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Claims
OTTAWA – The Senate Committee on Agriculture and Forestry is calling for a comprehensive flood control plan for British Columbia’s Fraser Valley following last year’s catastrophic floods. Last November, historic rainfall caused flooding of 15,000 hectares of land, affecting more than 1,000 farms and 2.5 million livestock, washing out highway and railway infrastructure, and causing […]
By Jason Contant | October 27, 2022
2 min read
Canadian P&C insurers are banding with Canada Mortgage and Housing Corporation (CMHC) to push for the disclosure of a real estate “climate score,” indicating the likelihood of a building or property being damaged during a natural catastrophe. Insurance Bureau of Canada and CMHC released a report Tuesday calling for the adoption of real estate climate […]
By David Gambrill | October 26, 2022
3 min read
Recent changes to the Licence Appeal Tribunal (LAT) process are intended to clear the tribunal’s own backlog, but they have complicated the Automobile Accident Benefits Service (AABS) process, which has in turn created “unfair” costs for insurers, says an prominent accident benefits lawyer in Ontario. LAT’s procedural issues would be better rectified if insurers, lawyers […]
By Alyssa DiSabatino | October 25, 2022
4 min read
Supply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group president of insurance at CAA Club Group, said when it comes to providing claims service […]
By David Gambrill | October 24, 2022
Cyber insurance customers are getting better at protecting their personal information and data from cyberattacks but poor cybersecurity behaviours remain prevalent, according to the results of Chubb’s Fifth Annual Report on Personal Cyber Risk. For the first time, the annual study found more than half of polled Canadians and Americans were taking concrete steps to […]
By Jason Contant | October 24, 2022
Editor’s Note: This article has been revised to clarify the rules around continuous binding authorities emanating from Lloyd’s. Managing general agents (MGAs) with a binding authority contract from Lloyd’s — and where the capacity under the contract is provided 100% from a single Lloyd’s syndicate — are now able to enter into a ‘continuous […]
By Jason Contant | October 21, 2022
Implementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to be enormous,” Longo said in an interview with Canadian Underwriter. “It’s moving hundreds of thousands […]
By Jason Contant | October 20, 2022
In the North, some mines risk leaking acid if the permafrost melts, while across Canada heavier rainfall will add strain to tailings dams and a lack of it could throw operations. While no strangers to extreme weather, the growing risks from climate change are forcing the mining industry to take a hard look at their […]
6 min read
Rising costs for busker’s insurance has street performers singing the blues. To hear them tell it, sky high insurance rates cut so far into their profits that it often makes more sense to just stay home. And, depending on the busker’s talent level, that might be music to the ears of local retailers and shoppers. […]
By Phil | October 19, 2022
If you are hanging out the window of your car trying to stop a thief from stealing it, and you are injured while falling from the open window after being dragged for 40 feet, you are not an “occupant” of the car, Alberta’s Court of Appeal has ruled in an auto insurance claim. The Appeal […]
By David Gambrill | October 19, 2022
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