Canada’s proposed RRSP for life changes would end RRIF conversion at 71
Canada’s proposed RRSP for life changes would eliminate mandatory RRIF conversion at 71 while retaining taxable withdrawals and simplifying inheritance rules
🇨🇦 Canadian Insurance News
Latest insurance news from Canadian insurers and regulators. Explore auto, home, life, P&C, pet and health insurance, including insurance rates, insights, trends, and breaking insurance news from Canada.
Canada expands mortgage insurance for multi-unit housing
Canada’s 2026 budget expands mortgage insurance access for three- to 50-unit properties, with new financing rules taking effect February 1, 2027
Canada 2026 federal budget targets bank fees and health care costs
Canada’s 2026 budget proposes new banking fee disclosures, credit card and payday loan reforms, and C$1.2 bn for mental health and community care
Canada federal budget proposes expanded 30-year mortgage access
Canada’s 2026 budget proposes a C$1.5 mn mortgage insurance limit, wider access to 30-year amortizations, and new mortgage rate transparency rules
Canada 2026 federal budget grocery benefit: C$679 top-up proposed
Canada’s 2026 federal budget proposes a grocery benefit top-up of up to C$679 for families and C$339 for individuals, with payments expected in early 2027
Super El Niño November weather forecast: US, UK, Canada and Europe
Super El Niño and an early polar vortex disruption could reshape November 2026 weather across the US, Canada and Europe, with colder spells and winter storm risks
Fintech Wealthsimple secures C$425 mn funding at C$13.8 bn valuation
Wealthsimple agrees to a C$425 mn funding round led by GIC, reaching a C$13.8 bn valuation as assets under administration rise to C$169.2 bn
Beneva expands critical illness insurance and investment options for families
Beneva updates critical illness and children’s insurance, adds three investment funds and introduces a First Home Savings Account for eligible members
Bank of Canada interest rate hike to 2.5% raises inflation and growth concerns
Bank of Canada raises interest rates by 25 basis points to 2.5% as inflation reaches 3.1%, while economists warn of slowing growth and rising energy costs
Wawanesa Mutual Insurance launches WSI after completing acquisition of Everest Canada
Wawanesa launches WSI following its acquisition of Everest Canada, retaining specialty underwriting operations with $12.5 bn in assets backing its growth
Canada’s summer 2026 severe weather insured losses exceed C$3.7 bn – CatIQ
Severe weather caused more than C$3.7 bn in insured losses across Canada in summer 2026, the third-costliest on record, driven by storms, floods and wildfires
Crime Stoppers data breach exposes 1.5 mn tips and Canadian privacy law gaps
A Crime Stoppers data breach exposed over 1.5 mn Canadian tips, including 850,000 with personal information, revealing gaps in privacy oversight
Canada US Treasury securities ranking: holdings reach $464.6 bn, nearing China
Canada’s reported US Treasury holdings reached $464.6 bn in August 2026, narrowing the gap with China as analysts debate whether foreign investors are using Canadian custodians
RSA Canada’s Northern Shield closure strained BC earthquake insurance market
RSA Canada’s decision to retire Canadian Northern Shield created insurance capacity challenges in British Columbia, with higher premiums and reduced earthquake and flood coverage
Fairfax will transfer Go Digit Insurance and Go Digit Life Insurance stakes to IDBI Bank
Fairfax Financial plans to transfer its Go Digit insurance holdings and IIFL Capital stake to IDBI Bank following its $5.6 bn bid for a controlling interest in the lender
Fairfax Financial Holdings to acquire 60.72% of IDBI Bank for $5.6 bn in India
Fairfax Financial will acquire control of IDBI Bank for $5.6 bn and plans to combine its Indian insurance and financial services holdings under the lender
Ontario severe storms cause CAD 563 mn ($395 mn) in insured losses: CatIQ
CatIQ estimates CAD 563 mn ($395 mn) in insured losses from severe storms across southern Ontario, bringing large hail, tornadoes, damaging winds and flooding
Canada’s Bald Range wildfire insured losses reach CAD 313 mn ($219 mn)
CatIQ estimates CAD 313 mn ($219 mn) in insured losses from the Bald Range wildfire in British Columbia, which burned over 10,000 hectares and forced mass evacuations
Pacific Life Re enters US reinsurance market with $3 bn longevity deal
Pacific Life Re enters the US longevity reinsurance market through a $3 bn transaction with American National Insurance, expanding its global retirement business
Polygrade raises $6.3 mn for AI-powered warranty claims platform
