Whatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars in cumulative Cat loss activity in the country,” Graham Haigh, senior vice president and chief […]
By Phil | December 18, 2023
3 min read
With the federal government cracking down on short-term rentals, property and casualty insurance providers are urging clients who rent their properties short-term to contact them to verify whether or not they are covered for property damage or liability for third-party lawsuits. “From the moment your first guest arrives, your standard home insurance coverage no longer […]
By David Gambrill | December 15, 2023
3 min read
OTTAWA – A new national emergency response agency may consist of regional response teams that Ottawa can call into action when disaster strikes, Emergency Preparedness Minister Harjit Sajjan said in a recent interview. It is clear some kind of federal co-ordination agency is required, Sajjan said, speaking to The Canadian Press about the lessons learned […]
By Jason Contant | December 15, 2023
5 min read
During the recent renewal cycle, many personal auto customers opted to increase their deductibles to reduce their annual premiums. Now, those decisions are leading customers who’ve been in accidents to delay pursuing claims because they don’t have enough cash on hand to cover those higher deductibles. “I’m having some uncomfortable conversations with our insureds who […]
By Phil | December 15, 2023
3 min read
In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents would get a breather to start rebuilding. But 2023 proved different. A late-July rainstorm dumped […]
By Phil | December 14, 2023
3 min read
With natural disasters on the rise, restoration firms are responding to the growing need through expansions and acquisitions, according to recent announcements. Intact subsidiary On Side Restoration has acquired Superior Disaster Services Ltd., in a deal that closed Dec. 1, the company announced. “Welcoming Superior Disaster to the team as the 17th and […]
By Alyssa DiSabatino | December 14, 2023
2 min read
HALIFAX – Tens of thousands of residents across the Maritimes woke up Tuesday without electricity as utility crews scrambled to repair downed power lines after a powerful windstorm roared over the region on Monday. More than 23,000 Nova Scotia Power customers were still without electricity as of 10 a.m. – and another 17,000 homes and […]
By Jason Contant | December 13, 2023
2 min read
Current economic conditions have people stressed, and it’s showing up in personal auto claims, said Jesica Ryzynski, a claims specialist with Mitch Insurance. Minor at-fault accidents among insureds are taking place more frequently, she told CU, with many taking place just as an insured is heading home from work or to pick up a child […]
By Phil | December 13, 2023
3 min read
Ontario is taking tow truck services out of the hands of municipalities and requiring tow truck operators to be certified and adhere to a Code of Conduct. “This marks the end of municipal regulation of towing and storage operators, with the province set to handle their certification and oversight,” Insurance Bureau of Canada notes in […]
By David Gambrill | December 12, 2023
3 min read
As the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing climate-related exposures, robust population growth, and macroeconomic conditions are supportive of premium rate increases, they […]
By David Gambrill | December 11, 2023
3 min read