Topic Insurers
Bank of Canada holds key interest rate, signals shift toward rate cut talks
January 25, 2024 by Nojoud Al Mallees – The Canadian PressThe Bank of Canada is turning its attention to when it may be able to start cutting interest rates, governor Tiff Macklem said Wednesday as he announced the central bank’s decision to hold its key rate at five per cent.…
P&C insurance industry launches collective recruitment effort
January 25, 2024 by David GambrillCanada’s property and casualty insurance industry has launched a collaborative, industry-wide recruitment effort dubbed Project Reframe. Announced by the Insurance Institute of Canada (IIC) Monday, the public education campaign aims to portray the insurance industry as an engaging, dynamic, and…
Length of rental for auto collisions down slightly
January 25, 2024 by Alyssa DiSabatinoAuto insurers and their customers will be relieved to know the average length of vehicle rentals for collision-related claims across Canada has decreased, albeit gradually, from the same time last year, according to new data. The overall length of…
Feds heed auto insurers’ call for auto theft summit
January 24, 2024 by David GambrillCanada’s federal government has answered the call by the nation’s auto insurers to promote a whole-of-society solution to a mounting auto theft crisis. A National Summit on Combatting Auto Theft will take place in Ottawa on Feb. 8, 2024, Public…
How to reconcile financial results pre- and post-IFRS 17
January 24, 2024 by Jason ContantInsurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.…
Alberta releases liability estimate for well cleanup
January 23, 2024 by Bob Weber - The Canadian PressAlberta’s oil and gas producers spent nearly $700 million in 2022 on cleaning up the hundreds of thousands of old wells that dot the province, the regulator’s first report on the extent of those liabilities indicates. That’s 65 per cent…
How Ontario drivers have responded to DCPD opt-out option
January 22, 2024 by Alyssa DiSabatinoFor all the discussion it provoked within brokerage circles, one of the Ontario government’s ideas for auto insurance reform appears to have fallen flat with drivers, albeit it’s only in the first month of the initiative. Thus far, Ontario brokerages…
The rise and fall of the P&C industry’s financial results
January 22, 2024 by David GambrillAs the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran…
Does Canada need a pandemic backstop, too?
January 19, 2024 by David GambrillCanada’s P&C insurance industry “dodged a bullet” when the courts didn’t automatically read pandemic coverage into business interruption losses, an insurance executive said at the Insurance Institute of Canada’s Industry Trends & Predictions 2024 webinar yesterday. Phil Cook, chairman of…
Why a court upheld a $175K personal injury award against Ontario Place
January 18, 2024 by David GambrillOntario’s Court of Appeal has upheld a $175,000 damage award against Ontario Place in Toronto, finding that Ontario Place had blocked people’s access to the main exit and failed to erect barriers that would have prevented people from leaving the…
How insurtechs can stand out in a crowded P&C market
January 17, 2024 by David GambrillMarket dynamics are making it tougher for start-up insurtechs to find willing insurance company partners, and some say digital specialization is the key for insurtechs to make their way into the squeezed P&C industry. “Focus on specific differentiation,” advises Marcus…
When will Canada’s insurers reach a tipping point over NatCats?
January 17, 2024 by Philip PoradoIf insurers’ recent response to drastic storm and fire losses recorded in many parts of the U.S. are any harbinger, some Canadian regions may soon grapple with a future in which standard market insurers simply walk away. It’s already happening…