Topic Insurers
COVID’s effect on Canadian auto and property rates
April 22, 2021 by Jason ContantEndorsements to auto policies as a result of changing driving habits from COVID-19 are resulting in average premium rate renewal decreases across most of the country, according to Applied Systems’ latest rating index report. Personal property rates, on the other…
Ontario judge urges legislature to deal with insurance fraud
April 22, 2021 by David GambrillAn Ontario judge has taken the rare approach in a sentencing decision to urge the provincial government to take steps to prevent future instances of insurance fraud. Ontario Court Justice David S. Rose made the obitur remarks in his written…
Why insurance overseer won’t regulate MGAs or fintechs just yet
April 22, 2021 by Greg MeckbachOntario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial…
Insurers seek federal grants for homeowners to improve basement flood protection
April 21, 2021 by Greg MeckbachThe industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide…
Will the need for social interaction make the hybrid office a passing fad?
April 21, 2021 by David GambrillWhile many Canadian employees wish to return to a hybrid office — some adamantly so, according to a recent survey by human resources firm Robert Half — some believe the “fear of missing out” on the opportunity to socialize with…
Bank of Canada keeps rate on hold, sees brighter economic outlook
April 21, 2021 by Jordan Press - THE CANADIAN PRESSOTTAWA – The Bank of Canada is keeping its key interest rate target on hold as it raises its outlook for economic growth this year. The key rate remains at 0.25 per cent where it has held steady for more…
What the court said when property owners refused to submit a Final Proof of Loss
April 20, 2021 by David GambrillWestland Insurance Company was within its rights to assume a contentious, two-year insurance claim had been resolved when two Victoria, B.C., property owners refused to submit a “Final Proof of Loss” form that had been filled out for them to…
Watch out insurers: You’re in the crosshairs of a new form of cyberattack
April 20, 2021 by Adam MalikInsurance companies are in the crosshairs of a new set of cyberattacks, prompting a cyber leader to ring alarm bells for Canadian insurers. The vulnerability lies in the P&C industry wanting to make life easier for consumers, explained Matt Cullina,…
How the feds’ budget benefits the P&C industry
April 20, 2021 by Greg MeckbachInsurers are hoping it will be easier for homeowners to borrow money to raise their structures in areas at risk of flood or to replace roofs in wildfire-prone regions as a result of the federal budget announced Monday. In her…
Appeal Court adds new twist to court battle over auto reforms
April 19, 2021 by David GambrillB.C.’s Court of Appeal has temporarily suspended parts of a recent decision by the B.C. Supreme Court, which found that it is unconstitutional for the province’s Civil Resolution Tribunal (CRT) to determine minor injuries and decide claims of up to…
How to engage your staff in a hybrid office
April 19, 2021 by Adam MalikKeeping staff engaged and stimulated when life returns to something resembling the old normal will be a top challenge for property and casualty insurance industry leaders, experts say. After the COVID-19 pandemic, the Canadian P&C industry is expected to implement…
Can insurtechs match the financial performance of traditional carriers?
April 19, 2021 by Greg MeckbachLemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc.…