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Looking to the future News Insurance

Industry’s 2022 results won’t be as good as 2021, Definity CEO predicts 

May 13, 2022 by Jason Contant

Definity Financial Corporation president and CEO Rowan Saunders doesn’t expect the Canadian P&C insurance industry’s return on equity to remain as elevated as it was last year.  In 2021, the industry’s ROE hit 17%. The industry also recorded the lowest-ever…

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Ontario Liberals eye auto insurance rates and towing sector

May 13, 2022 by Philip Porado

Ontario Liberals want to bring down auto insurance rates but not via percentage targets, as envisioned by the New Democrats. “We will also work tirelessly to bring down auto insurance rates,” said Ontario Liberal Party press secretary Andrea Ernesaks. She noted that will…

Hay River's Louise Falls in the Northwest Territories News Insurance

Heavy flooding forces residents of Northwest Territories town from their homes

May 13, 2022 by The Canadian Press

HAY RIVER, N.W.T. – About 3,500 residents have been ordered to evacuate a town in the Northwest Territories as volatile water levels never before experienced in some areas cause extensive flooding and damage. People in Hay River, on the south…

Smiling young businesspeople talking during a video conference call News Insurance

How to attract and retain young workers post-pandemic

May 12, 2022 by Jason Contant

As more employees in the Canadian P&C industry retire and the industry continues to face a talent crunch, some are looking to young workers to fill the gap. New research from the University of Massachusetts Amherst shows that the social…

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Where have all the good underwriters gone?

May 12, 2022 by Gloria Cilliers

For years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…

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Appeal Court green-lights key feature of B.C.’s no-fault auto reform

May 12, 2022 by David Gambrill

A central pillar of the B.C. government’s auto insurance reform — that the province’s Civil Rules Tribunal (CRT) has exclusive jurisdiction to determine minor injuries below $50,000, and not the courts — has been found constitutional by the B.C. Appeal…

Woman wearing waterproof boots standing in a flood home News Insurance

Emergency alerts remain: Floodwater on Metis settlement receding

May 12, 2022 by The Canadian Press

PADDLE PRAIRIE METIS SETTLEMENT – The chief administrative officer of a Metis settlement in northwestern Alberta says its members are feeling scared as floodwater that was up to the knees a few days ago recedes, exposing the damage left behind.…

An insurance policy is pictured laying on a desk with black framed glasses and a magnifying glass atop it. News BrokersInsuranceLegalLegislation / Regulation

What CISRO’s conduct principles mean for brokers

May 12, 2022 by Alyssa DiSabatino

Canadian Insurance Services Regulatory Organizations (CISRO) has recently published the Principles of Conduct for Insurance Intermediaries, intended to help ensure the fair treatment of P&C consumers — and the Ontario regulator predicts broker compliance will be high.   Many of…

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4 insurance industry trends to watch

May 11, 2022 by Tara Kelly

In this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…

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What auto insurers need to deny coverage based on alleged suicide attempt

May 11, 2022 by David Gambrill

Editor’s Note: This article has been corrected so that all incorrect references to Unica have been replaced with correct references to Optium. Canadian Underwriter apologizes for the error.   If an insurer wishes to deny auto coverage to an injured…

Closeup image of a woman holding and showing wooden house model and car figure model News Insurance

What Intact expects from personal and commercial lines

May 11, 2022 by Alyssa DiSabatino

Now that pandemic restrictions have lifted, Intact expects to see muted growth in its personal auto and property lines, while commercial lines is positioned for a better performance, the CEO of Intact Financial Corporation said at Intact’s 2022 Q1 results…

Andrea Horwath making a policy announcement in Brampton, Ont. News Insurance

NDP auto platform: 40% rate cut, frozen rate increases, and a Fair Pricing Commission

May 11, 2022 by Jason Contant

Ontario NDP Leader Andrea Horwath has proposed to lower auto insurance rates by 40% and investigate a “new system” for auto insurance that could include a public or partially public system.  Horwath says if she is elected premier in the…