Digitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to…
Usage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference. “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer…
Foreign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event…
When the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada…
There’s good and bad news when it comes to commercial lines in the Canadian property and casualty insurance industry. The good news is there’s encouraging signs the commercial market is stabilizing, said Don Forgeron, president and CEO of Insurance Bureau…
Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,…
Ryan Michel, president and CEO of Allstate Insurance Company of Canada, has been elected chairman of Insurance Bureau of Canada (IBC)’s board of directors. Michel has more than two decades of industry experience. He is accountable for the Allstate Canada…
The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson. The cost of implementation for Canadian P&C insurers…
Provincial governments should implement a database to verify the validity of a trucking carrier’s insurance as one way of helping to identify fraud in the sector, Insurance Bureau of Canada (IBC) is recommending. At the time of policy renewals, insurers…
As the transition date for the new insurance accounting standard IFRS 17 approaches in January 2022, insurers are split on whether or not to use dedicated staff for implementation. A recent study of about 25 insurance clients of PwC found…
Although proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take…
Brokers in Quebec have ample opportunity to educate their clients about how condo insurance works, according to the results of a recent survey commissioned by Insurance Bureau of Canada. One key source of confusion may sound familiar to brokers elsewhere…