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RIMS Canadian Capital Chapter – SAVE THE DATE – Recent developments in labour law and employment standards

SAVE THE DATE Please join us at our RIMS Canadian Chapter December luncheon. As in the past, we are accepting financial donations and collecting much needed articles (toothpaste, soaps, socks, etc.) for the Ottawa Mission. We will also sell raffle

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Why this dirt bike in closed competition was considered an “automobile”

A dirt bike driven in a closed course motocross competition is an “automobile” under Ontario’s auto accident benefits scheme, thus paving the way for a seriously injured driver to claim auto accident benefits from his auto insurer, the Ontario Court

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Insurance forecast for snow plough operators this season

Hard market conditions in slow plough insurance are continuing to blow through, if Aviva Canada’s latest rate filing with Nova Scotia’s insurance regulator is any indication. Nova Scotia’s Utility and Review Board approved Aviva’s refinement of its rate surcharge for

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Two welcome commercial premium trends, post-pandemic

Gallagher in Canada is seeing some interesting premium trends in liability and commercial auto lines, now that pandemic restrictions are virtually non-existent.  Businesses such as restaurants were shuttered or faced restrictions throughout the peak parts of the pandemic, meaning that

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Oil and gas drilling sector expects activity to pick up in 2023

CALGARY – The organization representing Canada’s oil and gas drilling sector says it expects more activity in 2023, even as it continues to push the federal government for a new tax credit it says it needs to help the energy

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How young, aspiring brokerage owners can outflank the consolidators

With the older generation of brokers retiring, opportunities are abound for young brokers who want to buy into an existing independent brokerage, said panellists in Canadian Underwriter’s LinkedIn Live event, ‘How to become a young brokerage owner.’ “[Independent broker owners]

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How the P&C industry responded to Canada’s National Adaptation Strategy

Canada announced today a total of $1.6 billion in new federal funding to help communities adapt to climate change by building infrastructure more resilient to natural disasters. The investment is part of the federal government’s new National Adaptation Strategy: Building

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Why your SME client needs intellectual property ‘pursuit’ coverage

Your small and medium-sized enterprise (SME) clients need to consider intellectual property (IP) ‘pursuit’ coverage to allow them to take on large corporations to protect their products and market share, a specialist insurance provider told Canadian Underwriter. A business’s ability

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Ontario union victim of ransomware attack, notifies members of personal data compromised

TORONTO – The union representing public high school teachers in Ontario says it was the victim of a ransomware attack earlier this year that compromised members’ personal information. The Ontario Secondary School Teachers’ Federation says it discovered in late May

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Trufla Announces truWeb Data Dashboard for Brokers

CALGARY, AB, NOVEMBER 24, 2022/insPRESS/ – Trufla is excited to announce the launch of their truWeb Dashboard for brokerages. The reporting tool gives brokers direct insight into customers’ buying behaviour by using key metrics, automatically tracked in an easy-to-use dashboard.

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Ecclesiastical Insurance awards grant to Indspire

TORONTO, ON, NOVEMBER 24, 2022/insPRESS/ – Ecclesiastical Insurance Office plc is excited to announce that Indspire is the recipient of the Benefact Trust Chair’s Award, awarded through the 2022 Community Impact Grant. Community Impact Grants are provided to registered charitable

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What reinsurance renewals could look like on Jan. 1

Global reinsurers are expected to raise property catastrophe rates “by well over 10%” in exposed areas during January 2023 renewals, a Fitch Ratings report stated. “We expect double-digit percentage premium rate rises for property catastrophe cover in 2023 driven by

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Does an immuno-compromised adjuster have to return to field work?

For almost three years, there’s been confusion around COVID-19 protocols. It’s made it hard for people to get on with their daily lives. An example of how these stresses burden our industry is illustrated in a dilemma faced by a

The post Does an immuno-compromised adjuster have to return to field work? appeared first on Canadian Underwriter.

