Introducing IBC’s two newest board members
May 25, 2023 by David GambrillSaad Mered, CEO of Zurich Canada, and London Bradley, president and CEO of Allstate Insurance Company of Canada, are the two latest additions to Insurance Bureau of Canada (IBC)’s board of directors. “The collective expertise and vision of IBC’s board…
IBC announces new president and CEO
November 10, 2022 Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…
Condo insurance: Is market stabilization fleeting?
August 11, 2022 by Jason ContantCanada’s condo insurance market appears to have stabilized but the industry shouldn’t get lulled into the feeling that reforms are no longer needed, said Aaron Sutherland, the vice president of Insurance Bureau of Canada’s (IBC) Pacific region. Over the past…
Insurers, municipality clash over 87.5% increase in collision towing fees
July 14, 2022 by Jason ContantInsurance Bureau of Canada (IBC) is expressing “serious concern” after Mississauga, Ont.’s city council approved an 87.5% increase to towing fees for consumers who need a tow to a Collision Reporting Centre (CRC). The City of Mississauga defended the increase…
Does your client think overland flood coverage is standard?
April 28, 2022 by Jason ContantBrokers have another golden opportunity to educate clients on the importance of overland flood coverage. A recent survey of Canadian homeowners conducted by rate aggregator LowestRates.ca found that 30% of 544 respondents were unaware that coverages like overland flood are…
What IBC likes and dislikes about removing sales tax on home insurance
April 14, 2022 by Jason ContantInsurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government…
New twist on underwriting flood risk: human-altered stream flows
March 11, 2022 by Alyssa DiSabatinoHuman-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say. A study by researchers at the…
Are your clients telling you about their tenants?
March 11, 2022 by Jason ContantIf your client has rented out part of their home, there’s nearly the same likelihood that they’ve told their insurer as not, according to a recent survey from RatesDotCa and BNN Bloomberg. The survey of 1,511 Canadians found that 42%…
What FSRA’s changes to auto termination notices mean for insurers
January 18, 2022 by Alyssa DiSabatinoFinancial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry. Most notably, this change includes the…
The insured damage cost of December’s windstorm in eastern Canada
January 13, 2022 by Alyssa DiSabatinoThe windstorm that swept across Ontario, Quebec and the Atlantic provinces between Dec. 11 and 14 caused more than $152 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The eastern Canada windstorm brought strong…
Why the B.C. floods had less insured damages than the Calgary flood
January 5, 2022 by Alyssa DiSabatinoBritish Columbia suffered its worst flood in the province’s history in late 2021, causing approximately $450 million in insured damages, according to estimates by Catastrophe Indices and Quantification Inc. (CatIQ). Still, the insured damages pale in comparison to Canada’s costliest flood, which…
Here are the latest trends in insurance fraud
December 8, 2021 by Jason Contant“Re-vinning” of stolen vehicles — where thieves steal a vehicle, put what appears to be a legitimate vehicle identification number (VIN) on the front dash and then sell it to an unsuspecting customer — is increasing as a fraud trend,…