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IBC
Aviva Canada, ICLR team up for free emergency preparedness mobile app
April 26, 2016 by Canadian UnderwriterAviva Canada has partnered with the Institute for Catastrophic Loss Reduction (ICLR) for the creation of a free emergency preparedness mobile app. The free Plan & Protect app, announced on Tuesday, can be downloaded to mobile devices, where users will…
Ontario auto insurance rates drop, but still short of August 2015 target
April 25, 2016 The Canadian PressTORONTO – Auto insurance rates in Ontario have dropped about 10 per cent on average in the past couple of years, putting the Liberal government two-thirds of the way to a goal that passed eight months ago. The Liberals promised…
Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC
April 22, 2016 by Angela StelmakowichA catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General…
March storm in Ontario tops $25 million in insured damage: CatIQ estimate
April 20, 2016 by Canadian UnderwriterThe cost of insured damage caused by the ice storm that swept through southern Ontario between March 23 and 26 is estimated at more than $25 million, according to preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ…
OSFI staff ‘very actively engaged’ in international capital standard for insurers: Zelmer
April 20, 2016 Greg Meckbach, Associate EditorAn international capital standard for global systemically important insurers is “probably not going to have much of an impact on the Canadian p&c industry,” an official with the Office of the Superintendent of Financial Institutions suggested recently, but Canadian insurers…
Newfoundlanders ‘will pay the highest taxes on insurance premiums in the country,’ says IBC VP
April 19, 2016 by Canadian UnderwriterWhen a 15% retail sales tax on property and casualty insurance policies takes effect this July in Newfoundland and Labrador, that province will have the highest taxes on insurance premiums in Canada, an Insurance Bureau of Canada official suggests. The…
OSFI working on new capital guideline for mortgage insurers, amendments to guidelines for corporate boards
April 18, 2016 Greg Meckbach, Associate EditorOfficials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent…
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
Reinsurance market has ‘awful lot of choice for buyers:’ Aon Benfield Canada CEO
April 13, 2016 Greg Meckbach, Associate EditorThere has been “very little impact,” on brokers and cedents, from recent mergers and acquisitions in the reinsurance industry, a speaker suggested Wednesday at Insurance Bureau of Canada’s Financial Affairs Symposium. “I think, a little surprisingly, to date there has…
IBC congratulates police for laying charges in staged collision investigation in Ontario township
April 7, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is congratulating the York Regional Police (YRP) for laying charges in connection with an alleged staged collision in the Township of King, Ontario. Investigators with the YRP Major Collision Investigation Unit laid charges against…
IBC applauds federal government’s commitment to fighting climate change
March 23, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has applauded the federal government’s commitment to addressing climate change in its first federal budget. “The budget shows a clear and strong commitment to fighting climate change,” IBC president and CEO Don Forgeron said…
IBC president and CEO, Don Forgeron, calls for collaborative national flood program
February 25, 2016 by Canadian UnderwriterDon Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), has called for a collaborative national flood program. IBC is proposing a framework for the financial management of flood risk, with shared responsibilities for the insurance industry, all…