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5 key trends in the Canadian P&C market, according to Aon

May 18, 2022 by Canadian Underwriter Staff

P&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively…

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New innocent co-insured law does not apply retroactively: Appeal Court

May 18, 2022 by David Gambrill

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…

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Two auto physical damage trends of concern to one insurer 

May 18, 2022 by Jason Contant

Definity Financial Corporation’s executive vice president of personal insurance is concerned about two trends in auto physical damage.  “The two areas that are of concern to us are theft and total loss, where we are seeing approximately a 25% increase…

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Crawford exec John Sharoun reflects on his 49-year-long insurance journey

May 18, 2022 by Alyssa DiSabatino

After a 49-year-long tenure in the insurance industry, John Sharoun, executive general adjuster and senior consultant at Crawford and Company Canada, is retiring on June 30, 2022.   Sharoun fell into the industry between finishing school and looking for a…

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Inflation rate up slightly in April to 6.8 per cent: Statistics Canada

May 18, 2022 by The Canadian Press

OTTAWA – The cost of nearly everything at the grocery store continued to climb higher to push the annual inflation rate up in April. Statistics Canada said Wednesday that its consumer price index for April rose 6.8 per cent compared…

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Forest fire in northeast Ontario community forces residents to evacuate

May 17, 2022 by The Canadian Press

A forest fire has forced the evacuation of residents in a community north of Sudbury, Ont.   Conservation officers and Ontario Provincial Police assisted with the precautionary evacuation of Shining Tree, Ont., residents Saturday afternoon after a forest fire broke out…

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What cottagers may overlook when it comes to seasonal insurance

May 17, 2022 by Alyssa DiSabatino

With the May long weekend just around the corner, many Canadians will be packing their bags and heading up to the cottage, but a post-pandemic surge of demand may mean a lot of cottage rentals, and some important points of…

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Stock market volatility may spike E&O claims

May 17, 2022 by Michelle Schriver

Investors are taking a turbulent ride as global stock markets correct and increasingly run the risk of entering recession territory. And, with some advisors’ clients ‘at the edge,’ that raises a red flag for errors and omissions (E&O) claims against…

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Ontario auto: Should employee benefits or auto insurers pay out first?

May 17, 2022 by Jason Contant

If the Ontario Progressive Conservative Party moves ahead with one of its proposed changes to auto insurance, it could result in increased claims costs for auto insurers, or else shift the burden more onto extended (supplementary) health insurance policies, says…

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During the ‘Great Re-shuffle,’ don’t forget the ones who stay

May 16, 2022 by David Gambrill

With people leaving all around you during ‘The Great Re-shuffle,’ the temptation may be to emphasize recruitment to backfill the people who have been lost, but industry leaders would be well-advised to instead focus on retention, according to a blog…

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Rising lumber, materials costs lead claims professionals to tweak their approach

May 16, 2022 by Philip Porado

With the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…

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What Intact’s CEO thinks of Ontario’s auto insurance budget

May 16, 2022 by Alyssa DiSabatino

Intact’s CEO Charles Brindamour said he is “quite thrilled” with some of the auto insurance reform measures contained in Ontario government’s proposed budget. Brindamour commented on the budget proposals for auto insurance reform during a Virtual Fireside Chat with RBC…