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How clients’ auto data is being breached by thieves, hackers

April 24, 2024 by Alyssa DiSabatino

Your clients’ cars store a lot of their personal data — from biometrics to driving habits, phone contacts, and more — and that can expose them to cyber-attacks. Modern cars use sensors and connected technology to make driving easier, safer…

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Brokers tell us their Number 1 challenge for 2024

April 24, 2024 by David Gambrill

Fixing the labour shortage plaguing Canada’s P&C insurance industry is officially Job 1 for the broker channel, Canadian Underwriter’s 2024 National Broker Survey shows. Failing to do that, survey respondents say, puts brokerages at risk of sustaining collateral damage in…

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Better public education needed around territorial auto rates: industry

April 23, 2024 by Alyssa DiSabatino

Insurers and governments need to work closer together to better educate consumers on why auto insurers use territorial ratings, claims experts say. In addition, governments need to invest in better supports and infrastructure so vulnerable communities aren’t disproportionately impacted by…

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Insurers to discuss ‘Plan B’ for federal earthquake insurance backstop

April 23, 2024 by David Gambrill

Canada’s property and casualty insurers are starting to discuss a ‘Plan B’ for an earthquake backstop, given the federal government’s slow progress on establishing a national flood insurance program. Insurance Bureau of Canada president and CEO Celyeste Power talked about…

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What EV accidents mean for auto insurance pricing

April 23, 2024 by Philip Porado

Fast-paced electric vehicle (EV) sales could sharply change the auto insurance pricing dynamic, says a new report from Morningstar DBRS. “More than 15 countries, including the United Kingdom, Japan, and Canada, have initiated climate policies mandating 100% zero-emission vehicle (ZEV)…

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‘Trees going up like Roman candles’ as fire season starts early in B.C., Alberta

April 23, 2024 by The Canadian Press

Susanne Langan first noticed the Burgess Creek wildfire from her home in British Columbia’s Cariboo region on Saturday afternoon as a distant, thin column of smoke. But as winds picked up that night, the flames became more aggressive. “I could…

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Are underwriters pricing for new tech in homes?

April 22, 2024 by David Gambrill

Globally, the property and casualty insurance industry may be underestimating the vulnerability of property that uses technology to adapt to climate change, a speaker told attendees at the 38th Swiss Re Outlook breakfast held in Toronto last Tuesday. Also, property…

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Flood and fire preparedness measures underway in N.W.T. town

April 22, 2024 by The Canadian Press

The Town of Hay River has been through a lot over the last couple of years, having first contended with serious flooding in 2022 and then devastating wildfires in 2023.  With the memories of those crises still fresh in the…

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New role for Lloyd’s Canada president

April 22, 2024 by Jason Contant

Lloyd’s Canada president and attorney-in-fact Marc Lipman has been appointed president of Lloyd’s Americas, effective Sept. 1. Lipman, former chief operating officer of AIG Canada, joined Lloyd’s Canada in June 2020. “Under his leadership, Lloyd’s Canadian business has been reinforced…

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How brokers can broaden their recruiting lens

April 22, 2024 by Philip Porado

Who are you going to hire? It’s a key question as Canada’s property and casualty (P&C) insurance brokers look to simultaneously broaden diversity within their teams and solve a hiring crisis that’s persisted for nearly a decade. One way firms…

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Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024

April 19, 2024 by David Gambrill

Varying assumptions underlying the reporting of combined ratios by Canadian P&C insurers — a longstanding measure of company profitability — have, under IFRS-17 rules, undermined the intent of the new accounting standards, industry executives say. The issue bubbled to the…

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Why ICLR is heading West

April 19, 2024 by Philip Porado

As part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…