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economy

Magnifying glass looking at interest rates
News InsuranceMarkets / Coverages

Bank of Canada holds key interest rate, signals shift toward rate cut talks

January 25, 2024 Nojoud Al Mallees – The Canadian Press

The Bank of Canada is turning its attention to when it may be able to start cutting interest rates, governor Tiff Macklem said Wednesday as he announced the central bank’s decision to hold its key rate at five per cent.

The Bank of Canada building in Ottawa
News Earnings / RatingsInsurance

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

December 7, 2023 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

Declining interest rates
News Earnings / RatingsInsuranceMarkets / Coverages

Fighting inflation half-heartedly would be ‘huge mistake,’ Bank of Canada warns

November 22, 2023 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation

Percentage sign and bull financial markets
News Earnings / RatingsEmploymentInsuranceMarkets / Coverages

Weakening economy convinces BoC to hold key rate, but door to more hikes stays open

September 6, 2023 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,

Businessman looking up at a graphic of the market and rising interest rates
News Earnings / RatingsInsurance

Will the Bank of Canada raise interest rates again?

May 31, 2023 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Canadian economy grew faster than expected in the first three months of the year and likely expanded again in April, fuelling speculation that the Bank of Canada will raise interest rates again. Statistics Canada reported Wednesday real

Older business person with empty wallet can't afford insurance
News BrokersCommercial LinesInsuranceMarkets / CoveragesRisk

Tips for advising commercial clients during economic downturns

May 9, 2023 Alyssa Di Sabatino

Inflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”

Cargo containers at a port in Vancouver
News Commercial LinesInsuranceMarkets / Coverages

Vancouver port traffic dips in 2022, hinting at economic slowdown to come

May 3, 2023 Christopher Reynolds - THE CANADIAN PRESS

MONTREAL – Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown. Though grain and fertilizer exports surged in the second half of 2022, the gains

Economic downturn and recovery
News EmploymentInsuranceMarkets / Coverages

Auto insurers take note: Why this economic downturn is so unusual 

April 25, 2023 by Jason Contant

Canada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week.  “Anybody here who

Canadian flag and economic downturn
News Earnings / RatingsInsuranceMarkets / CoveragesRisk

Is Canada still heading toward a recession?

April 21, 2023 by Jason Contant

Canada will likely not experience a recession in the traditional sense but rather a ‘shallow downturn,’ BMO Financial Group’s chief economist Douglas Porter said at an industry event Thursday. “I’m reluctant to call what we’re looking at in Canada a

Canada braces for an economic downturn
News BrokersCommercial LinesInsurance

Brokers braced for tough conversations when the economy slips

April 14, 2023 Alyssa Di Sabatino

Most economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may

Canadian economy heading into a mild recession, Deloitte says
News Earnings / RatingsInsuranceRisk

Canada heading into ‘mild recession,’ Deloitte report suggests

March 28, 2023 The Canadian Press

OTTAWA – New research says Canada is heading into a mild recession as elevated borrowing costs, a downturn in the U.S. and persistent inflation dial up the country’s economic uncertainty. Deloitte Canada’s latest economic outlook, released ahead of the federal

Possible recession in 2023
News InsuranceRisk

Provinces to see limited growth this year but protracted recession unlikely: Report  

February 28, 2023 Brett Bundale - THE CANADIAN PRESS

Canada’s provinces are poised for limited economic activity and sluggish growth for the rest of the year and into 2024, but the risk of a drawn-out recession is increasingly unlikely, according to a report released Tuesday.   The latest provincial