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IBC, Edmonton Police Service and RCMP join forces on campaign about rising auto theft rates in Edmonton

May 19, 2017 by Canadian Underwriter

The Insurance Bureau of Canada (IBC), Edmonton Police Service (EPS) and the RCMP are partnering to launch an educational campaign on rising auto theft rates in Edmonton. The campaign, titled Lock Out Auto Theft, consists of a website, social media

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Technology advances to change insurance value chain, offers chance to reboot

May 19, 2017 by Angela Stelmakowich

Technology advances will likely affect – perhaps even eliminate – some current roles in the insurance value chain, but should be regarded as an opportunity to focus more on value-added services and getting a seat at the table where new

News AssociationsInsuranceProfessional Development

IBAC accepting nominations for 2017 Dale Rempel Award of Excellence

May 18, 2017 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) is now accepting nominations for the 2017 Dale Rempel Award of Excellence. The award, named after the IBAC governor, recognizes and celebrates those who are actively involved in the professional development of property

News InsuranceLegislation / Regulation

IBC board recommends Ontario, Atlantic Canada members voluntarily align home policies to protect innocent co-insureds

May 16, 2017 by Canadian Underwriter

The Insurance Bureau of Canada’s (IBC) board of directors is recommending that IBC’s members operating in Ontario and the Atlantic provinces voluntarily align their home insurance policies with other jurisdictions when it comes to protecting “innocent co-insureds.” Current legislation in

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Too early to confirm costs from flooding in B.C., Ontario, Quebec and Maritimes: Aon

May 11, 2017 by Canadian Underwriter

Persistent recent heavy rainfall falling across several Canadian provinces has led to increasingly rising rivers, streams and lakes this week, as communities “raced to protect from water inundation,” Impact Forecasting said on Thursday in an Aon cat alert. Financial losses

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesProductsTechnology

Documents show many cities are wary of mapping flood risks, making data public

May 9, 2017 Jordan Press - THE CANADIAN PRESS

OTTAWA – When municipal officials were told last year about new tools to help them map the risk of flooding in their communities, they immediately raised red flags, suggesting they wanted no part of it over concerns about legal liability

News InsuranceLegislation / RegulationMergers and Aqcuisitions

Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation

May 9, 2017 by Canadian Underwriter

The Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.”

News CatastrophesInsuranceTechnology

Mobile earthquake simulator to visit Quebec in May and June

May 3, 2017 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is inviting Quebecers to experience the Quake Cottage, a mobile earthquake simulator, this month and next. As part of its earthquake preparedness campaign, IBC will be touring Quebec cities and shopping centres from La

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns

May 2, 2017 Greg Meckbach, Associate Editor

Insurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”

News CatastrophesInsurance

No public-private flood coverage model a ‘lift and shift directly to Canada:’ Aviva Canada reinsurance VP

April 28, 2017 Greg Meckbach, Associate Editor

Britain’s Flood Re program provides an “analogy for Canada” in insuring high-risk flood zones, while more research is needed to fully understand the economic impact of climate change, speakers suggested at Insurance Bureau of Canada’s recent Financial Affairs Symposium. Balz

News CatastrophesInsuranceMergers and Aqcuisitions

March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ

April 26, 2017 by Canadian Underwriter

A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low

News InsuranceLegislation / RegulationMergers and Aqcuisitions

‘Fresh approach’ needed for Ontario auto insurance: IBC CEO

April 25, 2017 Greg Meckbach, Associate Editor

A report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s