Why being a good broker alone won’t cut it for ownership

Want to own your own brokerage? Get familiar with the business side of things first, said a P&C financial advisor in a Canadian Underwriter LinkedIn Live panel discussion. “When I think about what makes a successful brokerage owner, most brokerage

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Hamilton, Ont. mayor calls for investigation after sewer leak went undetected for 26 years

Hamilton Mayor Andrea Horwath is calling for an investigation after city staff discovered a pipe has been dumping sewage into the local harbour undetected for 26 years. Horwath says she has asked the city auditor to be brought in after

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The spreading tentacles of staged collision operations

Staged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent

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Why insurers should invest in genetically modified trees

Insurance companies should consider investing in genetically-modified, slow-burning trees to mitigate wildfire damage, according to a first-prize pitch at the WinterHack 2022: Design Thinking Ideathon. “We will be taking advantage of state-of-the-art biotechnology and building upon it to create a

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How claims inflation is affecting Definity’s auto, property lines

Claims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to

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Climate Changed: Rising oceans, storm surges ‘disaster in slow motion’ for coasts

Tides are rising, sands are shifting and coastlines are crumbling. As studies warn of rising seas and accelerated erosion resulting from climate change, coastal communities in Canada are wondering what the future holds. “Living on the coast is part of

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Ecclesiastical Insurance partners with Food Banks Canada

TORONTO, ON, NOVEMBER 22, 2022/insPRESS/ – Ecclesiastical Insurance Office plc is pleased to announce a new charitable partnership with Food Banks Canada, joining their movement to end hunger in Canada. To kick off this partnership, Ecclesiastical held food drives in

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How hurricane losses will impact pricing and capacity

Watch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”

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Cyber insurers’ appetites are shifting. Here’s what to expect…

Canada’s ongoing hard market in cyber has seen most insurers capping their coverage at somewhere between $3-million and $5-million, experts observed in a Gallagher Talks session.   “We’re seeing exclusions for known [software] vulnerabilities [and] capacity restrictions as well,” said

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Meet Aviva Canada’s new CFO

Nav Dhillon will join Aviva Canada as Chief Financial Officer, starting December 2022. “I’m delighted to welcome Nav into Aviva’s executive leadership team,” Aviva Canada CEO Jason Storah said in an announcement. “Nav brings with him a broad range of experience in

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Record-setting Ontario storm drops more than a metre of snow, strong winds  

WIARTON, Ont. – Environment Canada is warning that some parts of southwestern Ontario battered by a record-setting weekend snowstorm could see strong winds this morning and into the afternoon.   More than a metre of snow has fallen on parts of

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Organizations more willing to pay ransom for this type of data breach

Ransomware is out, intellectual property data exfiltration is in. At least, that may be the bigger concern for breached companies these days, cyber experts warned in a Gallagher Talks presentation.  Organizations are less likely to pay a ransom when their

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Covering larger risks? Why subscriptions may be the way of the future

As claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George

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How OSFI expects insurers to react to market volatility

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

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Walking towards your car, you slip and fall on ice. Is this an ‘auto accident’?

If you slip and fall on ice within 10-15 feet of your car, the car did not cause your fall, so that isn’t an ‘auto accident’ under the Statutory Accident Benefits Schedule (SABS), Ontario’s Licence Appeal Tribunal (LAT) ruled last

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Canada won’t back call to ‘phase down’ oil and gas production

OTTAWA – Canada won’t agree to add language calling for the phaseout of all fossil fuels – including oil and gas – to the final agreement at this year’s United Nations climate talks in Egypt, Environment Minister Steven Guilbeault said

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Northbridge launches Commercial Connectivity solution for brokers

Voir français ci-dessous   TORONTO, ON, NOVEMBER 18, 2022/insPRESS/ – Northbridge Insurance has launched a Commercial Connectivity solution for brokers, which enables seamless data exchange and efficient real-time quoting for small business. The solution also harnesses technology to eliminate duplicate

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