Insurers object to characterization of Ontario auto as “profitable”
April 9, 2019 by David GambrillCanada’s home, auto and business insurers are objecting to a recent characterization of Ontario’s auto insurance regime as “profitable.” “The current trends are unsustainable for both drivers and insurance companies,” Insurance Bureau of Canada vice president of Ontario Kim Donaldson…
Two winter storms, one $70-million claims bill for insurers
April 9, 2019 by David GambrillThe busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,…
The downside risk of machine learning
April 8, 2019 by Greg MeckbachMachine learning and artificial intelligence can create liability risk if it makes decisions that would be inappropriate or even illegal if a real person made them, a risk expert warns. “If you train an algorithm with data that has underlying…
Could Canada cut interest rates?
April 2, 2019 Andy Blatchford - THE CANADIAN PRESSOTTAWA – Bank of Canada governor Stephen Poloz says the economy needs a longer lift from stimulative interest rates to overcome domestic and global economic hurdles, though he predicts the country’s recent economic weakness will only be temporary. Poloz, speaking…
The case for scaling intelligent automation technologies
April 2, 2019 by Jason ContantThere is a direct correlation between scalability of intelligent automation (IA) technologies and financial performance, a new KPMG International study has found. Based on a survey of nearly 600 business leaders (including 100 top-level executives) across 13 countries, including Canada,…
Canada ‘much closer’ to national flood program: IBC
April 2, 2019 by Greg MeckbachThe industry is making progress on getting a national flood insurance program, but a key challenge is getting all provinces, territories and Ottawa to agree on how it should work, the Insurance Bureau of Canada’s CEO suggested Tuesday. Unlike Britain…
Major auto coverage change now in effect in this province
April 1, 2019 by Greg MeckbachAuto coverage is changing for British Columbia motorists effective today. Accident benefits coverage from Insurance Corporation of B.C. has more than doubled from $300 per week to $740 a week. That is one of several changes – for claims made…
Archway Insurance moves into Saint John with acquisition
April 1, 2019 by Jason ContantArchway Insurance, one of Atlantic Canada’s largest brokerages, has moved into Saint John, N.B. with the acquisition of Hall & Fairweather Insurance, effective Monday. The Hall & Fairweather office expands independent brokerage Archway’s footprint in New Brunswick and gives the…
This sector is the most targeted by cyber criminals
March 29, 2019 by Jason ContantThe healthcare industry continued to be the most targeted sector by cyber criminals in 2018, accounting for 41% of attacks, according to the Beazley 2019 Breach Briefing, released Tuesday. “Healthcare records are more valuable to attackers and sell for significantly…
Auto loss ratios ‘unsustainable’ in these provinces
March 29, 2019 by Greg MeckbachOntario auto insurance is profitable but loss ratios are unsustainable in Alberta and two of the Maritime provinces, Canada’s Property and Casualty Insurance Compensation Corporation notes. “Importantly for insurers, Ontario’s private passenger auto insurance market remained profitable with a loss…
What’s holding back Lloyd’s price increases
March 28, 2019 by Greg MeckbachProperty risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of…
AIG Canada to stop underwriting new individual personal policies
March 28, 2019 by Jason ContantAIG Canada is pulling out of writing personal lines business in Canada. AIG communications director Lynn Woodburn confirmed to Canadian Underwriter Wednesday evening that it would no longer underwrite new policies in personal lines. This confirmed speculation among brokers that…