Topic Insurers
How to lie to your auto insurer and not repay your benefits
April 11, 2022 by David GambrillA claimant who lied to TD Insurance about an acquaintance being present with her in a car crash so that her acquaintance could collect accident benefits does not have to repay her own benefits because of the misrepresentation, Ontario’s License…
How the federal budget impacts P&C insurers
April 8, 2022 by Philip Porado, with files from Melissa Shin and Rudy MezzettaAs expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
How auto could be the force that eats into Canadian insurers’ results
April 8, 2022 by David GambrillWith ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid…
What Canadians can expect of future hurricane seasons
April 7, 2022 by David GambrillAtlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
P&C industry’s input on coastal protection
April 6, 2022 by Alyssa DiSabatinoNova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…
Key challenges facing your construction industry clients
April 6, 2022 by Jason ContantAn ongoing labour shortage, exacerbated by the COVID-19 pandemic, is one of the key issues facing the construction industry in general, says the head of risk control with Travelers Canada. “I think the biggest prolonged challenge that comes around, seems…
Why these four P&C rating factors may be racially biased
April 5, 2022 by Alyssa DiSabatinoFour commonly used rating factors in personal lines insurance — credit-based insurance scores, geographic location, homeownership, and motor vehicle records — may be affected by racially biased policies and practices, a new research paper finds. Research by the Casualty Actuarial…
Exiting the commercial hard market may be prolonged: Insurers
April 5, 2022 by David GambrillCanada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 by Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Insurers winning court battles to enforce pandemic BI arbitration
April 4, 2022 by David GambrillQuebec insurers with arbitration clauses written into their business interruption policies are winning battles to have pandemic BI class action suits go through arbitration rather than through the courts. Both of law firm Clyde & Co.’s Top 2 cases of…
Businesses bracing for high inflation to stick around over next two years: survey
April 4, 2022 by Adena Ali - THE CANADIAN PRESSThe Bank of Canada said Monday that Canadian businesses expect average inflation to remain elevated over the next two years, but see interest rate moves and better supply chains cooling things off longer term. The central bank’s latest Business Outlook…