News
FSRA’s first non-auto P&C supervision plan to include review of MGAs
February 22, 2024 by Alyssa DiSabatinoOntario’s insurance regulator is launching a review of P&C insurers’ managing general agent (MGA) outsourcing practices as part of its first non-auto P&C supervisory plan. “Given the risks and oversight concerns involved, insurer outsourcing to P&C MGAs is a priority…
Federal government announces $15 million to combat car thefts across Canada
February 22, 2024 by The Canadian PressMONTREAL – The federal government is committing an additional $15 million over three years to fight the rise in vehicle thefts across the country. Minister of Public Safety Dominic LeBlanc made the announcement yesterday in Montreal. LeBlanc said $9 million…
Managing insurer concerns about knob-and-tube wiring
February 21, 2024 by Brian Cook, PowerCheckMost insurers see homes with knob-and-tube wiring, aluminum wiring, and 60-amp service as high-risk, which prevents clients with those systems from easily obtaining home insurance. But are wiring types and service levels really the culprits causing fires? I’ve examined electrical…
How Intact plans to approach auto pricing in 2024
February 21, 2024 by David GambrillIntact delivered a combined ratio of 94.7% in its auto insurance business in 2023, and the company expects to post a similar auto result in 2024 as well, Intact Financial Corporation CEO Charles Brindamour said today in a virtual fireside…
Air Canada chatbot error shows liability implications of AI
February 21, 2024 by Alyssa DiSabatinoAir Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute. The decision is a cautionary tale for why clients need to be sure their AI chatbots…
Warm and dry weather prompts Alberta to declare an early start to wildfire season
February 21, 2024 by The Canadian PressEDMONTON – The Alberta government has declared an early start to the 2024 wildfire season in the face of low snowpacks and forecasts of dry weather to come. Alberta Forestry and Parks Minister Todd Loewen said Tuesday the season is…
Brokers needn’t advise new Canadians to obtain a provincial driver’s licence
February 20, 2024 by David GambrillInsurance brokers in B.C. aren’t required to advise clients new to Canada that they must apply for a provincial driver’s licence within 90 days of residency in the province, B.C.’s Civil Rules Tribunal has ruled. “I find that the duty…
PE-driven M&A is slowing, despite record deals in 2023
February 20, 2024 by Alyssa DiSabatinoDespite some consolidators slowing their pace — namely, private equity firms — Canadian insurance brokerage M&A reached a record level of deals in 2023. There were 108 publicly announced deals last year, Smythe LLP, a P&C insurance advisory and consulting…
‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9% in January
February 20, 2024 by Nojoud Al Mallees – The Canadian PressOTTAWA – Canada’s inflation rate fell more than expected last month as price growth moderated across the economy, including outright price declines for gasoline, airfares and clothing. Statistics Canada reported Tuesday the annual inflation rate tumbled to 2.9 per cent…
How insurers can help manage flood risk in Indigenous communities
February 20, 2024 by Jason ContantInsurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to…
CU Poll: Ontario’s DCPD auto reform widely viewed as a flop
February 16, 2024 by David GambrillOntario’s property and casualty insurance professionals have widely panned the provincial government’s latest move to make mandatory Direct Collision Physical Damage (DCPD) coverage optional to reduce premiums. Canadian Underwriter conducted an online poll with more than 400 P&C professionals nationwide…
What’s on Dec? | Episode 12 | Hospitality trends
February 16, 2024 by Canadian UnderwriterWhat’s the risk landscape look like for your hospitality clients post-pandemic? Listen as CHES Special Risk president and CEO Gary Hirst shares insights on the hospitality sector post-pandemic. He’ll discuss how different models of food delivery can affect insurance risk,…