Canadian Underwriter

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IBC

Sales tax papers on the office table
News Insurance

What IBC likes and dislikes about removing sales tax on home insurance

April 14, 2022 by Jason Contant

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

Water rushes through hydroelectric dam. A forest and mountains can be seen in the distance.
News Climate ChangeInsuranceRisk

New twist on underwriting flood risk: human-altered stream flows

March 11, 2022 by Alyssa DiSabatino

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

Hand holding a pen and signing a contract. A red car is pictured in the background.
News Insurance

What FSRA’s changes to auto termination notices mean for insurers

January 18, 2022 by Alyssa DiSabatino

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

News Catastrophes

The insured damage cost of December’s windstorm in eastern Canada

January 13, 2022 by Alyssa DiSabatino

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

Damage caused by heavy rains and mudslides is pictured along the Coquihalla Highway near Hope, B.C.
News Insurance

Why the B.C. floods had less insured damages than the Calgary flood

January 5, 2022 by Alyssa DiSabatino

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

News Insurance

Here are the latest trends in insurance fraud

December 8, 2021 by Jason Contant

“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,

News Insurance

What’s on Insurance Bureau of Canada’s agenda?

November 23, 2021 by Jason Contant

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

News Insurance

Regulatory changes to foreign entities operating in Canada

November 10, 2021 by Jason Contant

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

News Insurance

Where the industry stands with OSFI’s redrafted reinsurance rules

November 4, 2021 by Jason Contant

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

News Insurance

The good and bad news for commercial insurance

October 1, 2021 by Jason Contant

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

News Insurance

Small businesses continue to be hard-hit by rising premiums this year, CFIB reports

September 24, 2021 by Jason Contant

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,

News Insurance

IBC elects Allstate Canada president and CEO to lead its board

June 16, 2021 by Jason Contant

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