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Bank of Canada holds its key interest rate steady at 5% in final decision of 2023

December 7, 2023 by The Canadian Press

OTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing

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Where P&C experts stand with their economic outlooks

December 1, 2023 by Alyssa DiSabatino

Economic uncertainty is abound in the P&C industry, and that means companies should take extra care to properly price their exposures, experts said during a Canadian Underwriter webinar last Wednesday. And those on the ground are feeling the precariousness as much

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How the industry is using GenAI

October 13, 2023 by Jason Contant

Canadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.

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Why RIBO is updating its entry level broker exam

October 6, 2023 by Alyssa DiSabatino

Registered Insurance Brokers of Ontario (RIBO) is enhancing the standards for becoming a licensed insurance broker in Ontario by making changes to its entry-level exam. The move is part of the regulator’s ongoing efforts to ensure new brokers better understand

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4 ways to make return-to-work a success 

October 3, 2023 by Jason Contant

Trying to figure out how best to get your employees back to the office? Instead of issuing blanket return-to-office policies, managers should co-create ways of working with their teams, said a blog from Harvard Business Review.  Companies continue to struggle

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MPI employees’ strike: Where it stands

September 28, 2023 by Jason Contant

Manitoba Public Insurance (MPI) and the Manitoba Government and General Employees’ Union (MGEU) remain at an impasse following a five-week-long labour strike and four days of conciliator-led discussions.  MPI presented what it said was its “significantly enhanced” final offer to

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AI won’t take your insurance job. Here’s what it’ll do instead

September 28, 2023 by Alyssa DiSabatino

Artificial intelligence (AI) will undoubtedly change the property and casualty insurance industry, but not in the ways you might assume.  No, it’s not going to take your job. But it will make it easier, Sinead Bovell, futurist and founder of

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How ransomware claims are trending

September 20, 2023 by Jason Contant

Ransomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter.  “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said

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M&A predictions for second half of 2023

August 28, 2023 by Alyssa DiSabatino

M&A deals dropped globally in the first half of 2023, but are expected to rebound after a brief lull, said global law firm Clyde and Co.  Ever-changing market cycles, geopolitical uncertainty and general economic volatility has meant an uncertain growth

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Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or

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Auto sales up 8% in July for ninth month of growth

August 3, 2023 by The Canadian Press

RICHMOND HILL, Ont. – DesRosiers Automotive Consultants Inc. says auto sales growth continued in July but at a slower pace than recent months. The consultancy firm says total light vehicle sales for the month were up eight per cent from

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The P&C benefits firm buying frenzy continues

July 31, 2023 by Alyssa DiSabatino

Acera Insurance Services Ltd. is merging with Prizm Financial Inc. to expand its benefits division.  The deal follows an ongoing trend of P&C firms expanding their offerings into the financial services realm by becoming one-stop shop for their commercial and