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
🇨🇦 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.
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
PolicyMe and Embark link insurance and education savings for Canadian families
PolicyMe partners with Embark to connect RESP planning with digital life insurance, giving Canadian families a fuller approach to long-term financial security
Munich Re warns climate losses strain major economies as risks escalate
Munich Re finds rising weather-driven losses across major economies, with the US, Germany and India showing sharp jumps in climate-linked financial strain.
Insurtech Majesco to acquire Vitech, expanding into pensions and boosting AI portfolio
Majesco will buy Vitech, adding pension and benefits tech and expanding its AI-driven platform across P&C and L&AH markets
Insurers move to ring-fence AI liability as systemic failure fears rise
AIG, Berkley, and Great American seek AI liability exclusions as high-profile failures fuel concerns over correlated, system-wide insurance losses
Ontario’s proposed life and health MGA rules trigger pushback over cost and complexity
FSRA’s draft rules for life and health MGAs add fees and broad oversight, prompting warnings they could hurt small advisors and limit consumer access
Canada Life completes £41 mn buy-in deal with A.G. Barr pension scheme
Canada Life finalises a £41 mn buy-in with A.G. Barr’s pension scheme, securing benefits for 300 members and completing their long-term de-risking plan
Ryan Specialty to acquire Stewart Specialty Risk Underwriting in Canada
Ryan Specialty expands in Canada with the acquisition of Stewart Specialty Risk Underwriting, a managing underwriter for high-hazard property and casualty risks
HSB Canada launches CyberPro cyber insurance for businesses up to $2 bn
HSB Canada, part of Munich Re, rolls out CyberPro – cyber insurance with claims, monitoring, and risk tools for Canadian firms across multiple industries
Irys secures $12.5 mn seed to build AI-native insurance infrastructure
Irys raises $12.5mn led by Markd to expand AI-native insurance platform, scale partnerships, and deliver real-time operations across the US and Canada
Reinsurance market holds steady with $650 bn capital as rates soften
Marsh McLennan reports reinsurance resilience despite losses and volatility, with $650bn capital projected for 2025 and rate declines across global markets
10 global banks explore joint stablecoin pegged to G7 currencies
Bank of America, Goldman Sachs, UBS, Deutsche Bank and others team up to test a G7-currency stablecoin, aiming to merge blockchain with traditional finance
Severe storms continued impacting U.S., Canadian and Chinese insurers
Catastrophic rounds of severe storms continued impacting U.S. and Canadian insurers in mid-September generating losses estimated in the hundreds of millions of dollars
US and Canadian insurance brokers chase bigger M&A as growth slows
Insurance brokers lean on large acquisitions as organic growth cools, raising leverage risks but highlighting sector resilience and cash flow strength
Newfoundland wildfire drives C$70 mn insured losses, biggest in Atlantic Canada 2025
The August wildfire that tore through Kingston, Newfoundland and Labrador, has racked up more than C$70 mn in insured damage, according to CatIQ’s latest estimates
Calgary hailstorm cost jumps 78%, pushes Alberta’s insured losses to C$164 mn
Insured losses from Calgary’s July 13 hailstorm have nearly doubled, climbing from C$92 mn to C$164 mn, according to new figures from CatIQ
Canada faces C$212 mn in storm losses as IBC urges stronger resilience measures
Severe thunderstorms that swept through Montreal and other parts of Quebec on July 13 caused insured losses of almost C$120 mn
CatIQ estimates loss for Hurricane Debby floods: C$2.806 bn in insured damages
The flooding followed the remnants of Hurricane Debby and has generated total insured losses of C$2.806 bn, a slight decrease from the previous estimate of C$2.817 bn
C$92 mn in insured losses from Calgary Hailstorm raises pressure on auto insurance
The July 13 hailstorm in Calgary caused an estimated $92mn in insured losses, according to preliminary data from Catastrophe Indices and Quantification
Jasper Wildfire insured losses reach $1.3 bn amid delayed reconstruction
Insured losses from the Jasper wildfire have reached $1.3bn, according to updated figures released by Catastrophe Indices and Quantification
Manulife reports strong 2Q2025 earnings, recording net income of $1.8 bn
Manulife Financial Corporation delivered a solid second quarter in 2025, recording net income of $1.8 bn, a sharp $0.7 bn increase over the same period last year
Manulife Financial acquires 75% stake in Comvest Credit Partners for $937.5 mn
Manulife Financial Corp. will acquire a 75% stake in Comvest Credit Partners for $937.5 mn, a move aimed at expanding its private credit platform
PERILS expands severe convective storm loss in Europe, Japan, New Zealand
Reporting will apply to industry losses exceeding €500mn in Europe, ¥100bn in Japan, and NZ$300mn in New Zealand. The scope includes both property and motor insurance lines
Ariel Re sponsored 5th catastrophe bond, Titania Re 2025-1, securing $150 mn
Global reinsurer Ariel Re sponsored its 5th catastrophe bond, Titania Re 2025-1, securing $150 mn of multi-peril retrocessional reinsurance protection over four years
Canada expands data pooling program that uses AI to detect potential fraud
The Canadian Life and Health Insurance Association (CLHIA) is expanding its data pooling program that uses artificial intelligence to detect potential fraud
Canadian life insurance new premium rose 13% YoY to C$508 mn
Canadian life insurance new annualized premium rose 13% year over year to C$508 mn in the first quarter of 2025
Alberta approves no-fault auto insurance amid public & legal pushback
Alberta lawmakers have passed legislation to introduce a privately operated no-fault auto insurance model, focusing on a “care first” approach
Ontario and Quebec ice storm caused C$342 mn in insured damage
An ice storm that struck parts of Ontario and Quebec a month ago caused C$342 mn in insured damage
Alberta government proposes major overhaul of auto insurance system
The Alberta government introduced legislation that, if passed, will underpin the largest transformation of the auto insurance system in provincial history
Annual insured losses from wildfires in Canada increased to C$706 mn
Average annual insured losses from catastrophic wildfires in Canada have increased to C$706 mn over the past decade, compared to an average of C$84 mn
Changes in U.S. tariffs may continue to strain insurers’ financial positions
Although a 90-day pause is currently in place, recent fluctuations in stock and bond markets caused by changes in U.S. tariffs may continue to strain insurers’ financial positions
How US tariffs could affect the insurance sector? J.P. Morgan forcast
J.P. Morgan recently examined how US tariffs could affect the insurance sector. The analysis shows that personal lines insurers, such as those offering auto and home insurance
Severe weather cost Canadian insurers C$1.7 bn, total insured damage exceeded C$8.5bn
Severe weather events cost Canadian commercial carriers over C$1.7bn ($1.19bn) in 2024, according to Catastrophe Indices and Quantification
U.S. cyber insurance premiums rose nearly 11% in 2025 as policy volume jumped, but weaker pricing, higher losses, and AI-driven threats added fresh pressure
Finding affordable health insurance in California can be overwhelming. You’re faced with dozens of plan options, unfamiliar terms and questions about whether you qualify for subsidies through Covered California
Insurers enter 2026 with longer settlement cycles, rising volumes, and slow AI adoption, increasing costs and operational risk, AutoRek finds
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities