Insurance & Risk, Analysis, Events and Careers
Claims
Canada’s P&C insurance market remains vibrant but unpredictable, although there are signs of stabilization, a Gallagher executive said during an industry webinar Monday. A variety of push-and-pull factors related to underwriting profits, reinsurance rates, interest rates and claims inflation, labour challenges, and catastrophes continue to create unpredictability in the market, said Gallagher’s president of western […]
By Jason Contant | November 14, 2022
3 min read
When Jesse Chiasson called a car dealership last month to buy a new vehicle, he ended up paying $1,000 to be put on a waitlist instead. “The salesman was pretty vague but hinted it could be 2024 by the time we get the car,” Chiasson said in an interview from Bathurst, N.B. “Worst-case scenario, we […]
5 min read
Property and casualty insurance market cycles are by no means ‘dead’ — not because of insurers’ competitive behaviour, but because claims cost shocks often trigger the need to shore up pricing, according to Intact Financial Corporation CEO Charles Brindamour. Brindamour was responding to a question in a fireside chat last week with Doug Young, a […]
By David Gambrill | November 11, 2022
A new claims management program, which enables insurance companies to divert waste from landfills by recycling flooring and drywall during the claims and restoration process, has officially launched its certification program. The EcoClaim certificate program will enable insurers to guide and implement a sustainability standard that provides insurers, adjusters and restoration contractors with claims-management […]
By Alyssa DiSabatino | November 11, 2022
HALIFAX – Environment Canada says the Category 1 hurricane that hit Florida early this morning will feel like a typical fall storm when the weather system makes its way to the East Coast this weekend. But officials are warning to look out for potential outages in areas of the region hit hardest in late September […]
1 min read
Intact is predicting a firming of its auto insurance rates in Canada, where brokers and consumers can expect the company to increase auto rates by percentages in the upper single digits by the end of 2022. In its personal lines auto business, Intact’s “operating combined ratio of 93% was 7.9 points higher than last year, […]
By David Gambrill | November 10, 2022
With COVID-19 safety protocols all but eliminated in Canada, many people are travelling and need places to stay. As an alternative to hotels, some are taking short-term rental spaces through services like Airbnb, VRBO and other online platforms. Now that rising interest rates are pushing up mortgage payments, it’s likely more homeowners will explore becoming […]
By Phil | November 9, 2022
An insurer involved in settlement negotiations can’t ask a claimant for leniency on time limits, but then demand the claimant adhere to strict limitation periods for serving a statement of claim, an Alberta court has ruled. The court thus granted a claimant an extension to formally serve the insurer with a statement of claim, even […]
By David Gambrill | November 9, 2022
People can eat in restaurants across Canada without wearing a mask or providing proof of vaccination, a sign the risks initially associated with the spread of COVID-19 have lessened. But, with public health restrictions largely lifted, restaurant and bar owners now face a new set of risks, including labour shortages, increased supply costs and a […]
By Phil | November 8, 2022
Rising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row posting Cat losses exceeding $2 billion, Fitch noted large weather-related losses for property and casualty […]
By Phil | November 3, 2022
2 min read
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