Red cars are more expensive to insure, right? Wrong. Yet, according to a 2019 Ratehub survey, roughly 22% of respondents thought car colour had an impact on insurance rates. Several insurer and brokerage websites have blog posts titled What New…
An increase in extreme weather events may threaten the availability of property insurance in Canada, warns DBRS Morningstar in a new report. The rating agency said that Canadian property and casualty (P&C) insurers have, so far, proven resilient in the…
Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,…
A recent Court of Appeal for Ontario ruling, in favour of commercial property insurer FM Global, could be good news for insurers facing pandemic business interruption claims but the decision may also be reviewed by the Supreme Court of Canada,…
Learning how to “speak IFRS 17” will be an essential skill for insurers for both ongoing effective governance and communicating business performance to stakeholders, a partner at PwC Canada said. The changes in the upcoming insurance accounting standard can significantly…
The Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,…
Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our…
Rising condo insurance premiums will continue at least through the first two quarters of 2022, according to LowestRates.ca’s latest Home Insurance Price Index. Condo insurance premiums are continuing to rise in Canada, sustaining a years-long increase, the rate comparison site…
Canadian auto insurers saw both an increase in auto premiums and an improvement in their loss ratios in 2020, according to research from A.M. Best Company Inc. “Less miles driven translates into less frequency in auto losses,” A.M. Best director…
An Ontario manufacturer shuts down its factory for several weeks in the early stages of the COVID-19 pandemic. Factory managers re-configure the facility to allow workers to socially distance. Can that manufacturer get business insurance coverage if its policy wording…
Canada’s Top 5 property and casualty insurers control nearly half the market, with the largest increasing their market share further, an A.M. Best Company analyst said Wednesday. About two-thirds of direct premiums written, in Canadian P&C insurance, are controlled by…
By 2022, 2.85 million small drones will be flying the friendly skies, according to projections by the Federal Aviation Administration. Our numbers are nowhere near as high. According to Transport Canada, as of Aug. 31, 63,200 drones were registered in…