Topic Loss Trends
Omicron variant raises uncertainty as companies downgrade forecasts
February 1, 2022 by Christopher Reynolds - THE CANADIAN PRESSThe highly transmissible Omicron variant has prompted companies in the manufacturing and resource sectors to downgrade their earnings forecasts amid ongoing uncertainty linked to the COVID-19 pandemic. Cascades Inc., the Quebec-based packaging and tissue company, said Monday it expects fourth-quarter…
Why did auto insurance rates go up in some Ontario communities?
January 31, 2022 by Jason ContantWhile auto insurance premiums across Ontario dropped an average of 3.8% last year from 2020, certain areas saw single- or double-digit increases, according to a recent report from rate aggregator Ratesdotca. The cities of Nobleton, Schomberg, Orangeville and King City,…
Bank of Canada keeps key interest rate target on hold, but warns of looming hikes
January 26, 2022 by Jordan Press - THE CANADIAN PRESSOTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won’t stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020…
Annual inflation rate hits 30-year high, upping pressure on Bank of Canada
January 19, 2022 by Jordan Press - THE CANADIAN PRESSOTTAWA – Headline inflation in Canada hit a 30-year high at the end 2021 with warnings from economists that the pace of price increases could rise even higher and stirring expectations of a central bank response before the month is…
Signs for optimism in the condo insurance market?
January 18, 2022 by Jason ContantCondo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and…
Claims costs keep rising for B.C. catastrophes
January 18, 2022 by Jason ContantBritish Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims…
What Intact paid for Cats last quarter
January 12, 2022 by Jason ContantIntact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…
What Canadian insurers paid for reinsurance in Jan. renewals
January 5, 2022 by David GambrillReinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those…
Strata owner not liable for common-area water damage
December 14, 2021 by Greg MeckbachA strata corporation can’t recover $25,000 towards water damage repairs originating from a unit owner’s broken toilet water supply line, the British Columba civil resolution tribunal has ruled. On June 23, 2019, water leaked out of a strata lot. The…
B.C. flooding is the costliest severe weather event in province’s history
December 10, 2021 by Jason ContantIt’s official — the massive flooding in southern British Columbia is the costliest severe weather event in the province’s history. In a press release issued late Thursday by Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. (CatIQ) said…
Why pollution liability brokers should pay attention to this auditor general report
December 9, 2021 by Greg MeckbachThe Ontario government should re-visit a rule that leaves polluters off the hook for hazardous spills that cost less than $10,000 to clean up, the province’s auditor general suggests. In 2016, the Ontario environment ministry [now called the Ministry of…
Bank of Canada keeps key interest rate target on hold at 0.25%
December 8, 2021 by Jordan Press - THE CANADIAN PRESSOTTAWA – Canada’s central bank has sent a warning that increases in the cost of living would continue into next year, but signalled it wasn’t yet prepared to pull its key lever to rein in inflation. The annual pace of inflation in…