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Brokers tell us their Number 1 challenge for 2024
April 24, 2024 by David GambrillFixing 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…
New role for Lloyd’s Canada president
April 22, 2024 by Jason ContantLloyd’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…
What EV accidents mean for auto insurance pricing
April 23, 2024 by Philip PoradoFast-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)…
Shariah-compliant insurance product launched in Canada
April 25, 2024 by Alyssa DiSabatinoChes Special Risk has launched Canada’s first Shariah-compliant insurance product under the name Ethical Insurance. The product conducts insurance transactions based on principles of Islamic finance — also known as Takaful — and excludes investments or coverage of industries that…
The Top 10 stolen cars in Canada
November 14, 2023 by Alyssa DiSabatinoFor the second year in a row, the Honda CR-V was the most stolen vehicle in Canada, according to Équité Association. The auto insurance fraud prevention organization today announced its Top 10 Most Stolen Vehicles in Canada, which now includes…
Does Alberta’s auto insurance rate cap reward bad drivers?
April 25, 2024 by David GambrillAlberta’s new 3.7% cap on auto insurance rate increases for good drivers may wind up hurting the province’s well-mannered motorists more than it helps them, industry sources tell Canadian Underwriter. “Your carrier probably wants to reward you for [being a…
Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024
April 19, 2024 by David GambrillVarying 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…