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Why the B.C. floods had less insured damages than the Calgary flood
January 5, 2022 by Alyssa DiSabatinoBritish 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…
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,…
What’s on Insurance Bureau of Canada’s agenda?
November 23, 2021 by Jason ContantDigitization 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…
Regulatory changes to foreign entities operating in Canada
November 10, 2021 by Jason ContantForeign 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…
Where the industry stands with OSFI’s redrafted reinsurance rules
November 4, 2021 by Jason ContantWhen 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…
The good and bad news for commercial insurance
October 1, 2021 by Jason ContantThere’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…
Small businesses continue to be hard-hit by rising premiums this year, CFIB reports
September 24, 2021 by Jason ContantInsurance 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,…
IBC elects Allstate Canada president and CEO to lead its board
June 16, 2021 by Jason ContantRyan 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…
What insurers are paying to deliver IFRS 17: Is there any bang for the buck?
June 9, 2021 by Jason ContantThe majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson. The cost of implementation for Canadian P&C insurers…
How IBC proposes fighting insurance fraud in the trucking sector
May 31, 2021 by Jason ContantProvincial governments should implement a database to verify the validity of a trucking carrier’s insurance as one way of helping to identify fraud in the sector, Insurance Bureau of Canada (IBC) is recommending. At the time of policy renewals, insurers…
How insurers are faring as IFRS 17 transition looms
April 29, 2021 by Jason ContantAs the transition date for the new insurance accounting standard IFRS 17 approaches in January 2022, insurers are split on whether or not to use dedicated staff for implementation. A recent study of about 25 insurance clients of PwC found…
Where insurers stand on OSFI’s reinsurance rules
April 28, 2021 by Jason ContantAlthough proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take…