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Claims
With overall consumer inflation near 40-year highs, can sharply rising claims costs and social inflation be far behind? It’s too soon to tell, an Aon expert tells Canadian Underwriter. Speculation that consumer price inflation might spark social inflation for casualty claims has so far not materialized, according to a June inflation report from Aon. “Companies […]
By Phil | July 8, 2022
2 min read
Acting recklessly in breaching the confidential medical files of patients effectively falls within a hospital insurer’s commercial policy exclusion for committing an ‘intentional act,’ Ontario’s top court has ruled. The Ontario Court of Appeal found a hospital insurer, the Healthcare Insurance Reciprocal of Canada, does not have a duty to defend a legal action brought […]
By David Gambrill | July 8, 2022
3 min read
Several inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more to find a replacement vehicle for a car insurance claimant, thanks to rising costs for […]
By Phil | July 7, 2022
Intact Insurance has lost its bid to recover $2.9 million it paid above and beyond its $5-million insurance policy limit for cleaning up a 2012 chemical spill in North Bay, Ontario. Ontario’s Court of Appeal rejected Intact’s arguments that it had a right under the Environmental Protection Act (EPA) to recover the excess insurance payments […]
By David Gambrill | July 7, 2022
4 min read
Commercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and expenses. And brokers are, of course, deeply familiar with one type of indemnity — insurance […]
By Phil | July 6, 2022
When the pandemic, remote work and a hot housing market combined to cause more Canadians to buy homes in suburban and rural areas, home insurers may have become more exposed to NatCat losses, data from a recent Aviva study found suggests. COVID-19 influenced a change in location for 60% of Canadians, said the Aviva study, […]
By David Gambrill | July 4, 2022
A National Highway Traffic Safety Administration (NHTSA) preliminary analysis (PA) into Tesla’s Autopilot system was upgraded to an engineering analysis (EA) earlier this month. The EA will “extend the existing crash analysis, evaluate additional data sets [and] perform vehicle evaluations,” NHTSA said in a June 8 memo. The action builds on a PA begun in […]
By Phil | June 30, 2022
Ninety-eight per cent of Ontario drivers report witnessing unsafe driving behaviours over the past year — a 3% increase from the year previous — and yet only 58% admit to engaging in dangerous driving behaviours themselves, a CAA South Central Ontario (SCO) and DIG Insights study finds. “Traffic returning to pre-pandemic levels could be the […]
By Alyssa DiSabatino | June 29, 2022
Canada could benefit from a flood protection program combining the features of the U.S. National Flood Insurance Program (NFIP) and U.K.’s Flood Re, says credit rating agency DBRS Morningstar, but that view is not entirely shared by Insurance Bureau of Canada (IBC). “A public-private partnership, such as that developed in the U.K., is the best […]
By Jason Contant | June 29, 2022
To the naked eye, not much has changed since Lytton, B.C. was razed by a June 30, 2021 wildfire, causing an estimated $100 million in insured damage. Coming up on the fire’s one-year anniversary, debris-removal work has finally begun for insured residents of damaged homes and businesses. But the physical landscape largely remains the same […]
By David Gambrill | June 29, 2022
5 min read
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