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What OSFI expects from insurers before IFRS 17 comes into effect

May 4, 2021 by Jason Contant

Canada’s federal solvency regulator is expecting high-quality submissions from property and casualty insurers for the last comprehensive “public quiz” before the IFRS 17 insurance accounting standard goes live on Jan. 1, 2023. Tara-Lea Herkert, director of the capital division of

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How to prevent a minor loss from turning into a huge claim

May 3, 2021 by Adam Malik

Although American inventor and Founding Father Benjamin Franklin was not referring to insurance when he penned the famous words “time is money,” today’s risk managers should take the expression to heart if they wish to reduce their companies’ claims costs.

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Fairfax takes a stand against using COVID as a reason to fire staff

May 3, 2021 by Greg Meckbach

The parent company of Northbridge Insurance took a stand against cutting staff due to the pandemic. “One of the things we did last year is we said [to the president of each Fairfax-owned insurer], ‘You cannot use COVID-19 as a

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NDP motion calls for Ontario truck insurance relief

April 30, 2021 by John G. Smith

Ontario NDP MPP Guy Bourgouin (Mushkegowuk-James Bay) has officially introduced a motion calling on the provincial government to tackle rising insurance costs faced by owner-operators. “Today is a victory for all the truckers in northern Ontario and across the province

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What P&C may find when it goes beyond its four walls

April 30, 2021 by Adam Malik

Ignoring the successes, failures and lessons learned by other industries and not applying them within the world of property and casualty insurance is a big mistake some in the industry may be making, according to a panel of experts during

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What MGA acquisitions bring to the table for Intact

April 30, 2021 by Greg Meckbach

By acquiring managing general agents, Intact Financial Corp. gets a new stream of revenue and an opportunity to grow its commercial specialty business, says the leader of Intact’s MGA operations. When Intact acquired The Guarantee Company of North America from

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How commercial premium renewal rates are trending in Canada

April 30, 2021 by Jason Contant

Canadian commercial line renewal rates increased at a slower pace across all major lines in Q1 2021 compared to one year ago, according to the latest commercial premium rate index from tech vendor Applied Systems. Overall, the magnitude of rate

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Trans Mountain pipeline operator wins fight to avoid naming its insurance companies

April 30, 2021 by The Canadian Press

CALGARY – The Canada Energy Regulator says it has decided to grant a request by the operator of the Trans Mountain pipeline to protect the identity of its insurers in its regulatory filings. In a ruling, the federal regulator says

News BrokersClaimsInsurers

Opinion: Why the specialty aviation market may soon be taking off

April 29, 2021 by Michael McEwen, HDI Global Specialty SE

Last year was challenging for aviation insurers’ customers but there are many signals that it may be wheels up towards a recovery. While there is increasing demand for regional airlines, that doesn’t mean it’s clear skies for challenges. The airline

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How insurers are faring as IFRS 17 transition looms

April 29, 2021 by Jason Contant

As the transition date for the new insurance accounting standard IFRS 17 approaches in January 2022, insurers are split on whether or not to use dedicated staff for implementation. A recent study of about 25 insurance clients of PwC found

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Why IBAC foresees a national flood insurance program

April 28, 2021 by Greg Meckbach

The recently-released federal budget gives brokers reason to be optimistic that Canada will eventually have a national flood insurance program for homeowners, the head of the Insurance Brokers Association of Canada suggests. “The commitment from the federal government is clear

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Preparing for the new work normal? Don’t move too quickly…

April 28, 2021 by Adam Malik

Deciding to shift your workforce to be more weighted towards a work-from-home environment isn’t as easy as flicking a switch for brokerages and insurance companies, P&C experts on a recent web panel warned. There needs to be real thought put