Insurance & Risk, Analysis, Events and Careers
Claims
Two creditor firms seeking to access insurance policy proceeds in a $2.5-million trust fund misappropriation case against a lawyer lost their bid to interpret the $500,000 sublimit as applying to each of their claims, instead of being an aggregate policy limit. To make matters worse for the creditors, they couldn’t even collect a penny of […]
By David Gambrill | February 28, 2022
3 min read
After Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he said, are “passively accepting” climate risk. “The major investors in the world are encouraging corporates, […]
By Alyssa DiSabatino | February 24, 2022
It’s a long-held proposition that auto insurance is supposed to restore an injured driver to their pre-accident state of health — but what if that state was one of chronic pain following 15 years of being injured in a prior car accident? Ontario’s Licensing Appeals Tribunal (LAT) has confirmed that being in a state of […]
By David Gambrill | February 23, 2022
Global reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets — during his keynote speech at CatIQ Connect in early February. Chris Gottardo, head […]
By Alyssa DiSabatino | February 23, 2022
Last year saw a shift from “normal” catastrophic losses by quarter and even geographical location, data from Catastrophe Indices and Quantification Inc. (CatIQ) show. Both the third and fourth quarters of 2021 had “well above average” average catastrophes in terms of number of events and total losses, CatIQ managing director Laura Twidle said during CatIQ […]
By Jason Contant | February 22, 2022
Catastrophic flooding in communities has resulted in an average 8.2% reduction in the selling price of houses — and material implications on insurance, according to a new report by Intact Centre on Climate Adaptation and the University of Waterloo. The report also found a 44.3% reduction in the number of houses listed for sale […]
By Alyssa DiSabatino | February 22, 2022
Appraisers in home insurance claims don’t have to be neutral, the umpires do, the Court of Appeal for Ontario has ruled. In Desjardins General Insurance Group v. Campbell, Ruth Campbell made a home insurance claim against Desjardins General Insurance Group after a 2018 tornado damaged her home in Ottawa, Ont. The two sides disagreed about the value […]
By David Gambrill | February 17, 2022
For boutique D&O coverages, a law firm says companies should be bringing in a lawyer to look at the contract coverage and not just rely on the opinion of the insurance broker about coverage. This is particularly true in business verticals where manuscript (i.e. customized) D&O policies are more common. For example, rapidly emerging sectors […]
By David Gambrill | February 16, 2022
2 min read
Canada’s federal government has begun to provide some clarity around the wording and application of its newly released Emergency Economic Measures Order, but the insurance industry still isn’t clear on how exactly it will be enacted, and industry observers and lawyers are beginning to weigh in — and advising caution. In response to protests and […]
By Alyssa DiSabatino | February 16, 2022
4 min read
OSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised guidelines take effect Jan. 1, 2025, giving the industry a three-year transition period to adjust […]
By David Gambrill | February 14, 2022
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