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Claims
If recommendations from a report released last year on sustainable finance are going to succeed, the property and casualty insurance industry is going to play a key role in making it happen, said one expert. There is a lack of corporate disclosure around the risk of climate change, warned Barbara Zvan, chief risk and strategy […]
By Adam Malik | February 12, 2020
3 min read
The Guarantee Company of North America wants to take a disputed claim on a 20-year-old performance bond to the Supreme Court of Canada. The top court announced Feb. 7 that The Guarantee is applying for leave to appeal HOOPP Realty Inc. v. The Guarantee Company of North America, released this past November by the Court […]
By Greg Meckbach | February 12, 2020
4 min read
Your property client’s flood risk could arise from a weak link in the bathroom. Water damage claims of over $100,000 can result if the supply line feeding water to the toilet breaks, says metallurgist Paul Okrutney, founder of Toronto-based insurtech Mitigateway. “They are extremely common,” Okrutney said in an interview. “Basically your plumbing system is […]
By Greg Meckbach | February 11, 2020
2 min read
Insurance professionals can run the gamut of emotions over the course of a claim, which is what makes managing mental health a challenge, according to industry experts. Whether it’s the broker fielding the call from a panicked client to the claims advisor overseeing the loss to the adjuster who regularly interacts with the distraught client, […]
By Adam Malik | February 11, 2020
VANCOUVER – Travellers nervous about globe-trotting during the novel coronavirus outbreak may be eligible to receive a refund for cancelling their travels, say insurance experts, but it depends on the destination, their insurance policy and other factors. “I think in any case of sort of an epidemic like this, it’s really an evolving situation and […]
By Jason Contant | February 11, 2020
If an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the potential to reduce the impact of a major earthquake in Canada. We are initiating a five-year program to develop such as system,” […]
By Greg Meckbach | February 10, 2020
A former head of the United States National Flood Insurance Program has some frank advice for Canadian insurance professionals concerned about the lack of affordable overland flood coverage insurance for high-risk properties. “Look at what they have done south of the border in the United States and don’t repeat it,” Roy Wright, president and CEO […]
Look for climate change to heat up Canada’s liability lines over the next 10 years, as lawsuits begin to fly against the alleged corporate perpetrators of greenhouse gas emissions. Climate liability is an emerging risk for Canadian property and casualty insurers, according to the Insurance Institute of Canada’s latest research report, Climate Risks: Implications for […]
By David Gambrill | February 7, 2020
Polyfluoroalkyl (PFAS) materials are everywhere – and they could be the next big threat to property claims exposure, warned one expert. Lori Festarini, vice president of environmental services at Stantec, spoke about the risks around PFAS at the recent Ontario Insurance Adjusters Association’s Claims Conference in Toronto. This material is found in many everyday items […]
By Adam Malik | February 7, 2020
The government of British Columbia has announced it will be “removing lawyers and legal costs from the system” to lower public auto insurance rates by about 20%, a move applauded by the province’s brokers association but panned by trial lawyers. “You shouldn’t need a lawyer to access the benefits you’ve paid for,” B.C. Attorney General […]
By Jason Contant | February 7, 2020
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