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Not long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida storm since Hurricane Andrew in 1992. Ian will have an industry-changing impact on the future […]
By Jason Contant | September 30, 2022
4 min read
Bond investments make up a large percentage of insurance companies’ investment portfolios. And bond investors have faced challenges throughout 2022, with rising yields causing returns to lag at historic levels, Michael Cook, vice president, client relations & LDI client portfolio manager at CIBC Asset Management, wrote in the Property and Casualty Insurance Compensation Corporation’s latest […]
By Phil | September 30, 2022
2 min read
The Insurance Bureau of Canada would like to see a harmonization in Canada on cyber reporting, says Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “A lot of regulators around the world are doing cyber reporting, [that is], how insurers need to report on cyber and take steps […]
By Alyssa DiSabatino | September 30, 2022
How can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid competitively and won the project, so cost escalations are clearly, and contractually, their problem. Many […]
By Phil | September 29, 2022
3 min read
RESOLUTE, Nunavut – An observatory in Resolute, Nunavut, has been damaged by fire. RCMP say the building was empty when police responded to the structure fire on Tuesday. While no injuries were reported, the blaze destroyed the observatory’s living quarters and resulted in smoke and water damage to the building that houses the generator. Police […]
By Jason Contant | September 29, 2022
1 min read
RICHMOND, B.C. – The Transportation Safety Board has sent a team to British Columbia’s north coast to probe the sinking of a tour boat in Haida Gwaii. A statement from the safety board says the team of investigators has been sent to Prince Rupert, where it will gather information and determine what happened. The M.V. […]
By Jason Contant | September 28, 2022
Claims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial lines property and automobile claims,” Heather Matthews, chief client officer with Crawford & Company (Canada) […]
Commercial clients who suffered a cyber data breach may be inclined to quickly pay the ransom and get back on their feet, but brokers should advise their clients not to forget about post-breach communication with their customers and employees. If both parties are kept sufficiently in the loop, commercial clients may be able to minimize […]
By Alyssa DiSabatino | September 27, 2022
VICTORIA – A B.C. Supreme Court judge has ruled the Greater Victoria School Board lacked the authority to censure and suspend two elected trustees over allegations of harassment and bullying. Justice Briana Hardwick says in a written decision that the trustees argued the board breached procedural fairness by relying on events other than the findings […]
By Jason Contant | September 27, 2022
Post-tropical storm Fiona could cost the Canadian property and casualty insurance industry between $300 million and $700 million, ratings agency DBRS Morningstar said in a commentary Tuesday. “Fiona will likely be one of the largest catastrophic events in history for Atlantic Canada,” said Patrick Douville, DBRS’s vice president of insurance. “This would be significant but […]
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