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Desjardins revises data theft impact numbers, says 4.2 million affected

November 1, 2019 by Julien Arsenault - THE CANADIAN PRESS

MONTREAL – The Desjardins Group data theft is much more widespread than first thought and actually hit 4.2 million members, the banking co-operative’s chief executive said Friday. Guy Cormier told a news conference the revised number – which represents the…

News AdjustersClaims CanadaInsuranceLegalLegislation / Regulation

The ‘interpretative stumbling block’ in figuring out whether off-road vehicle accidents are insured

October 31, 2019 by Greg Meckbach

Confused about whether Ontario accident benefits applies if your client has an out-of-province accident involving a dirt bike or all-terrain vehicle? The Court of Appeal for Ontario tried to address this confusion in Benson v. Belair Insurance Company. If an…

News Insurance

Court overturns bad faith award against AIG in jewellery theft claim

October 31, 2019 by David Gambrill

The Court of Appeal for Ontario has overturned a bad faith punitive award against AIG Insurance Company of Canada in a jewellery theft claim, ordering a trial to be held on the merits of the insurer’s contention that the claim…

News InsuranceLegislation / Regulation

Why ‘salesperson’ will no longer be defined in this insurance law

October 31, 2019 by Greg Meckbach

The Ontario government plans to make several changes to the Insurance Act, including the removal of the definition of “salesperson” from the law. Legislation was tabled Monday by Prabmeet Singh Sarkaria, the associate minister of small business and red tape…

News EmploymentInsurance

How to find talent from outside the P&C industry

October 31, 2019 by Adam Malik

Chances are high that you didn’t choose to work in insurance. Which means that if you are seeking new talent within the four walls of the industry, you are probably limiting your brokerage’s ability to find fresh new talent, experts…

News AdjustersLegislation / RegulationRisk

Edmonton window washing accident amid high winds under investigation

October 31, 2019 by THE CANADIAN PRESS

EDMONTON – The City of Edmonton says it’s investigating a window-washing company that was working on the capital’s tallest tower last week in windy conditions when a suspended platform smashed into the building and threw a worker over a railing.…

News InsuranceMergers and Aqcuisitions

This might drive additional insurers to demutualize

October 30, 2019 by Greg Meckbach

Mutual insurers that are concerned about their small size placing them at a competitive disadvantage could choose to follow in the footsteps of Economical and start the demutualization process, suggests an executive who is looking to invest about $500 million…

News Insurance

How the industry is mobilizing ‘small armies’ to help reduce flood risk

October 30, 2019 by Adam Malik

Intact’s Centre on Climate Adaptation is “zeroing in” on flood risk mitigation, educating professionals in other industries about flood risk so that more eyes are watching out for dangers in homes across Canada. Blair Feltmate, head of the Intact Centre…

News BrokersInsurance

How new equivalencies for Alberta broker wannabes will work

October 30, 2019 by Greg Meckbach

For Alberta brokerages, the ability to use a Chartered Insurance Professional (CIP) designation won’t necessarily make it easier for brokers to get licensed, but it will probably provide a better learning experience, officials with the Insurance Institute of Canada suggest.…

News Insurance

Canada holds interest rate while U.S. fed makes cut

October 30, 2019 by Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The Bank of Canada kept its key interest rate on hold Wednesday, leaving the country as an exception compared to other advanced economies that have begun to respond to a weakening global economy. In its explanation, the central…

News Insurance

War for talent: Does the P&C industry need reinforcements?

October 30, 2019 by David Gambrill

It’s getting ugly out there in the war for talent in Canada’s property and casualty insurance industry. Signs of strain on the industry’s existing staff resources have been reported in all segments of the industry over the past year, be…

News InsuranceLegislation / RegulationReinsurance

OSFI, industry step back from the brink on proposed new reinsurance rules

October 29, 2019 by David Gambrill

It appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office of the Superintendent of Financial Institutions (OSFI) has made it…