Ontario’s financial services regulator has found a “significant variation” in the amount of time it takes different insurers to settle home insurance claims, partially attributable to supply chain disruptions, catastrophic events and a shortage of skilled labour. In its inaugural Home Insurance Thematic Review Report released last week, the Financial Services Regulatory Authority of Ontario […]
By Jason Contant | July 5, 2024
3 min read
Hurricane Beryl’s early, record-setting pace has the P&C insurance industry bracing for the impact of a difficult 2024 hurricane season. Canadian P&C insurers are still cleaning up damage after the losses of Hurricane Fiona in 2022 along Atlantic Canada’s coast. Another hurricane hitting Canada this year might impact local primary insurers more because of higher […]
By David Gambrill | July 5, 2024
3 min read
Canada’s highest court has agreed to review whether or not a home insurance policy’s guaranteed replacement cost (GRC) endorsement includes payment of any additional costs required to rebuild the home under new and enhanced regulatory standards. As Trillium Mutual Insurance Company v. Emond currently stands, it does not. It’s rare for the Supreme Court to […]
By Phil | July 5, 2024
3 min read
MAYO, Yukon – Yukon’s mining minister says elevated levels of cyanide have been detected in a waterway after an equipment failure and slide of ore at Victoria Gold’s Eagle Mine last week. The announcement by John Streicker comes hours after the company issued a statement saying it had detected no cyanide in surface water after […]
By Jason Contant | July 4, 2024
1 min read
Claims professionals spend two to three hours each week repeating information they’ve already provided to customers, said Carl Van, president and CEO of the International Insurance Institute. It’s not because clients are forgetful, or because the industry professional wasn’t persuasive. It’s a matter of getting clients to retain the information they’ve been told. Industry […]
By Alyssa DiSabatino | July 4, 2024
3 min read
Ontario’s Court of Appeal has confirmed AIG Canada doesn’t have to pay legal costs to defend a class action lawsuit related to an alleged Ponzi scheme involving real estate funds. That’s because of a material misrepresentation by the insured, the court ruled. A lower court determined AIG had to pay for the insured’s legal defence […]
By David Gambrill | July 4, 2024
4 min read
Citing unprofitability in Alberta’s auto insurance market, Aviva Canada is planning to phase out Aviva Direct, its direct-to-consumer home and auto business, from Alberta in early January 2025. Aviva Direct customers in Alberta will be receiving letters in the mail to inform them of the change. The vast majority of Aviva Canada insurance coverage remains […]
By David Gambrill | July 3, 2024
3 min read
YELLOWKNIFE – A helicopter pilot has died while fighting a wildfire in the Northwest Territories. Transportation Safety Board officials had said an aircraft operated by Great Slave Helicopters crashed Friday at the Fort Good Hope airport. The company says Tom Frith died while battling a blaze near the community, roughly 800 kilometres northwest of Yellowknife. […]
By Jason Contant | July 3, 2024
1 min read
When settling claims with attorneys, it’s prudent that clients feel they’re being paid a fair amount. That means claims professionals must be good negotiators. Yet, many claims professionals inadvertently send the wrong message to their clients, Carl Van, president and CEO of International Insurance Institute Inc., said during the Canadian Independent Adjusters’ Association’s (CIAA) 4th […]
By Alyssa DiSabatino | July 2, 2024
4 min read
An Ontario church that faced allegations of sexual abuse has been unable to renew its abuse liability and employment practices liability insurance policies, effectively forcing it to pause all programmed services. Based in Oakville, Ont., The Meeting House says on its website that, “despite the tremendous effort of all involved, we have not been offered […]
By Jason Contant | July 2, 2024
2 min read