Claims

Why there’s growth opportunity in cyber if insurers play their cards right

As incidents of cyberattacks become more prevalent globally, the demand for cyber insurance continues to grow rapidly — much faster than most other lines. For insurers, this provides an opportunity to meet growing consumer demand by increasingly offering cyber insurance policies, wrote DBRS Morningstar in a new commentary. But alongside opportunity, cyber insurance presents […]

By Alyssa DiSabatino | June 2, 2023

2 min read

Claims

Hurricane season has started. What can the industry expect?

The 2023 hurricane season is shaping up to be near normal as the current ocean temperatures (which fuel hurricane activity) and the El Niño patterns (which hinder it), are converging to neutralize one another, industry outlooks suggest. For the P&C industry, this uncertainty may prove it difficult to predict the level of damage that could […]

By Alyssa DiSabatino | June 1, 2023

3 min read

Claims

What it’s like on the scene of the Nova Scotia wildfires

Two large wildfires burning in Halifax and Shelburne counties in Nova Scotia remain out of control, even as fire and additional living expenses (ALE) claims start to trickle in for insurers and adjusters. Some adjusters aren’t able to access the scene, and thousands of people remain displaced and uncertain of the status of their properties, […]

By Jason Contant | June 1, 2023

4 min read

Claims

Why Canadian D&O insurers can breathe a sigh of relief

D&O lawsuits claiming boards of directors breached their climate-related fiduciary responsibilities would likely not succeed in a Canadian court if the facts are similar to those in a recent U.K. court case, lawyers suggested in a Mondaq article Wednesday. Non-profit ClientEarth brought a claim against the board of directors of Shell plc in February alleging […]

By Jason Contant | May 31, 2023

4 min read

Man injured in a crash while sleeping in a stolen truck is covered

A man sleeping in the back of a pickup truck when it was stolen by an uninsured driver and involved in a serious crash is entitled to auto insurance coverage, the Court of Appeal for Ontario has ruled. The Appeal Court’s ruling means Co-operators General Insurance Company’s auto policy will cover the passenger in the […]

3 min read

How hybrid work can increase broker E&O risk

Workplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O experts observed during CU Live presentation on LinkedIn. “I’d say it’s tougher after COVID not […]

By Phil | May 31, 2023

3 min read

The state of the cannabis insurance market in 2023

Even though inflation cooled to 4.3% in March from a high of 8.1% last summer, its effect is still being felt on personal and commercial lines alike. The cannabis insurance market is no exception. Carriers across the board are looking for a 7% to 9% rate increase on the replacement cost of buildings, “where two […]

2 min read

Government announces aid for residents affected by spring flooding

WHITEHORSE – The Yukon government says it’s working to provide financial support and other help to residents and businesses hurt by ongoing flooding in the Klondike Valley. The government said 82 residents have signed up for emergency support services so far, some of whom are staying in hotels and other accommodations while under evacuation. Yukon […]

2 min read

‘Foreseeable’ cyberattack on N.L. health network hit majority of province: report

ST. JOHN’S, N.L. – A new report says the cyberattack that temporarily knocked down Newfoundland and Labrador’s health-care IT systems in October 2021 was foreseeable and almost inevitable. The 115-page report from the office of the province’s privacy commissioner concludes hackers likely stole information from the vast majority of the population. It says the […]

1 min read

What makes the Halifax wildfire so unique

Nova Scotia is no stranger to wildfire, but the out-of-control blaze burning in suburban Halifax is unique in its aggressiveness, Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction told Canadian Underwriter Monday. As of Monday afternoon, an estimated 16,400 people were forced to flee their homes after the rapidly spreading fire broke […]

3 min read