🍁 P&C Insurance News
June 3, 2026 7:08 pm
- Alberta
Regulation
Alberta’s Grid Rating System to be Removed
- Effective
- January 1, 2027
On November 21, 2024, the Alberta government announced the Grid would be repealed effective January 1, 2027, with no replacement. This is part of the transition to the new Care-First auto insurance system.
- Ontario
Regulation
Ontario Auto Insurance Reform makes most Accident Benefits Optional
- Regulation effective
- July 1, 2026
Ontario’s SABS overhaul makes 9 of 12 Accident Benefits optional. Only Medical, Rehabilitation, and Attendant Care will remain mandatory.
- Alberta
Regulation
‘Care-First’ Reforms to Alberta Auto Insurance
- Reforms effective
- January 1, 2027
On March 24, 2025, Alberta’s Finance Minister Nate Horner introduced Bill 47 – the Automobile Insurance Act to implement the province’s Care-First auto insurance model. The Act received Royal Assent on May 15, 2025, and the new insurance system will be effective as of January 1, 2027.
M&A
Definity Buys Travelers Canada
- Acquisition announced
- May 27, 2025
Definity Financial Corporation has entered into a definitive agreement with Travelers to acquire Canadian operations of Travelers (other than Travelers’ Canadian surety business) for $3.3 billion.
Regulation
Basel Framework
- first published
- January 1, 1988
The latest major reforms in 2017 have been referred to as 3.1, Endgame, or unofficially Basel IV. Now, the reforms have been consolidated into a final iteration: the “Basel Framework”, which comprises all current standards and future changes.