Nova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…
The industry is one step closer to getting updated flood maps, and a new national flood insurance program to protect homeowners in high-risk flood zones is in the works, says Canada’s public safety minister. Flood maps are being developed in…
Insured damage for severe weather events across Canada reached $2.1 billion again last year, and $2-billion annual Cat losses are quickly becoming the new normal, according to Catastrophe Indices and Quantification Inc. (CatIQ). This is a steep incline compared…
Wednesday’s Liberal election promise answers a call from Canada’s property and casualty insurance industry for a national standard for scoring properties on their resilience to weather-related disasters. In a speech in British Columbia Wednesday, Prime Minister Justin Trudeau promised a…
Terri O’Brien, a former vice president at TD Bank, is now CEO of Équité Association, the anti-fraud organization announced Monday. Équité Association is a new organization that integrates Canadian National Insurance Crime Services (CANATICS) and the IBC’s investigative services division.…
The increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire…
If you take a deep dive into the real cost to Canadians of insured major natural disasters, even though the methodology changed around 2008, it still shows a long-term trend of claims cost increases over nearly 40 years, industry experts…
If the Liberals return to power this fall in British Columbia after a three-year hiatus, and if they keep their election promises, the province’s auto insurance system may look similar to the auto insurance systems in both Quebec and Saskatchewan,…
A special pool, in which high-risk properties would have caps or subsidies on premiums for flood insurance, remains a possibility in Canada, and the industry should have a much better idea this fall of what the government plans to do,…
After a sharp drop, people are starting to feel a bit more positive towards the insurance industry. As the COVID-19 pandemic grew, the insurance industry’s image as a whole suffered. But, says a recent report, things are trending upwards once…
Collaboration within the Canadian P&C insurance industry is key to fighting fraud, but this is tricky because of data sharing and privacy concerns. Fraud concerns have become more pronounced during the novel coronavirus pandemic. P&C industry experts have warned that…
Four vehicles were reported stolen to separate insurers, from the same driveway, on the same night in Brampton, Ont. This is just one example of alleged fraud identified shortly after the onset of the COVID-19 pandemic, the Insurance Bureau of…