Claims

Recent Alberta storms: Two Cat tornadoes and record-breaking hail

Two tornadoes in southern Alberta that damaged homes and vehicles in July have been declared catastrophes by Catastrophe Indices and Quantification Inc. (CatIQ), Insurance Bureau of Canada (IBC) confirmed to Canadian Underwriter Monday. The July 7 tornado near Bergen and the July 18 tornado in the Redcliff area are both expected to exceed $30 million […]

By Jason Contant | August 8, 2022

3 min read

Inflation creates opportunities for brokers to revisit risks with clients

Recent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada (IBC). “A lot remains uncertain right now, with inflation, with supply chain disruptions, cyber, catastrophic […]

By Phil | August 8, 2022

2 min read

Are car rental shortages affecting loss of use endorsements?

The car rental shortage isn’t only impeding on Canadians’ travel plans—it could also affect policyholders’ loss of use endorsements. Luckily, there are alternative options for insurers to reimburse customers on their loss of use policies, says one of Canada’s largest auto insurers. “We’ve seen the duration of rentals increase significantly in 2022,” says an Aviva […]

By Alyssa DiSabatino | August 5, 2022

2 min read

How will this year’s hurricane season play out?

Hurricane researchers have slightly reduced their forecast totals for this year’s hurricane season, but still anticipate above-normal activity for the seventh consecutive season. The National Oceanic and Atmospheric Administration (NOAA) in the United States trimmed their Atlantic hurricane predictions to a 60% chance of an above-normal season (from 65%), with 14-20 named storms, six to […]

By Jason Contant | August 5, 2022

2 min read