Topic Insurers
What 2022 WICC gala raised from the industry for cancer research
August 15, 2022 by PhilWomen in Insurance Cancer Crusade’s (WICC) 24th annual gala, along with an accompanying sold-out raffle and online auction, raised a six-figure sum for cancer research, the organization said in a press release. All $150,000 in donated funds from the June…
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,…
Client anger: It’s getting tough out there for insurers
August 12, 2022 by David GambrillSaskatchewan’s privacy officer has allowed the government’s auto insurer to withhold portions of a claimant’s risk assessment, on the basis that revealing the information could conceivably lead to injury or harm to its employees. However, the privacy commissioner required Saskatchewan…
Why extended hard market should be easier to explain to consumers
August 11, 2022 by David GambrillConsumers should be able to relate to inflation’s impact on goods and services — and hence, the impact on insurers’ claims costs — making it easier for brokers to explain the continuation of the P&C industry’s hard market cycle after…
How P&C companies can improve their DEI outlooks
August 11, 2022 by Alyssa DiSabatinoAlthough many in the industry understand the value of diversity, equity and inclusion (DEI), companies that aren’t sold on the value proposition may nevertheless benefit from viewing DEI as risk management, suggests The Canadian Association of Black Insurance Professionals (CABIP).…
Do flight delays boost travel insurance purchases?
August 11, 2022 by Canadian Underwriter StaffWith travel demand on the rise in the wake of easing COVID-19 restrictions, a larger percentage of Canadians are opting for overseas journeys. The number of Canadian residents returning by air from abroad at kiosk-equipped airports totalled 901,300 in June…
Condo insurance: Is market stabilization fleeting?
August 11, 2022 by Jason ContantCanada’s condo insurance market appears to have stabilized but the industry shouldn’t get lulled into the feeling that reforms are no longer needed, said Aaron Sutherland, the vice president of Insurance Bureau of Canada’s (IBC) Pacific region. Over the past…
Where Aviva thinks insurers are feeling inflation’s impact most acutely
August 10, 2022 by David GambrillInflation is wreaking havoc in all major lines of P&C insurance, but its effects seem to be most acute in auto insurance, particularly auto physical damage, reports Aviva Canada CEO Jason Storah. “The most acute impact we’ve seen so far…
Navacord makes its largest deal of the year
August 10, 2022 by Alyssa DiSabatinoNavacord Corp. has completed its 20th and largest M&A deal of the year following its partnership with Insurance Store, effective Aug. 1, 2022. Headquartered in Windsor, Insurance Store has five offices across Ontario in Barrie, Collingwood, Chatham, and Woodstock,…
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…
Ontario re-ignites commitment to auto insurance reform
August 10, 2022 by Alyssa DiSabatinoThe 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…
OSFI’s capital guidelines include new 2.5% charge for risk-sharing pools
August 9, 2022 by David GambrillCanada’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…