For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms and, of course, wildfires. The counts aren’t in yet for damage caused by Hurricane Lee […]
By David Gambrill | October 19, 2023
2 min read
Underwriters must pay close attention to the policy wording they use in their exceptions to exclusions, lest insurers find themselves on the hook for covering losses with two or more suspected causes. That’s a key takeaway from Brock Stock Farm Ltd. v. Economical Mutual Insurance Company, a decision released by the Saskatchewan Court of King’s […]
By David Gambrill | October 18, 2023
4 min read
Add natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property and Casualty Insurance Compensation Corporation (PACICC) says in its new report, When, Where and How […]
By David Gambrill | October 17, 2023
3 min read
Canada saw an overall “modest decline” of 3.5% in personal auto insurance premiums last year, AM Best reported during an industry event in Toronto earlier this month. Lower profit margins in Canadian auto insurance are likely to remain under pressure in the medium term, as seen in the U.S. and U.K., ratings firm DBRS Morningstar […]
By Jason Contant | October 17, 2023
3 min read
Even though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this month. “The conversation has shifted from, ‘Will cyber become a major product in line with […]
By Jason Contant | October 16, 2023
3 min read
A series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification Inc. (CatIQ), tells Canadian Underwriter insured losses are now over $3 billion for the year so […]
By Alyssa DiSabatino | October 16, 2023
3 min read
When Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United States and the United Kingdom, where national flood insurance programs exist. Canada does not have […]
By David Gambrill | October 13, 2023
4 min read
TIMMINS, Ont. – Ontario’s natural resources and forestry minister says the government will spend an additional $20.5 million over three years to help fight wildfires. Graydon Smith, making an announcement in Timmins, Ont., says this recent fire season has been one of the most challenging in recent memory. The government says more than 700 wildfires […]
By Jason Contant | October 12, 2023
1 min read
Canadian Underwriter published an article on Sept. 19, 2023, entitled “Court draws distinction between a brokerage and a consultant.” The article deals with an important decision of Ontario Superior Court Justice Edward Morgan released on July 25, 2023. The matter involved an injunction motion brought by our client, an insurance broker named Nativelands Specifics Claims […]
By David Gambrill | October 11, 2023
6 min read
Auto theft costs in 2023 are projecting to break record levels established in 2022, P&C insurance professionals are warning. A recent survey by Équité Association shows auto theft in Ontario increased by 31% year-over-year in the first half of 2023. In Quebec, it increased by 17% year-over-year in the first half of 2023. Last year […]
By David Gambrill | October 11, 2023
4 min read