Topic Insurers
Bank of Canada keeps key interest rate target on hold, but warns of looming hikes
January 26, 2022 by Jordan Press - THE CANADIAN PRESSOTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won’t stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020…
How to handle paperwork from pandemic-related policy changes
January 25, 2022 by Tara KellyHave you noticed an uptick in new policies and policy change requests lately? Many P&C insurance companies have, because coverage needs for individuals and businesses throughout Canada changed drastically during the pandemic. For example, people who once had long commutes…
Most expensive place to insure your car in Ontario
January 25, 2022 by Jason ContantVaughan, Ont., has replaced Brampton as the most expensive city in Ontario for car insurance in 2021, according to a new report from rate comparison site Ratesdotca. With estimated annual insurance premiums of $2,179, Vaughan is now the costliest city…
Customers rank P&C industry’s winners and losers during COVID
January 25, 2022 by David GambrillCOVID-19 has shown that Canadians appreciate insurance agents and brokers with good attitudes and product knowledge. But insurance companies are still struggling with basic service issues like phone wait times, billing/payment, and policy cancellation, according to an analysis of more…
Canada’s top court weighs in on HST case concerning accident benefits
January 24, 2022 by David GambrillClaimants who sought a settlement with insurers over HST being deducted from their accident benefits have lost their bid to have their claims certified as class actions. The Supreme Court of Canada rejected leave to appeal the case on Jan.…
Court sides with insurer in multi-million-dollar spat over sublimits
January 21, 2022 by David GambrillB.C.’s Supreme Court has upheld an insurer’s insistence that a mining company’s business interruption losses were subject to a $10-millon sublimit and not to the full policy limit of $250 million. That said, the court did not agree with the…
Captives can provide solutions for capacity limitations
January 20, 2022 by Mike ListerEmergence of new risks alongside capacity restrictions across industry sectors makes it more important than ever for risk managers to strike the right balance between risk retention and risk transfer. Often, this leads to increased interest in alternative risk solutions…
Why UBI will survive the pandemic
January 19, 2022 by Canadian Underwriter StaffIt’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to…
Annual inflation rate hits 30-year high, upping pressure on Bank of Canada
January 19, 2022 by Jordan Press - THE CANADIAN PRESSOTTAWA – Headline inflation in Canada hit a 30-year high at the end 2021 with warnings from economists that the pace of price increases could rise even higher and stirring expectations of a central bank response before the month is…
Signs for optimism in the condo insurance market?
January 18, 2022 by Jason ContantCondo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and…
Six ways insurers can reduce ransomware risk
January 18, 2022 by Erin KenneallyCyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct…
Claims costs keep rising for B.C. catastrophes
January 18, 2022 by Jason ContantBritish Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims…