The global voluntary carbon market (VCM) is expected to show “hockey stick growth” over the next few decades, representing a dramatic opportunity for the insurance industry. “Look at the cyber market now in insurance — it’s the new big thing,” says George Beattie, head of innovation at CFC. “Carbon will be the same in a […]
By Jason Contant | April 10, 2024
3 min read
Next-generation data, analytics and risk models are giving property risk assessment a much-needed facelift. The increased frequency and intensity of natural disasters, combined with population growth in NatCat-prone regions, is escalating property and casualty (P&C) insurers’ claims and losses. A lack of precise data on potential risks and loss exposures only worsens the situation. Fortunately, […]
By Phil | April 10, 2024
4 min read
An urgent need exists for more comprehensive training of new commercial truck drivers, says a new report commissioned by the Insurance Bureau of Canada. “Canada’s trucking sector is critical to the success of our economy, transporting over 90% of all food, consumer goods, and materials to consumers across the country,” Celyeste Power, president and CEO […]
By David Gambrill | April 10, 2024
3 min read
Persistent drought and months of above-average temperatures have raised the risk of a repeat of last year’s record-breaking wildfires. Federal officials say conditions are already ripe for an early and above-normal fire risk from Quebec all the way to British Columbia in both April and May. But Michael Norton, the director general of the Northern […]
By Jason Contant | April 10, 2024
1 min read
Specialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are decentralized markets in which individuals or organizations buy credits to voluntarily offset their carbon footprint, according to the International Federation of Accountants. Credits are bought from […]
By Jason Contant | April 9, 2024
4 min read
It won’t be long before June arrives, bringing with it the 2024 hurricane season. That might be a problem for Canada’s adjusters and insurers given many are still managing residual claims from Hurricane Fiona’s 2022 battering of the East coast. If the region gets hit hard again this year, adjuster capacity could be strained. Thankfully, […]
By Phil | April 9, 2024
2 min read
Canadians are getting more litigious, and that means small business owners face a heightened risk of legal disputes, according to a recent survey by Zensurance. The majority (69.3%) of Canadian consumers say they’d sue a small business if they were injured in a slip-and-fall accident, and 84.7% would sue for damages if involved in an […]
By Alyssa DiSabatino | April 9, 2024
2 min read
Heavy rain over the weekend brought a mix of localized flooding, washouts, and slides to much of the west coast of Newfoundland. In Lark Harbour, there were no washouts, but damage to houses, trails, and some roadways. For some residents in western Newfoundland, Easter weekend meant a dangerous experience. In Lark Harbour, a house was […]
By Jason Contant | April 9, 2024
3 min read
Newfoundland and Labrador’s Supreme Court has dismissed a proposed class action lawsuit against Aviva Canada and Aviva General Insurance Company over a discretionary travel deductible the insurer imposed on medical and rehab accident benefits expenses. Aviva imposed a 25-kilometre (round trip) deductible on travel expenses related to medical appointments within this range, the court noted. […]
By David Gambrill | April 8, 2024
4 min read
To get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a more than $1 billion surplus for the fiscal year ending March 31, 2024, but fresh budget documents released last month show that surplus […]
By Jason Contant | April 8, 2024
5 min read