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The case for tracking your risk advice

January 19, 2022 by David Gambrill

The City of Revelstoke, B.C., has been found 35% contributorily negligent for not adhering to a recommendation contained in a 2011 risk management audit, which advised to maintain painted ‘No diving’ signs on a raft in Williamson Lake Park. “The…

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Three ways to upskill your workers 

January 19, 2022 by Jason Contant

Company leaders should constantly identify recurring themes in employee feedback and surveys, congregate that data, and then determine upskilling options for talent development, a recent blog from Harvard Business Review says.   Upskilling is a longer-term investment in augmenting the knowledge,…

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Why UBI will survive the pandemic

January 19, 2022 by Canadian Underwriter Staff

It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to…

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Canada’s 3 top business risks

January 19, 2022 by Alyssa DiSabatino

Business interruption, cyber incidents, and climate change have been dubbed the Top 3 risks facing Canadian businesses this year, according to a new report.   Although these were Canada’s Top 3 risks, Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer…

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Annual inflation rate hits 30-year high, upping pressure on Bank of Canada

January 19, 2022 by Jordan Press - THE CANADIAN PRESS

OTTAWA – Headline inflation in Canada hit a 30-year high at the end 2021 with warnings from economists that the pace of price increases could rise even higher and stirring expectations of a central bank response before the month is…

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Signs for optimism in the condo insurance market?

January 18, 2022 by Jason Contant

Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and…

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Six ways insurers can reduce ransomware risk

January 18, 2022 by Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct…

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Claims costs keep rising for B.C. catastrophes

January 18, 2022 by Jason Contant

British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims…

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What FSRA’s changes to auto termination notices mean for insurers

January 18, 2022 by Alyssa DiSabatino

Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry.   Most notably, this change includes the…

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Manitoba grand chief says $85.5M settlement for flood damage is fair

January 18, 2022 by The Canadian Press

WINNIPEG – The grand chief of the Assembly of Manitoba Chiefs says the latest court settlement for property owners affected by devastating flooding more than a decade ago is fair. The Manitoba government diverted water from the Assiniboine River to…

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Crawford’s new national TPA sales director for Canada

January 17, 2022 by David Gambrill

Crawford & Company has promoted Victoria Hanson to be its director of sales, National TPA (third party administrator) in Canada. She will report to Jeff Setterington, Crawford Canada’s vice president of sales, effective immediately. “Victoria has a strong proven track…

Miniature wooden houses lined up beside each other and red arrow above them. Represents increasing house premiums. News Insurance

Why home insurance rates are rising in 2022

January 17, 2022 by Alyssa DiSabatino

Home insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa.   The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a…