Polygrade secures $6.3 mn to expand its AI warranty claims platform, automating diagnosis, authorizations, parts procurement and contractor payments
Fitch affirms Sun Life’s A+ credit rating with stable outlook
Fitch maintains Sun Life’s A+ issuer and AA insurer ratings, citing strong earnings, capital adequacy and liquidity despite rising investment risk and leverage
Canada Life commits $10 bn to Canadian infrastructure projects
Canada Life plans to invest $10 bn over five years in Canadian infrastructure, energy, transportation and digital assets, subject to investment return targets
Fitch affirms Great-West Lifeco A+ rating with stable outlook
Fitch maintains Great-West Lifeco’s A+ issuer rating and AA insurer financial strength ratings, citing strong capital, earnings growth and manageable leverage
Manulife closes $3.2 bn LTC reinsurance deal with Munich Re
Manulife closes a $3.2 bn long-term care reinsurance deal with Munich Re Life US, cutting LTC morbidity sensitivity by 24% across recent transactions
Sun Life Insurance expands AI tools for financial advisors in Canada
Sun Life expands AI tools for Canadian financial advisors with Notes Assistant and an AI concierge, cutting admin time and speeding access to client information
Thomson Reuters C-Track cyber incident affects US and Canadian courts
Thomson Reuters disclosed a C-Track cybersecurity incident affecting court systems across 11 US states, the US Virgin Islands and Canada
Manitoba and Saskatchewan storms drive insured losses above $840 mn
Insured losses from June 9-10 storms in Manitoba and Saskatchewan have topped $840 mn after tornadoes, hail, flooding and damaging winds
Fairfax Q2 shows Brit pricing pressure and global growth
Fairfax Financial Holdings reported $1.39 bn in net earnings attributable to shareholders for the second quarter of 2026, equal to $63.38 per diluted share
Gallagher buys Apollo to expand digital insurance in Canada
Gallagher acquires Apollo, a Vancouver digital broker and MGA focused on tenant insurance, as Canadian insurance placement shifts further online
Cyber insurtech BOXX adds AI deepfake cover to Cyberboxx Business
BOXX Insurance adds affirmative AI and deepfake coverage for commercial cyber clients as social engineering fraud accelerates
Canada life insurers use AI to close 42% insurance coverage gap
Manulife and PolicyMe expand AI underwriting as 42% of Canadians lack life insurance or remain unsure about their coverage
Alberta homeowners insurance premiums rise 392% in 20 years
Alberta homeowners insurance premiums rose 391.6% from 2005 to 2025 as hailstorms, wildfires, floods, and rebuilding costs increased claims
Canada updates insurance dispute framework with stronger oversight
Canadian Council of Insurance Regulators has revised its ombudservices framework to tighten cooperation, improve data sharing, and strengthen consumer dispute resolution
Harmix raises $1 mn to launch proactive AI manager for SMBs
Toronto-based Harmix secured $1 mn to launch Pam, an AI platform built to connect fragmented business data and reduce manual work for SMBs
mShift adds BOXX cyber insurance products to marketplace for brokers
mShift added BOXX Insurance to its marketplace, giving brokers faster digital access to cyber cover for SMEs through quoting, binding, and issuance tools
Global reinsurance capital hit $785 bn as competition rises in 2026
Aon said global reinsurance capital reached a record $785bn in 2025, with traditional and alternative capital both climbing as renewal competition increased
Ontario-Quebec ice storm became Canada’s costliest weather loss of 2025
Insured losses from the March 2025 ice storm in Ontario and Quebec reached CAD 466mn, sharpening calls for stronger resilience planning across Canada
Canada Life Insurance completes £80 mn Safeway pension buy-in
Canada Life finalises £80m buy-in with Safeway Pension Scheme, securing benefits for 1,800 members as trustees advance de-risking strategy
Insurtech General Magic raised $7.2 mn to cut insurance quote time
Toronto-based General Magic secures $7.2m seed round to deploy SMS AI agents that reduce insurance quote time from 30 minutes to under 3
Fairfax Financial posts $4.8 bn profit as underwriting and investments surge in 2025
Fairfax Financial reports $4.77bn net earnings in 2025, 20.5% book value growth, $3.2bn investment gains and record underwriting profit across P&C units
The Cayman Islands’ reinsurance sector has expanded sharply
The Cayman Islands’ reinsurance sector has expanded sharply, according to 2025 insurance statistics released by the Cayman Islands Monetary Authority and highlighted by Cayman Finance
