Tag: canadian insurance industry

Insurance industry cautions that weather disasters on the rise

Julie Campbell
Canada flood insurance industry

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

Read More

Insurance industry regulator in Canada loses data of thousands of individuals

G. Turner
insurance industry canada data loss

The information of approximately 52,000 people was lost by the industry body through a portable device. An insurance industry regulator, the Investment Industry Regulation Organization of Canada, has announced that it will be increasing its internal security right away following the loss of the personal data of brokerage firm clients. The regulator issued a warning to the brokers and their clients regarding the loss of the data. What this insurance industry body shared was that one of its personnel had allowed a “portable device” to go missing. That machine contained…

Read More

Insurance market in Canada deemed stable for this year

Canadian insurance market

At the same time, a Marsh outlook report predicts possible rate increases in the third or fourth quarter. According to a new outlook report issued by Marsh, the Canadian insurance market should continue to remain stable throughout 2013, though the second half of the year may bring about some modest increases in the rates. Overall, the industry in Canada performed better than other markets last year, said the report. This data was provided in the Marsh document called the Canada Insurance Market Report 2013, which offered a breakdown of the…

Read More

Insurance industry changes will likely come in the form of consolidations

International Insurance Industry

Sun Life, a global insurer from Canada, is seeking to find new opportunities for acquisitions. The Canadian large global insurer, Sun Life, is currently on the prowl to make more changes to its position in the insurance industry, as it seeks out new acquisition opportunities within the Philippines marketplace. The insurer has also been spotted looking for some new consolidations within the local environment. The president of Sun Life Financial Philippines, Riza Mantaring, stated that the Insurance Commission’s new and higher minimum capital requirements which will be P1 billion by…

Read More

New insurance industry report issued by Insurance Bureau of Canada

Climate Change homeowners insurance industry

Projections made about natural disaster insurance and how the weather will be in the future. A world renowned climate scientist, Professor Gordon McBean, from the University of Western Ontario, in Canada, has made projections regarding the future of the weather across the country, and the impact that it will have on the insurance industry. Many feel that, based on Professor McBean’s forecasts, natural disaster insurance will become vitally important. He has predicted that the summer months will experience notably warmer temperatures and that in some regions, the impact of this…

Read More