Insurable Interest Canadian Insurance Blog

Magrath, AB (Oct. 1, 2025) – A new study by Surex has found that the cost of insuring an electric vehicle in Canada is more than one-third (36.8%) higher than that of a traditional gas-powered automobile. “Electric or gas?” It is a question many drivers face when deciding on their next vehicle as electric vehicle ranges grow and prices become more competitive with gas cars. But insurance is often an overlooked factor when weighing the pros and cons of which vehicle to get. The research team analyzed quotes on Surex from the past 12 months to determine the average cost to insure an electric vehicle in Canada compared to a gas vehicle. Surex found that EVs, on average, cost more to insure. While a gas car costs an average of $2,289.27 a year to insure, for an electric vehicle, that figure jumped up to $3,131.43. That’s a 36.8% difference — a sizeable chunk for those looking to make the switch.  Key findings: The average electric car costs 36.8% more to insure versus an electric car. EVs are most expensive to insure in Alberta, with an average insurance cost of $3,342.93. They’re cheapest in New Brunswick, with an average cost of...

Montreal, QC (Oct. 3, 2025) – On Side Restoration Ltd. is pleased to announce that it has completed the acquisition of Excellence Rénovation. The acquisition will allow On Side to add a new Greater Montréal branch, which will serve as the South Shore regional office, marking a pivotal expansion into Québec’s dynamic restoration market. This strategic acquisition strengthens On Side’s national footprint and demonstrates the company’s commitment to delivering unparalleled restoration services from coast to coast. Since 1999, Excellence Rénovation has established itself as a leader in the industry within the province, bringing together renovation and restoration specialists with over 25 years of experience. The Company is also recognized for handling large and complex claims. The owners, Martin Gauthier, President, and more recently Alexandre Deslauriers, oversee operations with over 25 years of combined experience in disaster restoration and renovation. Excellence Rénovation has cultivated strong industry relationships, contributing to steady growth in the Québec market. The acquisition will enable On Side to leverage Excellence Rénovation’s local expertise, further enhancing service delivery and response times throughout Québec. “For On Side Restoration, this acquisition marks an important stepping stone towards further expansion in the province. We are bringing on board valuable new employees,...

London, ON (June 14, 2024) – WINMAR® (Canada) International, Ltd., is pleased to announce the opening of WINMAR® Central Newfoundland. Located at 150 Main Street, Springdale, NL (A0J 1T0), WINMAR® Central NL is owned and operated by Mark Hicks (phone number: 709-668-0505). Mark has nearly two decades of construction experience and business ownership that he brings to the WINMAR® network. Since 2005, he has been actively involved in the construction industry, launching his own general contracting company in 2017. His business expertise also extends into commercial cleaning—where his mother remains an active partner—and real estate, which he has successfully operated since 2017. A lifelong resident of Springdale, Newfoundland, Mark is deeply rooted in the community, where his family also resides. His general contracting company has built a strong reputation for managing projects from the ground up, earning trust through quality workmanship and dedication to service. These values will carry forward as he joins the WINMAR® family, providing restoration services to Central Newfoundland. “Opening WINMAR® Central NL is an exciting new chapter, and I look forward to bringing trusted restoration services to the people and businesses in our community,” said Mark Hicks, Owner of WINMAR® Central NL. “With my background in...

Small and medium-sized business owners in Canada may dangerously underestimate the likelihood and complexity of a cyber breach, according to a new survey commissioned by Insurance Bureau of Canada (IBC). Toronto, ON (Oct. 1, 2025) – Despite cyber crime hitting a global all-time high, fewer than half (48%) of respondents representing small and medium-sized enterprises (SMEs) believe their business is vulnerable to a cyber attack or data breach. Only 6% of them strongly agree that there is a chance their business is vulnerable to a cyber attack or data breach, despite research from Business Development Bank of Canada (BDC) highlighting that 73% of small businesses have experienced a cyber security incident. Adding to this concern, 66% of respondents said they are confident in their business’s ability to withstand a data breach or website shutdown. These findings suggest that most SMEs may not fully understand the true impact and cost of recovering from a cyber attack. Other key findings from the survey include: Only 47% of respondents say their business is prepared for a cyber attack or data breach. Nearly seven-in-10 (69%) of respondents expressed confidence in their understanding of emerging cyber risks. Fewer than half (48%) have implemented any form...