Police in Windsor, Ont., say they have recovered 138 stolen cars with a total value exceeding $9 million following a joint probe conducted with provincial investigators who specialize in organized crime. They say the probe, dubbed Project Fairfield, was launched in September 2022 and has led to 23 people being charged. Police say evidence collected […]
By Jason Contant | August 4, 2023
1 min read
Intact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses. The 119.2% combined ratio in Intact’s personal property segment included 27 points in Cats, while an increase in severity driven by large losses […]
By Jason Contant | August 3, 2023
2 min read
Specialty insurance provider AXA XL has named Kirsten Andersen underwriting manager for its design professional insurance business in Canada. The business unit provides errors and omissions/professional liability insurance to architectural and engineering firms in Canada, according to the firm’s website. “Over the past five years, Kirsten has provided top technical claims expertise to our design […]
By Phil | August 3, 2023
1 min read
Some 6.6 million “unsafe vehicles” are likely on the road despite having unresolved safety recalls, the federal government says. In an analysis from June, Transport Canada estimated that one in five of the 33.3 million vehicles registered as of 2019 have outstanding recalls but continue to ply the country’s streets and highways, potentially endangering occupants […]
By Jason Contant | August 2, 2023
2 min read
Major cyber incidents disrupt more than a corporation’s operations. Shareholder value, a key measure of a company’s financial health, was shown to fall an average 9% in the year following an event, a recent Aon report showed. With that, C-suite clients are waking up the fact that cyber breaches have potential to impact all areas of […]
By Alyssa DiSabatino | August 2, 2023
2 min read
New risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was one of the highest years on record. Canadian NatCats are no longer just a blip […]
By Phil | August 2, 2023
3 min read
HALIFAX – On the night floodwaters swept through his Nova Scotia county, taking lives and tearing out bridges, Doug Pynch says he had trouble believing an emergency alert that flashed across his phone. It called for residents to evacuate to a civic centre in Newport, N.S., a community that was already seeing water accumulating in […]
By Jason Contant | August 1, 2023
4 min read
An applicant citing pain and other issues did not meet the burden of proof for an insurer to provide benefits beyond the minimum injuries guideline (MIG), adjudicator Janet Roswell wrote in a July 28, 2023 Licence Appeal Tribunal decision (Jabbour v. Economical Insurance Company, 2023 ONLAT 21-002589/AABS). The applicant, Yara Jabbour, was in an automobile accident on Aug. […]
By Phil | August 1, 2023
3 min read
Winds diverting a wildfire burning near Osoyoos, B.C., may have prevented a Cat-level event for the industry, adjusters tell Canadian Underwriter. A raging wildfire scorched 40 square kilometres of land and destroyed several structures in Washington, U.S., before jumping the border and burning another 14 square kilometres, three homes, and one building in Osoyoos, B.C. […]
By Alyssa DiSabatino | August 1, 2023
3 min read
Winds will likely be a major factor in the battle to save the southern British Columbia town of Osoyoos from a raging wildfire, but the latest forecast offers some hope. Environment Canada is calling for northwest winds through the day before gusts of 20 kilometres per hour ease late in the day. The BC Wildfire […]
By Jason Contant | July 31, 2023
2 min read