Global property insurance rates fall 9% in 2025
Global commercial property insurance rates declined 9% in Q4 2025, according to the latest market update from Marsh. The drop marks an acceleration from the 8% decline recorded in Q3
AIG takes 35% stake in Convex, 9.9% in Onex in $7 bn tie-up
American International Group, Inc. has completed minority investments in Convex and Onex Corporation as part of a $7bn strategic transaction linking the three groups
AIG and Onex close $7 bn Convex deal reshaping ownership
AIG takes 35% stake in Convex and 9.9% in Onex as Onex gains 63% control, forming strategic partnership with $2 bn capital commitment
Cyber reinsurance rates drop 32% at Jan 2026 amid capacity glut
Gallagher Re reports a 32% fall in risk-adjusted cyber aggregate excess of loss rates at 1 Jan 2026 renewals as excess capacity and softer terms reshape the market
Marsh Risk expands Nimbus data center insurance to $2.7 bn capacity
Marsh Risk increases Nimbus facility limits to $2.7bn for large-scale data center construction projects across major global markets
Canada’s insured catastrophe losses reach CAD 2.4 bn in 2025
CatIQ reports CAD 2.4 bn in insured catastrophe losses for Canada in 2025, with ice storms and wildfires driving one of the most active years on record
Definity closes C$3.3 bn acquisition of Travelers Canada insurance operations
Definity Financial completed its nearly C$3.3 bn cash acquisition of Travelers’ Canadian personal and commercial insurance businesses, reshaping the country’s P&C rankings
Westland Insurance expands Ontario footprint with PV&V acquisition
Westland Insurance has acquired PV&V Insurance Centre Ltd. and Meester Insurance Centre, together operating as PV&V Insurance Centre
Beneva completes Gore Mutual merger after regulatory approval
Beneva finalises its merger with Gore Mutual after regulatory approval, advancing its national expansion and reshaping its Ontario P&C operations
Liberty Mutual upsizes Mystic Re catastrophe bond to $150 mn
Liberty Mutual secures $150 mn of per-occurrence cat bond cover via Mystic Re IV, expanding protection to severe weather and fire risks
Trupanion-owned American Pet Insurance names Pawp as insurance agent
Pawp enters carrier distribution as American Pet Insurance appoints it as an agent, expanding beyond tele-vet into regulated pet insurance
Beneva shifts auto products to Guidewire APD with GFT support
Beneva completes early Guidewire APD conversion for auto insurance, cutting timelines in half and unlocking faster digital product changes
NFP acquires P&C broker Hamilton Insurance to expand senior care focus
NFP, an Aon company, acquires Hamilton Insurance Agency in Virginia, adding senior housing and long-term care expertise to its P&C platform
Aon adds ERN Latin America catastrophe models via Oasis LMF
Aon’s Impact Forecasting delivers ERN Latin America catastrophe models through Oasis LMF, expanding open modelling options for (re)insurers
Canada Life UK completes £330m buy-in with Comet Pension Scheme
Canada Life UK secures benefits for 4,500 members through a £330m full-scheme buy-in with the Comet Pension Scheme backed by Fnac Darty
Experian warns of AI-driven cyber risks in 2026 breach forecast
Experian’s 2026 Data Breach Forecast points to AI-powered attacks, quantum risk, and rising identity fraud as cyber threats grow faster and smarter
La Niña returns, driving floods, snowstorms, and rising global losses
A renewed La Niña is fueling floods in Asia, early US snowstorms, and mounting economic losses, with insurers and commodity markets bracing for impact
Navacord–Acera merger set to form Canada’s largest private brokerage
Navacord and Acera plan a 2026 merger that creates a $7.2bn-premium brokerage with 5,000 staff, 150 offices, and a unified national platform
Late-season snow could threaten homes and cars in Canada
A winter system dropping across Nova Scotia and parts of New Brunswick this week may bring 15-35 cm of snow inland and in elevated terrain, with coastal zones possibly getting 30-50 mm of rain
Artificial intelligence and digital technology are changing how life insurers distribute policies, assess risks and manage customer relationships
Life insurance distribution remains market-specific, with independent intermediaries gaining share in the US while bancassurance dominates France and Italy
Lloyd's outlines how insurers are adapting war risk coverage, cyber war exclusions and pricing to geopolitical threats, hybrid warfare and rising exposure accumulation
European insurers tighten riot coverage as civil unrest spreads, raising deductibles and limiting protection amid potential losses of €1.2 bn in France