Insurable Interest Canadian Insurance Blog

Insurers making good progress supporting customers with claims and helping residents recover Toronto, ON (Feb. 14, 2025) – The tally for Calgary’s record-breaking hailstorm last August continues to rise, with total insured losses now estimated to be $3.25 billion, according to Catastrophe Indices and Quantification Inc. (CatIQ). The storm is the second-costliest disaster in Canadian history for insured losses and resulted in more than 130,000 insurance claims. Despite the enormous volume of claims that resulted from the hailstorm, Insurance Bureau of Canada (IBC) reports that over the past six months, insurers have made good progress helping affected residents recover and rebuild following the disaster. The majority of auto insurance claims – which represent more than half of all claims from the hailstorm – have been completed. Alberta’s insurers brought in adjusters from across the province to help expedite vehicle assessments and repairs. Total insured damage to vehicles is now estimated to be nearly $1 billion. The damage was so extensive that roughly half of all vehicles damaged were total losses, meaning that the value of the vehicle was written off and customers opted for cash payouts in lieu of repairs. Nearly 60,000 homes in the Calgary area were impacted. The...

By Joseph D’Souza, Founder & CEO, ProNavigator — 2020 was a remarkable and noteworthy year in history, especially for businesses and their employees. Many businesses found out that they can remain at near peak productivity with their employees working from home (WFH), while many others found out that they cannot. It also added wrinkles to issues around the security of intellectual property. How can companies safeguard and protect their systems from attack when security needs to be deployed across the internet for all employees while they are at home? There is another new risk for companies that they may not be aware is occurring due to WFH, and that is an acceleration in the loss of institutional knowledge. “My cat is now my official productivity consultant. He stares disapprovingly at me whenever I take a break, which is surprisingly effective.”― An anonymous Work From Home employee In a prior article, I went into more detail about what institutional knowledge is and where it resides (it is documented somewhere or it resides in someone’s head and is undocumented). In an office environment, it is very common for employees to talk with each other. This is called the Water Cooler Phenomenon and while...

Quebec City, QC (Feb. 4, 2025) – iA Financial Group is pleased to announce the acquisition of Global Warranty, a group of companies that are important independent warranty providers and administrators in the used vehicle market in Canada. Founded in 1987, Global Warranty does business with a network of over 1,500 automotive dealerships and more than 400 authorized repair centres across the country. Headquartered in London, Ontario, Global Warranty is a leading provider of vehicle warranties and other vehicle protection products. Global Warranty protects customers with warranty packages that are insured and provides excellent client service. Global Warranty has been a Better Business Bureau (BBB) Accredited Business since March 1997 and enjoys a BBB Accredited Business Rating of A+. “We couldn’t be more pleased with the acquisition of Global Warranty. It is a well-run organization with a strong reputation and we are pleased to welcome this highly professional team into iA Financial Group,” said Gwen Gareau, Senior Vice-President, iA Dealer Services and iA Auto Finance. “This will increase our presence in the used vehicle warranty market, with long-standing operations in London, where our subsidiary Lubrico Warranty is also based.” “The acquisition of Global Warranty fits perfectly with iA Dealer Services’ growth...

West Des Moines, IA (Feb. 4, 2025) — Farmers Mutual Hail Insurance Company of Iowa (FMH) is pleased to announce the acquisition of Canadian company Palliser Insurance. Palliser is a leading crop hail insurance provider headquartered in Saskatoon, Saskatchewan, Canada, offering crop hail insurance across Western Canada, supported by the industry’s largest network of agents and adjusters. Farmers Mutual Hail previously had a 20 percent share in the company, with FMH leaders serving on Palliser’s Board of Directors. Shannon Rutledge, FMH president and CEO, commented, “I am excited about this partnership and the impact it will have as we continue to expand and diversify our footprint. The regional expertise, knowledge, and accomplishments that the Palliser team brings with them will contribute to our long-term strategy of strengthening and enhancing our core crop insurance business.” Rutledge added how this move was a good fit for both companies as Palliser has been a partner company with FMH for over three decades, and FMH will continue to support Palliser’s ability to expand and grow their relationships. This is FMH’s first acquisition of a non-U.S.-based company. “FMH has been a valued business partner with Palliser since 2008, recognizing and respecting our important legacy, role,...

Antigonish, NS (Feb. 7, 2025) — DKI Canada is pleased to announce the addition of DKI – Midtown to its growing network of franchisees. This exciting new partnership brings experienced restoration professional Adam Aayesh and his team into the DKI group, further solidifying DKI’s presence in the Toronto market. “We are thrilled to welcome Adam and his team as our newest DKI location.” Said Chris Schmidt, CEO of DKI Canada. “DKI is committed to providing exceptional disaster restoration services to homeowners and businesses across the country. Adam’s passion and enthusiasm makes him an excellent fit for DKI and provides expertise and compassionate support to even more residents and businesses in need, helping them recover quickly and effectively from unexpected disasters.” Adam brings many years of expertise in disaster restoration to Toronto, specializing in services ranging from fire and water damage restoration to mould remediation and emergency response. With a customer-first approach and a commitment to exceeding expectations, DKI – Midtown Toronto is poised to become a trusted partner for homeowners, businesses, and insurers in the area. “Their dedication to quality, innovation, and community aligns perfectly with our values, and we are confident that their addition will further strengthen the DKI brand in the...