Insurance & Risk, Analysis, Events and Careers
Claims
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
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
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
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
Although the commercial insurance market shows signs of gradually shifting toward more stable conditions, the hard market isn’t yet in the rear-view mirror and a soft market hasn’t arrived. “I would say we are more in a transitioning market [and] that rigorous underwriting discipline is unlikely to lessen anytime soon,” said Celyeste Power, executive vice […]
By Phil | August 5, 2022
Two auto repair employees lost their tribunal challenge of a regulator’s proposed cease-and-desist order against them, an order that followed a well-publicized Aviva Canada sting operation. Aviva investigated possible insurance fraud activity in the auto repair sector in 2017. As part of the investigation, nicknamed Project Bumper, Aviva arranged to have two cars damaged in […]
By David Gambrill | August 5, 2022
4 min read
Despite turmoil from the ongoing COVID-19 pandemic that affected everything from the need to work remotely, auto premium rebates and the handling of Cat claims, to the availability and price of building materials and labour, Canada’s P&C insurers still managed to produce solid returns during 2021. But several not-so-subtle hints suggest those gains might be […]
By Phil | August 4, 2022
Auto insurers that paid catastrophically impaired accident victims attendant care benefits prior to a regulatory clarification in 2019 do not have to pay provincial sales tax above and beyond the benefit limits outlined in law, the Court of Appeal for Ontario has decided. The province’s accident benefits law sets out the maximum amount insurers must […]
By David Gambrill | August 3, 2022
Severe weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide, a tie for second place for frequency since CatIQ began tracking such losses in 2008. […]
By Phil | August 3, 2022
Intact’s personal auto insurance premiums grew by 28% in 2022 Q2, but the company says its auto game plan is “not only pricing-driven,” the CEO reported during Intact’s recent earnings call. “Equally important is how we manage claims and our supply chain,” Intact CEO Charles Brindamour reported in a 2022 Q2 IFC earnings call. “Our […]
By Alyssa DiSabatino | August 2, 2022
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