Topic Insurers
Proposal to mostly ban tobogganing in Oshawa, Ont. parks draws criticism
January 19, 2023 by Jordan Omstead - THE CANADIAN PRESSA proposal to ban tobogganing at all but two municipal parks in a city east of Toronto is drawing criticism from lawyers who say the plan won’t boost safety and could limit access to the popular winter pastime. But the…
Where 2022 tallies for insured damages in Canada
January 18, 2023 by Canadian Underwriter StaffSevere weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
Chief executive to leave public insurer in February
January 18, 2023 by Jason ContantInsurance Corporation of British Columbia (ICBC) president and CEO Nicolas Jiminez will be leaving his post on Feb. 3 to become president and CEO of BC Ferries, ICBC announced Tuesday. ICBC’s board of directors made the announcement in a press…
Despite inflation slowing in December, Bank of Canada still expected to hike rates
January 17, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Canada’s annual inflation rate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week. In its latest consumer price index released Tuesday, Statistics Canada said the country’s annual…
Which came first: Accident notification, or the accident benefits application forms?
January 17, 2023 by David GambrillIn a true chicken-and-egg argument, an Ontario man claimed his “reasonable explanation” for taking two years to inform his auto insurer about his injuries from a 2019 accident is because he never received the Application for Accident Benefits (OCF-1) form…
What are Canada’s major business risks for 2023?
January 17, 2023 by Alyssa DiSabatinoCyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023. The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),…
How much cargo theft rose in 2022
January 16, 2023 by Alyssa DiSabatinoCargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo…
What’s driving reinsurer underwriting margins in 2023?
January 16, 2023 by Philip PoradoUnderwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal…
Where Ontario’s 2022 fire-related deaths ranked
January 13, 2023 by Philip PoradoOntario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020…
Which risks will trouble the globe in 2023?
January 13, 2023 by Alyssa DiSabatinoThe cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023. Two years from now, experts expect the cost of living will still be the number one risk on…
Bank economists see mild recession likely ahead despite surprising resilience
January 13, 2023 by The Canadian PressTORONTO – Big bank economists say the surprisingly resilient economy is likely headed for a mild slowdown in the year ahead, but that recent events show how difficult it is to predict the future. Speaking at an Economic Club of…
How an Alberta election may impact decisions on captive insurance
January 12, 2023 by Philip PoradoCompanies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same…