Insurance & Risk, Analysis, Events and Careers
Claims
The number of contingent business interruption (CBI) claims have been increasing year-over-year and exceeding previous highs, as global supply chains were hit repeatedly by storms, fires and the pandemic, said Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. But CBI is just one of several global claims issues to watch, the report noted, as […]
By Alyssa DiSabatino | July 19, 2022
2 min read
The fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major driver of loss at 8% by total value of claims, followed closely by faulty workmanship/maintenance […]
When two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top court has ruled. The decision addressed the question of when ‘equitable contribution’ between insurers is […]
By David Gambrill | July 15, 2022
3 min read
If an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy, said Ontario’s top court. The take-away for directors and officers (D&O) underwriters from Cronos Group […]
By David Gambrill | July 14, 2022
4 min read
As artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be they reputational, business-related or consumer risks. “Sometimes we’re having to talk to our clients about […]
By Phil | July 13, 2022
B.C.’s Supreme Court has struck down as unconstitutional the province’s 6% cap on disbursements for experts in personal injury actions arising from auto accidents – one feature of the Insurance Corporation of B.C.’s attempt to control its auto insurance claims costs. The province’s public insurer recently won a different case that challenged the constitutionality of […]
By David Gambrill | July 13, 2022
Inadmissible hearsay evidence is enough for a driver involved in a collision caused by an unidentified motorist to access the $1 million limit of her auto policy’s OPCF 44R Family Protection Endorsement, an Ontario court has ruled. “There is no doubt…the evidence of [OPP officer Derek] Bowman that ‘the witness told me…’ would not be […]
By David Gambrill | July 12, 2022
Quebec law firm LPC Avocat Inc. has launched a class action lawsuit alleging misrepresentation, breach of civil liability and negligence in connection with the recent national Rogers outage. In the early morning hours of Friday, July 8, Rogers’ wireless network failed, preventing telephone, mobile and internet services to customers across Canada. The outage also affected […]
By Jason Contant | July 12, 2022
Canadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the Property and Casualty Insurance Compensation Corporation (PACICC). In its June 2022 edition of Solvency Matters, […]
By David Gambrill | July 11, 2022
Canadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every step possible to avoid being distracted.’ And yet, half of respondents admitted to talking on […]
By Phil | July 11, 2022
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