VANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some…
To balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal…
OTTAWA – The Bank of Canada considered raising interest rates earlier this month, as it feared being too slow to react to sticky inflation. In its summary of deliberations released Wednesday, the central bank says its governing council contemplated another…
Editor’s Note: This article has been updated show 83% would be motivated to stop distracted driving behaviours if offered an insurance discount, and has updated Paul Stone’s title. Brokers can help put a stop to distracted driving by making…
Canada’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…
New federal research suggests greenhouse gas emissions from the Alberta oilsands may be significantly underestimated, adding to a growing pile of studies that say our understanding of what is going into the atmosphere is incomplete. In a paper published last…
Canada 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…
Now that Canada has introduced a commitment to a backstop for high-risk flood insurance, the next item for change should be an government earthquake backstop, a panellist noted at the the Insurance Institute of Canada’s Symposium in Toronto Wednesday. Arguably,…
A high percentage of today’s pool of risk managers has been working in the industry a long time, and the next largest group are fairly new to the business. Those in the younger group “are excited about what they’ve done…
Brokers with clients looking to save money would be better off helping them understand how affordable a coverage is, rather than opting out of OPCF-49, or Direct Compensation-Property Damage (DCPD) coverage, one expert told Canadian Underwriter. Starting on Jan. 1,…
Coming out of the pandemic, the global economic environment still contains two ingredients for ongoing hard market conditions in Canada’s P&C insurance sector — high inflation, and a lack of global reinsurance capacity. “If you look at the picture behind…
Amid a shortage of P&C industry talent, brokerages should heed the fact there may be a subtle risk to failing to address diversity — employee attrition. Brokers working in organizations without diversity in senior leadership are three times more likely to…