The number of active wildfires in British Columbia has dipped below 450 as cooler weather and recent rain has cut the fire risk, although another hot spell could wipe out those gains as large sections of the province wilt under severe drought. The BC Wildfire Service website shows only small pockets of extreme wildfire risk, […]
By Jason Contant | July 26, 2023
2 min read
Spare parts shortages continue to cause significant auto insurance claims delays, and a scarcity of adjusters is, in some cases, exacerbating the issue. Many problems brokers are now seeing and helping clients manage wouldn’t have popped up in prior years, said Jesica Ryzynski, a claims specialist at Mitch Insurance. “The fact that people can sometimes […]
By Phil | July 25, 2023
2 min read
Saskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead. The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers to help their rancher neighbours get through another summer of drought. APAS president Ian Boxall […]
By Jason Contant | July 25, 2023
3 min read
Adjusters are beginning to see claims pour in after thunderstorms dumped record amounts of rain on Nova Scotia Friday. Torrential downpours dropped over two months’ worth of rain (between 200 and 250 millimetres) in about 24 hours on Halifax, Nova Scotia’s South Shore, and central and western parts of the province, the Canadian Press reported. […]
By Alyssa DiSabatino | July 24, 2023
4 min read
It’s going to take a trial to decide whether or not Co-operators General Insurance Company owes a duty to defend in a complicated legal case concerning a 2015 gas explosion that happened on a construction site at the Bow River Seniors Lodge in Canmore, Alta. Alberta’s Court of the King’s Bench declined a request by […]
By David Gambrill | July 24, 2023
3 min read
What’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average, and 20% would be the high end. Ideally, a primary insurer should maintain a combined […]
By Phil | July 24, 2023
2 min read
CALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as of 2023, according to an IBM survey of 26 victimized organizations, is $6.94 million – […]
By Jason Contant | July 24, 2023
4 min read
One of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For (re)insurers, that means not knowing what kind of a NatCat year might be experienced. Will […]
By Phil | July 21, 2023
3 min read
HALIFAX – The Nova Scotia government is asking the province’s Court of Appeal to determine who has jurisdiction over the works that protect a vital link between the province and New Brunswick. In a court document filed Wednesday, lawyers for the Nova Scotia attorney general ask whether infrastructure protecting “interprovincial transportation, trade and communication links […]
By Jason Contant | July 21, 2023
2 min read
With Canada’s record-breaking fire season continuing to burn hot, firefighter availability and the country’s system of sharing resources is stretched thin. For Canada’s P&C insurance industry, the overall lack of firefighters is a concern, given the sheer number of fires burning — 4,356 in total for the year as of Friday afternoon, according to the […]
By Jason Contant | July 21, 2023
4 min read