may impact decisions on captive insurance
January 12, 2023 by Philip PoradoCompanies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same…
Hard market “fatigue” setting in, P&C industry survey suggests
January 12, 2023 by David GambrillHard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many…
Series of explosions rock Ontario industrial facility
January 12, 2023 by Jessica Smith - THE CANADIAN PRESSSt. Catharines Fire Services says crews continue to battle a fire triggered by a series of explosions at a hazardous waste facility in the city that has left one person with serious injuries. Chief Dave Upper says firefighters responded to…
Intact reveals fourth quarter catastrophe loss estimate
January 12, 2023 by Alyssa DiSabatinoIntact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses. The Canadian cat losses were mostly…
LCBO investigating cybersecurity incident
January 11, 2023 by The Canadian PressThe Liquor Control Board of Ontario says a “cybersecurity incident” has knocked out its website and mobile app. The LCBO posted a brief statement to its social media pages Tuesday night saying a “full investigation” was underway. The provincial Crown…
How two of Canada’s largest P&C brokerages closed 2022
January 9, 2023 by Jason ContantWestland Insurance Group and BrokerLink ended 2022 with a bang, closing several merger and acquisition deals in December and bringing combined yearly transactions to more than 50 acquisitions. Westland announced in December the acquisition of Nova Scotia-based Gateway Insurance Group…
Can the P&C industry navigate these 3 problems in 2023?
January 9, 2023 by David GambrillThanks to supply chain disruptions, labour shortages and inflation, insurance policyholders face longer and more expensive repairs. To address that, insurance industry execs said, Canada’s P&C industry needs to up its communications game during the claims process. P&C insurance professionals…
Hospital for Sick Children says most systems back after ransomware attack
January 9, 2023 by The Canadian PressTORONTO – The Hospital for Sick Children in Toronto says most of its priority systems are back after a ransomware attack affected its operations. Dr. Ronald Cohn, president and CEO of SickKids, says in a release Thursday that about 80…