When two dog owners pass each other while walking their dogs, it is common to hear one ask of the other’s dog, “Friendly?” Perhaps that’s what personal lines home insurance brokers should be asking their dog-owning clients, since lawsuits against owners of dogs who bite could have an impact on their home insurance. “Under certain […]
By David Gambrill | September 25, 2023
3 min read
Rain and a wind storm are expected for much of British Columbia’s coast, bringing gusts as strong as 110 kilometres per hour. Environment Canada warnings cover both northern and eastern Vancouver Island, as well as Victoria, portions of the Sunshine Coast and Haida Gwaii. The first wind storm of the fall is expected to arrive […]
By Jason Contant | September 25, 2023
1 min read
Canada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro. The report, LockBit, BlackCat, and Clop Prevail as Top RaaS Groups: Ransomware in 1H 2023, found Canada only behind the U.S. and […]
By Jason Contant | September 25, 2023
2 min read
Canada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and Casualty Insurance Compensation Corporation (PACICC) fail, roughly 98% of all personal lines policyholders in Canada […]
By Jason Contant | September 22, 2023
3 min read
Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In the first six months of 2023, PACICC recorded 31 member insurers with negative net income […]
By Jason Contant | September 21, 2023
3 min read
Four young men travelling home after helping in the battle against wildfires in central British Columbia are dead after a fiery head-on crash, police and provincial officials said Wednesday. RCMP Cpl. James Grandy said emergency crews responded around 2 a.m. Tuesday to the crash on Highway 1 east of Cache Creek in the province’s southern […]
By Jason Contant | September 21, 2023
2 min read
Summer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023. “At this time, I can tell you that we are firmly and well above $2 […]
By David Gambrill | September 20, 2023
2 min read
Ransomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said Michael O’Connor, associate vice president of technology/cyber and professional lines at Sovereign Insurance. “Now, it’s […]
By Jason Contant | September 20, 2023
3 min read
VANCOUVER – British Columbia’s emergency management minister said the province will be ready to introduce “in the coming weeks” new laws to govern responses to increasingly frequent natural disasters such as wildfires and flooding. Bowinn Ma told a gathering at the Union of B.C. Municipalities’ annual convention in Vancouver Tuesday that laws will address the […]
By Jason Contant | September 20, 2023
3 min read
Challenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to be a dynamic space with persisting rate increases, valuation scrutiny and capacity contractions,” Aon said […]
By Jason Contant | September 19, 2023
3 min read