Aviva Canada said it’s invested in OneClose Inc., a technology company that provides a financial solution to help owners of newly built condos save on what are called ‘interim occupancy fees.’ “Consumers who buy a newly built condo in Ontario face a…
Intact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses. The 119.2% combined ratio in Intact’s personal property…
Newfoundland and Labrador’s provincial government has announced it will permanently remove the 15% retail sales tax (RST) on personal property insurance, a move Insurance Bureau of Canada (IBC) says aligns with its “recommended approach after months of advocacy.” The issue…
Personal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted…
Canada’s rare and deadly derecho last week seems likely to rank among the country’s Top 10 costliest insured catastrophes, Aon plc predicts. “In Canada, a rare derecho impacted densely populated metropolitan areas in Ontario and Quebec on May 21 that…
Ontario’s new innocent co-insured law does not apply retroactively to claims events that happened before the legislation was passed, the Ontario Appeal Court has ruled. The co-insured rule restricts application of insurers’ policy exclusions for criminal acts only to those…
The hard market in personal property won’t be going down anytime soon, said P&C experts in a Canadian Underwriter webinar on Jan. 25. “It’s going to be an interesting time in personal property over the next number of years, particularly looking…
Personal auto premium average dropped 2.7% in 2021’s third quarter compared with the same period a year ago but rose 9.4% when compared to second quarter 2021, according to the latest Applied Rating Index, which reports Canada-wide personal auto and…
Average personal auto premium renewal rates in Canada continued their downward trend in the second quarter of 2021, while personal property (homeowners) renewal rates remained up over the same period, according to Applied Systems’ latest premium rate index. In Q2…
Debates about whether humans or computers are at the centre of innovative insurance products are a red herring — the best way to build an insurance product is an integrated approach using the best of what humans and machines have…
Endorsements to auto policies as a result of changing driving habits from COVID-19 are resulting in average premium rate renewal decreases across most of the country, according to Applied Systems’ latest rating index report. Personal property rates, on the other…
The hard market in home insurance is helping Canada’s largest P&C insurer make a healthy profit. But insurers need to maintain pricing discipline in personal property because weather catastrophe costs are increasing over time, suggests the chief financial officer at…