For 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may be short-lived and the industry may want to prepare for less favourable results sooner rather […]
By Phil | July 14, 2023
3 min read
Brokers hear lots of stories about minor fender-benders that don’t lead to injuries. And some could even be seen as amusing – if they weren’t linked to financial losses for insurers. “We had an incident where someone was trying to light a cigarette – something we don’t usually hear anymore in 2023,” Jesica Ryzynski, claims […]
By Phil | July 14, 2023
3 min read
OTTAWA – The remains of totalled fences, blown-out windows and ripped-off roofs were scattered across a south-end neighbourhood in Ottawa on Thursday after a tornado hit with little warning. After the skies had cleared, families sat out on their porches looking out at downed poles and uprooted trees as emergency services and hydro personnel worked […]
By Jason Contant | July 14, 2023
5 min read
Canada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is increasingly apparent. “The hospitality industry really got hit with a perfect storm,” said Jeff Somerville, […]
By Phil | July 13, 2023
2 min read
VANCOUVER – Canada’s Emergency Preparedness Minister says he is expecting a “fairly substantive” request for help from British Columbia as wildfires worsen. Bill Blair tells The Canadian Press the government operations centre has been in discussions with the province for the last several days, and Ottawa is ready to deploy needed resources as the formal […]
By Jason Contant | July 13, 2023
2 min read
Intact Financial Corporation saw an estimated $335 million in catastrophe losses in Canada for the second quarter of 2023, the insurer revealed in a release. Comparatively, the company handled over a million claims and paid out over $10 billion globally in 2022, Debbie Coull-Cicchini, executive vice-president, said during an industry event last month. By the […]
By Alyssa DiSabatino | July 13, 2023
2 min read
Canada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada and the […]
By David Gambrill | July 12, 2023
3 min read
While inflation’s pace has eased in Canada, it’s still expensive to put homeowners back into their properties after a fire, flood, wind or other event. That’s because lingering supply chain and labour-shortage issues are extending restoration timelines. And that’s increasing costs insurers must bear to accommodate homeowners who can’t return to their properties. “Repairs are […]
By Phil | July 12, 2023
2 min read
With heavy rains triggering flooding and landslides in parts of Quebec, some clients may understandably have questions about which perils are covered under their insurance policies. Certain types of water damage are typically covered, while coverage for overland flooding or sewer backup may be available as optional add-ons. But generally speaking, landslides or other earth […]
By Jason Contant | July 12, 2023
3 min read
CHARLOTTETOWN – Prince Edward Island says the personal information belonging to thousands of people may have been part of a privacy breach caused by human error. It says the information of 5,600 clients enrolled in a provincial employment program was inadvertently shared on June 13. The province did not say who had gained access to […]
By Jason Contant | July 11, 2023
1 min read