Insurance & Risk, Analysis, Events and Careers
Claims
Ontario’s Superior Court has rejected two claims made by a clothes store operator against RSA for a total of $127,000 in lost inventory due to water damage, because the retailer could not prove the value of the lost merchandise. In the store owner’s first claim, despite repeated emails from the insurance company, Royal & Sun […]
By David Gambrill | September 1, 2022
4 min read
Electric vehicles are fire! Literally. The large lithium-ion batteries they contain can catch fire faster than the ones used in laptops or cell phones, and those fires are particularly perilous when they happen on board ships transporting EVs to markets around the globe, said a new report from Allianz Global Corporate & Specialty (AGCS). Fires […]
By Phil | August 31, 2022
3 min read
The global reinsurance industry appears to be in a “state of equilibrium,” with positive and negative factors countering each other, according to a new report from AM Best. Despite lingering economic and operational challenges stemming from the COVID-19 pandemic, AM Best’s outlook for the global reinsurance industry remains stable, the ratings agency said in its […]
By Jason Contant | August 31, 2022
Starr Insurance & Reinsurance Limited does not have to defend its insured in a Quebec construction case, because its builders’ risk policy is essentially a property policy, not a liability policy, Quebec’s Superior Court has ruled. In construction, a builders’ risk policy typically covers the costs of repairing an unfinished structure or replacing building materials […]
By David Gambrill | August 30, 2022
The six-month notification period to make a claim under the unidentified driver portion of B.C.’s Insurance (Vehicle) Act won’t be extended, even though it took a year for the victim to become aware she could make such a claim, a B.C. court has ruled. “Ms. [Cindi] Hoflin was aware of all the material facts underlying […]
By David Gambrill | August 29, 2022
Floods, storms and droughts could result in a total loss of CAD$139 billion to Canada’s gross domestic product (GDP) between now and 2050, new research found. Total direct losses from 2022 to 2050 are expected to reach $88 billion in Canadian dollars – $40 billion attributed to flooding, $34 billion for storms, and $14 billion […]
By Jason Contant | August 29, 2022
Canadian insurers have a future opportunity to cover the infrastructure required for hydrogen energy products, commercial insurance brokers say. For example, if Europe wants its efforts to reduce dependence on Russian natural gas supplies to be successful, it will need to reduce demand in the short term (easier said than done) and seek new supplies […]
By Phil | August 26, 2022
2 min read
B.C.’s public auto insurer has been held vicariously liable for a privacy breach, in which one of its claims adjusters sold client information to a third party that ultimately led to arson and shooting attacks. “Between April 2011 and January 2012, houses and vehicles belonging to 13 individuals were targeted in arson and shooting attacks,” […]
By David Gambrill | August 26, 2022
Liberty Mutual Insurance is among a list of insurers being asked by grassroots and Indigenous organizations to withdraw insurance support for the Trans Mountain Pipeline, which carries crude and refined oil from Alberta to British Columbia. A petition with more than 250,000 signatures urges Liberty Mutual to consider withdrawing its coverage for the Trans Mountain […]
By Alyssa DiSabatino | August 26, 2022
A recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a dealer accessory, that may allow moisture to get into the harness module and cause a […]
By Phil | August 25, 2022
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