Canada’s property and casualty insurance brokers have long maintained the need for a unified flood map, but insurers want to compete on their proprietary flood maps, and the ongoing differences between brokers and their insurance partners on this point became abundantly clear at the Insurance Brokers Association of B.C. (IBABC) AGM and Leader’s Conference in […]
By Alyssa DiSabatino | July 4, 2023
3 min read
Data culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher Re report Can Scanning Technologies Predict Claims? Systems designed to scan for risk scrape data […]
By Phil | July 4, 2023
2 min read
VERNON, B.C. – A restaurant, boutique, salon and costume shop are among the businesses believed to have been destroyed in an early morning fire in downtown Vernon, B.C. Flames broke out in the commercial building at about 2:30 a.m., blanketing the downtown core of the north Okanagan city with thick smoke. The single-storey complex has […]
By Jason Contant | July 4, 2023
1 min read
Private property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New Zealand, said Mary Kelly, professor, finance and chair in insurance assurance of learning coordinator at […]
By Phil | June 30, 2023
3 min read
VICTORIA – British Columbia’s independent forests watchdog is calling for the provincial government to make critical changes to how it manages forests to reduce the risk of catastrophic wildfires. The report, released Thursday by the B.C. Forest Practices Board, says risk mitigation currently focuses on areas near communities, but leaves the wider forest landscape “severely […]
By Jason Contant | June 30, 2023
3 min read
An insurer does not displace the role of the broker if the insurer conducts its own independent replacement cost valuation (RCV) and comes up with a different number than the broker submits, the Ontario Superior Court confirmed Tuesday. It remains the responsibility of the brokerage to inform the client about the change in valuation to […]
By David Gambrill | June 29, 2023
4 min read
It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking. Good passage planning helps ships reduce insurance losses by avoiding collisions, groundings and other incidents […]
By Phil | June 29, 2023
3 min read
Tens of thousands of Canadians have been forced to evacuate because of an active wildfire season, and a new home-sharing digital platform dedicated to insurance is expanding nationally to help adjusters find temporary accommodations for insureds whose homes have been damaged and need interim relocation. First launched in Quebec in 2016, SiniSTAR is an online […]
By David Gambrill | June 28, 2023
3 min read
Ottawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty Insurance Compensation Corporation’s (PACICC), wrote in June’s Policy Matters bulletin. Back in March, Canada’s federal […]
By Phil | June 28, 2023
2 min read
CALGARY – The systems breach at Suncor Energy Inc. will likely cost the company millions of dollars before it is able to resolve the issue, according to a cybersecurity expert. Jon Ferguson, general manager of cybersecurity at the Canadian Internet Registration Authority, made the comments in an interview Tuesday, two days after the Calgary-based oil […]
By Jason Contant | June 28, 2023
3 min read