RBC Insurance is selling its home and auto business to Aviva Canada

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This will bring about the shift in employment of about 575 employees from one company to the next. The RBC Insurance company in Canada has announced that it will be selling both its home and auto businesses to Aviva, in a massive move that will require some employees to move to the new insurer while others remain with the Royal Bank of Canada. It has been estimated that 575 people will be swapping insurance companies while the remainder will stay put. Initial reports have stated that RBC Insurance will be…

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Insurance news from Lac-Mégantic means higher costs for railways

Insurance news Lac Megantic train derailment

The Canadian Transportation Agency is now conducting a review of minimum coverage amounts. Following the railway disaster in Lac-Mégantic, Quebec, Canada, the Canadian Transportation Agency (CTA) is making insurance news by holding a review of the minimum coverage amounts that railways must carry. The coverage at the Lac-Mégantic crash was covered only to a small fraction of the total estimated damages. The federal regulators added to their insurance news announcement by saying that they will be starting consultations on coverage for railway companies in the next few months. The review…

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Executives call for focus on flood insurance in Canada

Canadian insurers draw attention to issues concerning flood insurance coverage Insurance executives from 13 firms in Canada claim that access to comprehensive flood insurance protection in the country is inadequate. Executives recorded their opinions on the matter as part of a survey focused on the impact of devastating floods that recently struck Alberta and Toronto earlier this year. Flood disasters are becoming more common throughout Canada and executives believe that appropriate flood insurance coverage will not be available to consumers unless major action is taken on the matter. Alberta and…

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Insurance news from Canada shows Insurers among “best corporate citizens”

Insurance News - corporate citizens

Several companies were ranked among the leaders on a list of the top corporate citizens in the country. The official insurance news list of the fifty companies that made the 2013 Best Corporate Citizens in Canada has now been released by Corporate Knights magazine, which looks at a number of different factors as it establishes its ranks every year. This year, the ranks included a number of insurers for their high performances in the various areas. In order to make this insurance news 12 different sustainability metrics are scored on…

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Insurance industry feeling pressure of more frequent natural disasters

layoff employment Insurance Industry - Alberta, Canada

Severe natural disasters are causing problems for the insurance industry Severe natural disasters have been being reported in greater frequency around the world. Recent storms in the U.S. have put major strain on the insurance industry, but this is not a trend unique to the country. The Insurance Bureau of Canada has taken note of the increasing severity of weather-related disasters and has announced that it believes such disasters will become significantly more frequent in the coming years. Whether the insurance industry is capable of withstanding a high frequency of…

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