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Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024

April 19, 2024 by David Gambrill

Varying assumptions underlying the reporting of combined ratios by Canadian P&C insurers — a longstanding measure of company profitability — have, under IFRS-17 rules, undermined the intent of the new accounting standards, industry executives say. The issue bubbled to the…

Downtown Winnipeg, Manitoba News CatastrophesClaimsClimate ChangeInsurance

Why ICLR is heading West

April 19, 2024 by Philip Porado

As part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…

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3 strategies for improving your cybersecurity posture

April 19, 2024 by Jason Contant

Getting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday.  Three basic strategies — mitigate, separate and positive control — can…

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Report suggests little progress in first year of Alberta’s emissions reduction plan

April 19, 2024 by The Canadian Press

A survey from a clean energy think-tank says Alberta has done little to implement its plan to reduce its greenhouse gas emissions. The Pembina Institute has examined the measures included in the province’s plan released one year ago. It says…

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Feds commit $15 million to flood insurance backstop. Is it enough?

April 18, 2024 by David Gambrill

Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding. The insurance industry has been negotiating with…

Car accident News BrokersInsurance

What brokers say about Ontario DCPD opt-outs

April 18, 2024 by Alyssa Di Sabatino

Ontario brokers tell us their phones aren’t ringing off the hook with calls from drivers wanting to take advantage of the province’s new option to decline direct compensation- property damage (DCPD) coverage on their auto policies. “I actually thought that…

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City of Saint John settles $2 million claim with AIG over 2020 cyberattack

April 18, 2024 by Andrew Bates, Canadian Press

SAINT JOHN, NB — The City of Saint John says it’s settled one of two insurance claims related to a 2020 cyberattack and will be paid the “full-face value” of $2 million. At its meeting Monday, Saint John council voted…

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Hybrid brokerage/agency rebrands following merger

April 18, 2024 by Jason Contant

Quebec brokerages PMA Assurances and PMT ROY Assurances et services financiers have merged under the name Ellipse Agence en assurance de dommages inc., creating what the firm is calling the province’s largest damage insurance agency distributing Intact Insurance products exclusively.…

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What post-pandemic coverage looks like for healthcare providers

April 17, 2024 by Philip Porado

The word ‘soft’ doesn’t spring to mind when describing the current insurance market for Canada’s healthcare providers. But four years after the start of the COVID-19 pandemic, insurers are becoming more comfortable looking at, and writing, healthcare business. “We’re having…

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Wildfire clean-up continues in Enterprise, NWT

April 17, 2024 by Tom Taylor, Local Journalism Initiative Reporter, NWT News/North – The Canadian Press

Enterprise’s 2024 spring carnival was a sorely needed opportunity for celebration in a community that has been through more than most over the last few months. “It was just great fun,” said Sandra McMaster, who became the community’s new mayor…

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How auto theft is evolving

April 17, 2024 by Jason Contant

Fraudsters are adapting their methods in an attempt to fly under the claims radar, and even using artificial intelligence to create false documentation and platforms for claims handling, speakers tell the Insurance Institute’s 2024 CIP Society Symposium. Auto theft has…

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In the poly-crisis era, what are the odds of stagflation?

April 17, 2024 by David Gambrill

Often described by Canadian property and casualty risk professionals as ‘uncertain,’ ‘volatile,’ and even just plain ‘weird,’ the post-pandemic era now has a name — we’re in a poly-crisis. “Here’s a short definition of what poly-crisis means — it comes…