Beyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors are exacerbating existing hard market conditions, characterized by increased premiums and deductibles, and a reduction […]
By Phil | May 11, 2023
2 min read
The Alberta government says fire danger continues to be extreme in most of the province except the Rockies, where lower danger levels were expected. Some areas have experienced cooler temperatures and some rain, but the government says a return to hot and windy conditions is expected in the coming days. Indigenous Services Canada said Tuesday […]
By Jason Contant | May 10, 2023
1 min read
As high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit brought forward because of the failure to either purchase insurance as a mitigation factor or […]
By Phil | May 10, 2023
2 min read
Nova Scotia’s Supreme Court recently allowed an auto liability claim to proceed four years after the collision happened, and two years after the time limit for making a claim had expired. The delay was based mainly on the claimants’ lawyer losing track of when the two-year limitation period expired. One hotly contested topic in the […]
By David Gambrill | May 9, 2023
5 min read
Four-and-a-half years after recreational marijuana use was legalized in Canada, cannabis companies continue to face a number of challenges, including insolvency, consolidation and low or flat growth, according to a recent report from EY Canada. “Established/mature markets — including Canada, Colorado, California and others — will continue to experience low or flat growth, oversupply and […]
By Jason Contant | May 9, 2023
3 min read
Rain and cooler temperatures in northeastern British Columbia will help suppression efforts for two out-of-control wildfires, but high temperatures forecast for later this week may pose a new threat, says a BC Wildfire Service spokesman. Cliff Chapman, the director of wildfire operations, told a news conference Monday that the area has not received enough precipitation […]
By Jason Contant | May 9, 2023
3 min read
CACHE CREEK, B.C. – Much of British Columbia’s Interior continued to be under the threat of flooding triggered by rain and warm weather Sunday, but water levels appeared to be receding at one of the hardest hit communities. Even so, Cache Creek, a village about 350 kilometres northeast of Vancouver, remained under a state […]
By Jason Contant | May 8, 2023
3 min read
While it’s too early to estimate losses, Canada’s P&C industry is anticipating incoming property damage claims due to Alberta wildfires and insurers may have already begun to see claims from non-physical aspects of the policies, experts tell Canadian Underwriter. As of Monday, about 100 active wildfires are burning in Alberta. Twenty-seven are currently classified as […]
By Alyssa DiSabatino | May 8, 2023
3 min read
Ontario’s Appeal Court has denied an appeal by a St. Catharines, Ont. brokerage in a dispute over the contract terms of a producer buying out his book of business after he served notice he was leaving the brokerage. In Lindsay v. Verge Insurance Brokers Ltd., Ryan Lindsay worked as an insurance producer for nine years […]
By David Gambrill | May 5, 2023
3 min read
DRAYTON VALLEY, Alta. – An out-of-control wildfire has caused thousands of people to flee their homes in Drayton Valley, Alta., and the surrounding rural area. An evacuation order was issued Thursday night instructing more than 7,000 residents to leave the town about 140 kilometres west of Edmonton. Evacuees are to go to Edmonton and register […]
By Jason Contant | May 5, 2023
1 min read