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VANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as it released the latest cost estimate of $675 million, and that’s only for damage that […]
By Jason Contant | June 16, 2022
2 min read
Picture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult to spot the potential for critical failure, especially one that could pose risks for consumers. […]
By Phil | June 15, 2022
3 min read
Inflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be exacerbated by inflation, which rose to 6.8% in April — one of the highest rates […]
By Alyssa DiSabatino | June 15, 2022
In the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of their business, they are unknowingly expanding their attack surface,” said Greg Young, vice president of […]
By David Gambrill | June 14, 2022
Social media savvy Canadians may find their tendency to post vacation selfies resulting in the wrong kind of house cleaning. With COVID-19 restrictions easing, summer is once again travel time and 62% of Canadians who are active on social media indicated they’re planning a trip, according to a survey commissioned by Allstate Insurance Company of […]
By Phil | June 13, 2022
The property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We have been, as an industry, very focused on primary perils,” says Marcela Abreu, senior P&C […]
By Jason Contant | June 13, 2022
With the Ontario election in the rearview mirror, and Doug Ford re-elected as premier with a sizeable majority, the P&C industry is eagerly awaiting to hear who the next finance minister will be. But political pundits and insurance experts predict — and hope for — very few changes in the cabinet. Panelists from several […]
By Alyssa DiSabatino | June 13, 2022
OTTAWA – Rebuilding in the fire-ravaged village of Lytton, B.C., is likely to begin in September, according to the province’s minister of public safety. That would be 15 months after an out-of-control wildfire swept through and burned 90 per cent of the community. Both Mike Farnworth and federal Emergency Preparedness Minister Bill Blair praised the […]
Steep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to understanding what the replacement cost is from an insurance perspective, and the difference between that […]
By Phil | June 10, 2022
Belair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned by Akram Seyed Parsa before she passed away. Parsa’s daughter, Parvin Yavari, the executor of […]
By David Gambrill | June 10, 2022
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