Insurable Interest Canadian Insurance Blog

Aon’s Spring 2024 Canadian Insurance Market Update Toronto, ON (May 7, 2024) – Aon plc, a leading global professional services firm, has released its Spring 2024 Canadian Insurance Market Update. Published in support of Aon’s ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that a robust competition within the Canadian insurance market is creating a more buyer-friendly market. Competition is returning as insurers look for growth opportunities with a particular emphasis on well-performing risks. The appetite for growth is expected to expand and evolve with insurers competing to retain and grow their positions in the market. “Overall, there is an expansion in capacity and appetite signaling that the market is transitioning into a more competitive space. However, the focus on risk selection continues to prevail as insurers strive to maintain profitability,” said Russell Quilley, head of commercial risk and chief broking officer for Canada at Aon. “Underwriting remains disciplined and risk differentiation continues to be a top priority as underwriters increasingly rely on data, insights, and analytical tools such as modelling to support decision making.” Other key findings include: As organizations seek to manage volatility in their insurance programs, there...

SIB continues to expand its presence in Alberta with the acquisition of Astro Insurance Ancaster, ON (June 4, 2024) – SIB Corp., operating as StoneRidge Insurance Brokers (“SIB”), is pleased to announce its continued expansion in Alberta with the acquisition of Astro Insurance. Based in Lethbridge, AB, Astro Insurance is a full-service insurance brokerage and registry agent which has been operating since 1972. “We have been providing superior coverage and personalized personal and commercial insurance products to meet the needs of our clients for over 50 years. As part of the SIB network, we can continue to provide our customers with the same high level of service they have come to expect, as well as increase our capabilities in personal and commercial lines to provide comprehensive insurance solutions for all of our customers” said Mark Swartout of Astro Insurance. Following the acquisition, Astro Insurance will continue to be led by Mark and Cindy Swartout. “Astro Insurance is an impressive business and presented a great opportunity for SIB to continue its expansion in Alberta. We are very excited to welcome Astro Insurance and Mark and Cindy to the SIB family. This is SIB’s 3rd transaction of 2024, and we are on...

Auto theft claims costs in Ontario surpassed $1 billion for the first time in 2023 Toronto, ON (Jun. 3, 2024) – For the first time, Insurance Bureau of Canada (IBC) is releasing a list of the Top 10 costliest cities in Ontario for auto theft claims. According to newly released data, auto theft claims costs have surged by a record-shattering 524% across Ontario since 2018, with auto theft claims costs surpassing $1 billion for the first time in 2023. “Ontario is seeing an alarming increase in auto theft claims and auto theft claims costs,” said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. “As IBC’s numbers reveal, the Greater Toronto Area has been hit particularly hard by the auto theft crisis. These claims costs speak to the growing severity of the auto theft crisis in Ontario – a crisis that is having a material impact on auto insurance premiums, to say nothing of the concern and trauma it is causing Ontarians.” Across Ontario, between 2018 and 2023, the incidence of people making insurance claims due to the theft of their vehicles increased by 165% and auto theft claims costs have increased by 524%. Between 2022 and 2023, the increase in the...

Toronto, ON (Jun. 4, 2024) – The rising cost of living has forced many Canadians to take a closer look at their monthly expenses. While many have gotten savvy at saving money on their phone bills, utilities, and groceries, a recent survey conducted for TD Insurance shows that saving on home and auto insurance isn’t top-of-mind for insured Canadians polled. The reality is, there are many ways to save on home and auto insurance, but Canadians aren’t aware of them. In fact, a TD Insurance Survey conducted by Maru Public Opinion found that 75 per cent of insured Canadians surveyed are more aware of how to save on their phone bill versus their insurance bill (69 per cent). The survey also found that 70 per cent of insured Canadians surveyed dedicate time to reducing grocery costs, 46 per cent to decreasing their internet bill and 42 per cent to reducing spending or finding deals on clothing – a habit not many extend to home and auto insurance (38 per cent). It’s clear from the survey that Canadians polled are keen to give things up to save money. From couples opting to DIY their home upgrades, to university students foregoing new clothing...