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Aging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and equipment breakdown at Intact. “Some large companies have transformers or generators they might have installed […]
By Phil | September 22, 2022
2 min read
TORONTO – Ontario’s financial watchdog says the effects of climate change are projected to cost the province an extra $1.5 billion a year on average in the next few years just to maintain public transportation infrastructure. A report released today by the Financial Accountability Office says that over the next nine years, maintaining that infrastructure […]
By Jason Contant | September 22, 2022
1 min read
Financial Services Regulatory Authority of Ontario’s (FSRA) recent approval of auto insurance rate increases for several insurers signals inflation may finally be making its way into the world of auto insurance prices, according to rate comparison site Ratesdotca. “Currently, FSRA is observing that several factors are driving costs up, including inflation and people driving more,” […]
3 min read
Two-in-five employees surveyed (42%) said they’ve seen an increase in cyber scam attempts over the last year, yet only a third of surveyed employees (34%) reported their company provides mandatory cyber security awareness training, finds new research by the Insurance Bureau of Canada (IBC). While employees‘ actions increase their companies’ cyber security risk, IBC said […]
By Alyssa DiSabatino | September 22, 2022
Environment Canada (EC) has issued a tropical cyclone warning for the Atlantic provinces and southern Quebec as Hurricane Fiona is expected to impact the region starting Thursday evening and continuing into weekend. “This storm is shaping up to be a potentially severe event for Atlantic Canada,” EC warned in a statement issued early Wednesday morning. […]
By Jason Contant | September 21, 2022
Aurora Cannabis Inc. says it could take a revenue hit of up to $3 million because of a cyberattack that downed Ontario’s pot distributor and a strike that halted deliveries to B.C. marijuana stores. Glen Ibbott, the Edmonton-based cannabis company’s chief financial officer, offered the estimate on a Tuesday earnings call, where he said he […]
Insurers predict the frequency and sustainability of climate change-related litigation could soon become a significant issue. But there are ways for risk managers to pursue coverage effectively when their businesses are faced with climate-related claims, such as quantifying risk, working on a claims strategy and hiring experts, said industry observers in a panel discussion at […]
By Alyssa DiSabatino | September 21, 2022
Six summer storms across western Canada in July and August will cost the industry approximately $900 million in insured damages — meaning the industry is almost halfway to last year’s total insured damages of $2 billion from these events alone. Five storms that hit western Canada this summer are expected to result in more than […]
By Alyssa DiSabatino | September 20, 2022
Hurricane Fiona could strike Atlantic Canada with tropical storm-force winds or stronger by Saturday, according to projections from the hurricane forecasters in Canada and the U.S. An advisory issued 5 a.m. AST on Monday by the U.S. National Hurricane Center projected winds of at least 39 miles per hour and higher (63+ kilometres per hour) […]
By Jason Contant | September 19, 2022
HUDSON’S HOPE, B.C. – An evacuation order for British Columbia’s largest wildfire has been rescinded, though the BC Wildfire Service says the blaze remains out of control. The Battleship Mountain wildfire in the Prince George Fire Centre is now estimated at more than 302 kilometers. The fire in the northeast corner of the province led […]
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