Insurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government…
Human-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say. A study by researchers at the…
Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry. Most notably, this change includes the…
The windstorm that swept across Ontario, Quebec and the Atlantic provinces between Dec. 11 and 14 caused more than $152 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The eastern Canada windstorm brought strong…
British Columbia suffered its worst flood in the province’s history in late 2021, causing approximately $450 million in insured damages, according to estimates by Catastrophe Indices and Quantification Inc. (CatIQ). Still, the insured damages pale in comparison to Canada’s costliest flood, which…
“Re-vinning” of stolen vehicles — where thieves steal a vehicle, put what appears to be a legitimate vehicle identification number (VIN) on the front dash and then sell it to an unsuspecting customer — is increasing as a fraud trend,…
Digitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to…
Foreign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event…
When the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada…
There’s good and bad news when it comes to commercial lines in the Canadian property and casualty insurance industry. The good news is there’s encouraging signs the commercial market is stabilizing, said Don Forgeron, president and CEO of Insurance Bureau…
Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,…
Ryan Michel, president and CEO of Allstate Insurance Company of Canada, has been elected chairman of Insurance Bureau of Canada (IBC)’s board of directors. Michel has more than two decades of industry experience. He is accountable for the Allstate Canada…