Canadian market News

Insured Losses From Calgary Hailstorm Reach C$3.25B as 2nd Costliest Canada Disaster

The tally for Calgary’s record-breaking hailstorm last August continues to rise, with total insured losses now estimated to be C$3.25 billion (US$2.2 billion), according to the Insurance Bureau of Canada, quoting statistics issued by Catastrophe Indices and Quantification Inc. (CatIQ). …

Drought Leaves Canadian Farmers Unpaid, Reveals Holes in Safety Net

Canadian farmer Bill Prybylski planned to buy a new tractor with proceeds from crops sold to two grain companies in early 2024. He delivered the grain before both companies declared bankruptcy, leaving him short C$165,000 ($113,487.86) they owed. Now Prybylski …

British Columbia Can Mount Opioid Class Action, Canada’s Top Court Says

The province of British Columbia can bring a class action lawsuit against pharmaceutical companies for opioid harms on behalf of multiple governments across Canada, the country’s Supreme Court ruled on Friday. In 2018, BC sued more than 40 drug manufacturers, …

Intact Financial Acquires Canada’s No. 1 Home Maintenance App

Intact Financial Corp., the Toronto-based property-casualty insurer, announce that it has acquired Jiffy Inc., Canada’s No. 1 home maintenance app. Through this acquisition, Jiffy will have the platform and capabilities to accelerate expansion of its services across more Canadian jurisdictions …

Climate Change Causes 379% Hike in Insured Damages in Canada Over 10 Years: Report

The annual average insurable losses in the last decade increased in Canada by a whopping 379%, when compared to the prior 30-year average, according to an analysis from MyChoice, a Toronto-based insurtech company. The report pointed to statistics from the …

Canada’s Axis Insurance Acquires P/C Broker Baker Insurance

Axis Insurance Managers Inc., the Vancouver, Canada-based insurance broker, announced the acquisition of Baker Insurance, a property/casualty brokerage based in Calgary. Financial details of the deal were not disclosed. This strategic move strengthens Axis’ presence in the region and enhances …

Canada’s Insurance Czar Has ‘Harsh’ Message About Climate: You May Have to Move

The soaring cost and difficulty of insuring against climate risks may force people to relocate, the head of Canada’s main financial regulator warned. Rising damages from extreme weather don’t seem to be a regulatory problem, but rather a cost problem, …

Canada Relaxes Some Mortgage Insurance Rules to Tackle Housing Crisis

Canadian Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, a critical political issue that has hurt Prime Minister Justin Trudeau and his Liberal government. Freeland said …

Canada’s Wildfire Season Ranks Among Worst but Less Severe Than Feared

With summer drawing to a close in Canada, the 2024 wildfire season is shaping up as one of the most destructive on record, largely due to the devastation caused by a blaze that ripped through a tourist town in the …

Claims From 4 Summer Weather Events in Canada Exceed Prior Year Total: IBC

Four natural catastrophes over four weeks during Canada’s summer season have resulted in about five times the amount of claims than the 20-year average, reported the Insurance Bureau of Canada. About 228,000 home, auto and business insurance claims have been …