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Statistics Canada says real GDP contracted by 0.1% in August

October 31, 2017 Craig Wong - THE CANADIAN PRESS

OTTAWA – The Canadian economy hit reverse in August, its first monthly pullback since October last year. “The amazing run of amazing Canadian economic data is officially over, with growth coming back to reality in a hurry,” Bank of Montreal

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Bank of Canada holds rate, suggests more hikes likely at more cautious pace

October 25, 2017 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The Bank of Canada left its benchmark interest rate unchanged Wednesday following two straight hikes, but suggested future increases are still likely, albeit at a more-gradual pace. In its scheduled announcement, the central bank said it held off

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Economic growth blows past expectations in May, powered by energy industry

July 28, 2017 Craig Wong - THE CANADIAN PRESS

OTTAWA – Economic growth in the country blew past expectations in May, powered by the energy sector, raising expectations that the Bank of Canada will raise interest rates again this fall. Statistics Canada said Friday that real gross domestic product

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Bank of Canada raises interest rate to 0.75% from 0.5%

July 13, 2017 by Canadian Underwriter

The Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the

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CIBC economist tells insurers how investment returns could be affected by ‘things that go Trump in the night’

April 26, 2017 Greg Meckbach, Associate Editor

Interest rates in Canada are predicted to stay “very low by historic standards” through the end of 2019, an economist recently told insurance professionals, while a “movement against globalization” is a concern for one of Canada’s largest carriers. Avery Shenfeld,

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Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

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Global economy to post best performance in three years, Canadian growth to accelerate over next two years: Scotiabank

January 17, 2017 by Canadian Underwriter

The global economy is projected to post its best performance this year since 2014, while growth in Canada in expected to accelerate over the next two years, according to Scotiabank’s Global Outlook, published on Tuesday. While geopolitical risks abound, recent

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Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe

December 20, 2016 by Canadian Underwriter

Europe’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance

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Canadian P&C outlook stable, driven by good demand, strong underwriting discipline and solid balance sheets: Moody’s

December 13, 2016 by Canadian Underwriter

The outlook for the Canadian property and casualty (P&C) industry is stable, driven by good demand, strong underwriting discipline and solid balance sheets, Moody’s Investors Service said in a report released on Monday. However, despite the stable outlook, these trends

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Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron

November 22, 2016 by Canadian Underwriter

Preparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to

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$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report

November 15, 2016 by Canadian Underwriter

About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural

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Bank of Canada maintains interest rate at 0.5%

October 19, 2016 by Canadian Underwriter

The Bank of Canada announced on Wednesday that it is maintaining its interest rate target at 0.5%, while downgrading its growth outlook for the country. The central bank expects Canada’s real gross domestic product (GDP) to grow by 1.1% in