Claims

Study: World carbon pollution falls 17% during pandemic peak

KENSINGTON, Md. – The world cut its daily carbon dioxide emissions by 17% at the peak of the pandemic shutdown last month, a new study found. But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be “a drop in the ocean” when it comes to climate change, […]

By Greg Meckbach | May 19, 2020

3 min read

Claims

Opinion: COVID is nasty and impactful, but it’s not a Black Swan

Since the “black swan” metaphor was coined in the 2007 book of the same name, it has become fashionable to label virtually all low probability/high impact events black swans. But the danger of making an occurrence like the COVID-19 outbreak appear to be astronomically rare is that we will treat it as such and fail […]

By David Gambrill | May 19, 2020

4 min read

Claims

What can go wrong if ‘actual cash value’ is not clearly defined in a property policy

After a 132-year-old Cape Breton Island building was heavily damaged by a sprinkler line failure, there was a huge disparity between the property owner and insurer’s versions of “actual cash value.” The claimant said $1.59 million, while the insurer said $230,000. The final outcome is still to be revealed in New Dawn Enterprises Limited v. […]

By Greg Meckbach | May 19, 2020

5 min read

Claims

Pandemic traffic on the rise as provincial economies prepare to re-open

People are driving less, but by how much? Canadian Underwriter put the question to a number of organizations to find the answer: Anywhere from 20-70%. However, despite ongoing local travel and social distancing restrictions, and as provincial governments start to ramp up their economies, driving is now on the rise, according to a number of […]

By Adam Malik | May 15, 2020

4 min read

Despite re-openings, time is ticking on construction clients’ inactivity limits

A “snowball effect” could leave some construction companies facing major financial challenges despite the slow re-opening of some of their closed worksites, one brokerage warns. In some situations, the damage may already be done, leaving brokers scrambling to help out their clients. The inability to move projects along due to the COVID-19 pandemic, combined with […]

By Adam Malik | May 14, 2020

3 min read

How curbside retail re-opening creates liability risk

Retailers who are partially re-opening without letting customers into their stores could face liability risk if customers are somehow injured just outside the store, an insurance defence lawyer suggests. Since May 11, some Ontario retailers who were originally ordered closed can now offer curbside pickup and delivery. But retailers with store fronts normally do not […]

3 min read

Bank of Canada warns in report of business, household debt from COVID 19

OTTAWA – The Bank of Canada says there are signs in the country’s financial markets that suggest concern about the ability of companies to weather the COVID-19 economic crisis. The central bank has spent the last two months making a flurry of policy decisions that has seen it slash its target interest rate and embark […]

2 min read

Lower auto claims frequency may not translate into reduced claims severity: Intact CEO

If your auto client base is driving less because of the pandemic, then its claims costs should drop in proportion. Right? Not necesessarily, suggests the head of Canada’s largest auto insurer. Intact Financial Corp. looked at its database of driving data usage-based insurance clients and noticed the distance driven dropped about 50% from the onset […]

2 min read

Why COVID-19 cost this reinsurer $1.2 billion in three months

Event cancellation is a major reason for the sharp increase in Munich Re’s first-quarter reinsurance claims. Munich Re reported €800 million in COVID-19 related losses in the three months ending March 31, “particularly in event cancellation insurance.” Munich Re’s claims and benefit expenses, in property and casualty reinsurance, rose 33%, from €3.186 billion in the […]

3 min read

Why a strata corporation is on the hook for restoration costs in individual unit

A strata corporation that tried to charge a unit owner $1,260 in water damage restoration costs has lost its case before the British Columbia Civil Resolution Tribunal. In July 2019, an outdoor water tap failed, causing water to enter a wall between Bryan Hooper’s strata lot and a neighbour’s lot. The strata corporation hired a […]

2 min read