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IBC
IBC applauds B.C.’s investment in emergency preparedness
February 17, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has given the thumbs up to the Government of British Columbia’s plan to invest tens of millions of dollars to make communities more resilient and protect them from the impact of severe weather. “We are…
New IBC flood model shows 1.8 million Canadian households at ‘very high risk’
February 2, 2016 Greg Meckbach, Associate EditorInsurance Bureau of Canada now has flood maps that lets the bureau “assess flood risk right down to the residential level for both fluvial and pluvial flooding,” an IBC official told insurance professionals Monday. RELX Group plc’s LexisNexis Risk Solutions…
IBC anticipates more rate reductions from Ontario auto insurers
January 28, 2016 Greg Meckbach, Associate EditorThe average auto insurance premium in Ontario is 7% lower than it was nearly three years ago – when Ontario’s ruling Liberals pledged to cut auto rates by 15% over two years – and an Insurance Bureau of Canada official…
IBC assists joint police forces in stopping international car theft ring
December 11, 2015 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) announced on Friday that it has helped assist joint police forces in thwarting an international car theft ring. “Today, after months of investigative work, police have announced the arrest of close to 20 individuals…
IBC study estimates future costs of specific severe weather events stemming from climate change
December 10, 2015 by Canadian UnderwriterCanadian communities need to adapt to avoid the projected increasing costs due to climate change, according to a study released on Wednesday by the Insurance Bureau of Canada (IBC). The Economic Impacts of the Weather Effects of Climate Change, released…
Cargo theft program launches in Western Canada
December 8, 2015 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC), along with law enforcement and provincial trucking associations in British Columbia, Alberta, Saskatchewan and Manitoba, announced on Tuesday that the “highly successful” cargo theft reporting program currently operating in Eastern Canada is expanding to…
Supreme Court CIBC ruling ‘generally a good development’ for D&O insurers: IBC
December 7, 2015 by Canadian UnderwriterA recent Supreme Court of Canada decision, on the interpretation of Ontario’s Securities Act, is “generally a good development” for directors’ and officers’ liability insurers, a lawyer representing Insurance Bureau of Canada suggested Monday, despite that fact that the court…
Three-year limitation period suspended in shareholders’ misrepresentation lawsuit against bank: Supreme Court of Canada
December 4, 2015 by Canadian UnderwriterIn a case involving an Ontario law in which directors’ and officers’ liability insurers are said to have a “critical and unique interest,” the Supreme Court of Canada announced Friday it is allowing a class action lawsuit against the Canadian…
Cargo theft reporting program to launch in Western Canada
December 4, 2015 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC), police services and the Alberta Motor Transport Association (AMTA) will discuss the expansion of the cargo theft reporting program to Western Canada on Tuesday in Edmonton. The program will help raise awareness of and…
Ontario MPP Tim Hudak calls on provincial finance minister to clear way for ridesharing insurance
December 3, 2015 by Canadian UnderwriterNiagara West-Glanbrook MPP Tim Hudak has called on Ontario Finance Minister Charles Sousa to develop “affordable, comprehensive insurance” specific to ridesharing services like Uber. Hudak’s private member’s bill, Opportunity in the Sharing Economy Act, which creates provincial legislation around ridesharing,…
Insurance Bureau of Canada, LexisNexis Risk Solutions and other partners contribute to national flood program
November 26, 2015 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) and other partners are collaborating on a national flood program to be led by the private sector. The new flood maps and supporting data, developed in partnership with LexisNexis Risk Solutions, JBA Risk Management,…
Panel appointed by Ontario Ministry of Finance recommends creation of new regulatory agency
November 5, 2015 by Canadian UnderwriterA panel appointed by the Ontario Ministry of Finance has recommended the creation of a new regulatory agency to operate as an “integrated regulator of financial services with distinct market conduct, pensions and prudential regulatory functions; operating independently of each…