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A one-two punch delivered by inflation and the resulting interest-rate increases could have several impacts on Canada’s P&C sector, including on claims costs, expense ratios, investment returns and the continued viability of the current hard market. Nearly all major industrialized economies are now wrestling with record or near-record inflation, due largely to supply chain disruptions […]
By Phil | August 2, 2022
3 min read
VANCOUVER – Temperature records are melting across British Columbia as a prolonged heat spell grips the province but Emergency Management BC says it is not anticipating an extreme heat emergency. A statement from the agency says residents should monitor temperature forecasts and take advantage of cooling stations set up in many communities but it’s not […]
By Jason Contant | July 28, 2022
Global brokerage Marsh is cautiously optimistic cyber’s hard market will eventually stabilize and insurers will soon be able to reward clients who have strong cyber controls with lower increases. “Market conditions are expected to remain challenging for the foreseeable future given ongoing accumulation and systemic risk concerns,” reads Marsh’s Q2 2022 US and Canada Cyber […]
By Alyssa DiSabatino | July 27, 2022
2 min read
Taking notes and attaching them to a client’s file as part of an everyday business practice allowed a veteran broker at Wyatt Dowling Insurance Brokers to win a lawsuit launched by her client over two cars that burned up in a garage fire. The client insisted he told his broker about the uninsured race cars […]
By David Gambrill | July 27, 2022
4 min read
A claimant in a product liability case must still go through the formal process of serving notice in China of intent to sue a Chinese manufacturer, even if the defendant manufacturer was aware of the claim since 2019, had a copy of the claim, had insurance, retained counsel, and filed a defence, mistakenly thinking service […]
By David Gambrill | July 26, 2022
Multi-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine, global cyber risk intelligence and claims director with BOXX Insurance. “You put MFA on and […]
By Phil | July 26, 2022
Environment Canada has confirmed at least one tornado touched down in an area north of Belleville, Ont., as severe thunderstorms swept through parts of southern and eastern Ontario on Sunday night. In a preliminary report, the weather agency says staff with the Northern Tornadoes Project and Environment and Climate Change Canada found a long track […]
By Jason Contant | July 26, 2022
1 min read
While Europe is experiencing record-breaking heat waves, western Canada had some severe heat and storms of its own between July 16-20. And although they were expected to have caused millions in damage, it won’t breach catastrophe territory, according to Aon’s Weekly Cat report. Rounds of severe convective storms (SCS), surface low-pressure systems and widespread […]
By Alyssa DiSabatino | July 25, 2022
The churning storm that toppled trees and battered homes in the Laurentians was likely a tornado, a meteorologist with Environment Canada said Sunday. The national weather agency said forceful winds lashed the area around Saint-Adolphe-d’Howard, Que., about 100 kilometres northwest of Montreal, after the storm touched down on Saturday evening. Environment Canada meteorologist Peter Kimbell […]
By Jason Contant | July 25, 2022
Insurers covering businesses that depend on goods or industrial inputs from Europe should keep an eye on potential loss scenarios emerging from the continent’s crippling heat wave. “High temperatures harmed tarmacs of motorways in Great Britain and Germany in the last years,” said Thomas Berning, a senior risk consultant at Allianz Global Corporate & Specialty […]
By Phil | July 22, 2022
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