Cracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions…
Nearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It…
Quebec’s Superior Court notes an insurer will almost always have a duty to defend an insured in disputes over policy exclusions for “professional activities.” “A review of the case law dealing with exclusion for ‘professional activities’ reveals that, in almost…
A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
Eighty-three per cent of Canadian drivers engage in at least one distracted driving behaviour, and this has only increased in the past year, finds a recent survey. But distracted driving doesn’t come without its costs. Non-digital distractions lead the…
Canada likes to see itself as a leader in the areas of diversity, equity and inclusion (DEI). And while it may be ahead of certain countries, some Canadian brokerage industry employees said they have faced various forms of workplace discrimination.…
As expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
With ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid…
Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came…
Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood…