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Should PACICC purchase reinsurance?

January 13, 2022 by Jason Contant

Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found…

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Expert panel says Canada needs to ‘up its game’ on climate data to better adapt

January 13, 2022 by Mia Rabson - THE CANADIAN PRESS

OTTAWA – A new report suggests Canada is not doing enough to adapt to and prevent the effects of climate change and is lacking the critical data it needs to do so.   “I mean, 2021 has really now been a…

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What Intact paid for Cats last quarter

January 12, 2022 by Jason Contant

Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…

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Court gets tough in $10-million “emotional distress” case

January 12, 2022 by David Gambrill

Canadian courts are starting to get tough on potentially vexatious claimants, including insurance claimants, as seen in a Jan. 7 decision by the Court of Queen’s Bench in Alberta. In Sun v. Allwest Insurance Services, the Alberta court referred to…

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How Alberta’s new captives act will benefit oil and gas companies

January 12, 2022 by Philip Porado

Alberta could become Canada’s answer to Barbados, with the passage of a new law allowing captive insurance companies in the province. Bill 76, which received royal assent, will make Alberta the second Canadian province where captive insurance companies can domicile.…

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Westland’s M&A war chest expands

January 12, 2022 by Alyssa DiSabatino

Westland Insurance Group Ltd., a property and casualty insurance brokerage, has expanded its war chest for mergers and acquisitions, thanks to its partnership with asset manager Blackstone Credit.  Blackstone will be investing an additional $250 million towards Westland’s growth, the…

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Truckers say vaccine requirement for crossing border will exact economic toll

January 12, 2022 by Christopher Reynolds - THE CANADIAN PRESS

MONTREAL – Truckers are warning that a Jan. 15 deadline requiring them to be vaccinated in order to enter Canada will put additional strain on supply chains amid the latest COVID-19 surge and severe worker shortages. As of Saturday, truck…

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Intellectual property insurance can help smaller firms fight competitor lawsuits

January 11, 2022 by Maddi Brown, CFC Underwriting

A shift toward remote work has led businesses of all sizes to focus on the importance of their intellectual property (IP). There is more IP in existence today than ever, and in more areas as companies look for ways to…

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Auto insurer issues third COVID rebate

January 11, 2022 by Jason Contant

Manitoba Public Insurance (MPI) is issuing its third COVID-19 auto insurance rebate in less than two years. The latest rebate totalling $312 million equals about $328 on an average private passenger policy, MPI said in a press release Dec. 30,…

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How many Canadian renters lack tenant insurance?

January 11, 2022 by Alyssa DiSabatino

Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs.…

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Canadian insured Cat losses exceed $2 billion — again

January 11, 2022 by Jason Contant

Canadian insured losses topped $2 billion for the second year in a row, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses,…

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Cannabis impaired driving: Here’s what we know about the risks of weed behind the wheel

January 11, 2022 by The Canadian Press

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site.   Authors: Dina Gaid, Post-doctoral fellow, School of Pharmacy, Memorial University of…