Canada’s top court has effectively upheld a decision that a title insurer isn’t on the hook for local improvement charges that become payable in the years following the closing of a real estate transaction. FCT Insurance thus won its appeal over an Alberta company that sought to have its title insurance policy cover more than […]
By David Gambrill | July 31, 2023
3 min read
While industries seldom relish regulation, Canada’s property and casualty (P&C) insurers can take solace in the knowledge that draft rules around their exposure to crypto-assets are limited. That’s because the latest Office of the Superintendent of Financial Institutions (OSFI) draft guidelines only allow P&C insurers to hold a single category of crypto-assets for collateral purposes. […]
By Phil | July 28, 2023
2 min read
Recent flooding in Nova Scotia has led adjusters to see damages comparable to Hurricane Fiona, but final claims totals aren’t expected to be as high as when Fiona blew through the East Coast last September, claims professionals on the ground tell Canadian Underwriter. Michael Galea, senior vice president of operations at Sedgwick, says the claims […]
By Alyssa DiSabatino | July 28, 2023
3 min read
Brokers and underwriters would be wise to avoid the use of emojis when negotiating insurance contracts, based on a recent ruling in Saskatchewan. Back in 2019, an Israeli judge found the use of a smiling emoji, a dancing emoji, and a champagne bottle emoji signified an intent to enter a landlord-tenant contract. Now, the Court of […]
By David Gambrill | July 28, 2023
3 min read
YELLOWKNIFE — An out-of-control wildfire in the Northwest Territories has destroyed four homes in a community about 100 kilometres northwest of Yellowknife. Wildfire information officer Mike Westwick says the fire has reached the community of Behchoko in Rae. The territory’s wildfire agency had initially said five homes were lost but has since revised the total […]
By Alyssa DiSabatino | July 28, 2023
1 min read
An accident benefits claimant failed to meet the stringent non-earner benefit (NEB) test and is not entitled to ongoing benefits, adjudicator Derek Grant wrote in a July 21, 2023 Licence Appeal Tribunal decision. The claimant, Dominik Crnogorac (referred to afterwards as D.C. in the Crnogorac v. Wawanesa Insurance ruling), was involved in an automobile accident […]
By Phil | July 27, 2023
3 min read
FREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to withstand rising sea levels and destructive storms. Slobodan Simonovic said that when planning infrastructure, builders […]
By Jason Contant | July 27, 2023
4 min read
Canadian property and casualty insurers will be working with new cabinet ministers in the areas of emergency preparedness, public safety (including cybersecurity and auto theft), and housing, infrastructure and communities (including climate resilience), following Prime Minister Justin Trudeau’s major cabinet shuffle Thursday. In the shuffle, Harjit Sajjan became the new minister of emergency preparedness, taking […]
By Jason Contant | July 27, 2023
2 min read
Big buyers of P&C brokerages — i.e., private equity (PE) firms — may continue to see premium increases for their own liability and cyber policies, albeit flatter than before, Matthew Studley, executive vice president of complex risk for Hub International, told Canadian Underwriter. Meanwhile, P&C brokerages have become safe haven investments for PE firms due […]
By Alyssa DiSabatino | July 26, 2023
3 min read
Impaired drivers in Manitoba who are involved in collisions will be denied third-party liability coverage, and will be responsible for covering the cost of any damage they cause to other vehicles or property under new rules in the province. Manitoba Public Insurance (MPI) and the provincial government said Tuesday the denial of coverage will take […]
By Jason Contant | July 26, 2023
2 min read