Intact Insurance does not have a duty to defend a man with schizophrenia who stabbed the owner of a firearms store while in the grip of a psychotic delusion, Ontario’s Court of Appeal has ruled. Brett Butterfield suffered a psychotic episode while at a firearms store. “He stabbed the store owner under the honest but […]
By David Gambrill | April 14, 2023
3 min read
Canadian P&C carriers appear to be taking claims adjusting expenses in-house more often than several years ago, a trend of concern to the independent adjusting community. The good news is that net loss ratios since 2006 and the proportion of these ratios attributable to adjustment expenses hover between 8 and 11 points on the loss […]
By Jason Contant | April 14, 2023
2 min read
MONTREAL – A $14.7-million settlement has been reached in a class-action lawsuit brought against the Montreal Roman Catholic archdiocese, and a judge will be asked to sign off on the deal in the coming weeks, the plaintiffs’ lawyer said Thursday. The lawsuit, filed in 2019 and authorized by Quebec Superior Court in 2021, covered victims […]
By Jason Contant | April 14, 2023
2 min read
Private companies, including not-for-profits, face rising legal and other exposures from lenders and private investors, customers and employees that can impact Directors & Officers (D&O) insurance policies. And, over the past three years, economic volatility has emerged as a key concern. Since 2020, Canadian businesses have faced a brew of economic confusion — supply chain […]
By Phil | April 12, 2023
3 min read
The storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification Inc. (CatIQ) has declared the storm a Cat (more than $30 million in insured damages), […]
By Jason Contant | April 12, 2023
3 min read
Want to increase the likelihood of a construction project insurance claim being accepted? Take the time to validate each aspect of that claim. The upfront work will make it easier for any umpires, mediators, consultants or lawyers brought in to resolve the matter, and will ultimately save parties to the disagreement time and money. Even […]
By Phil | April 11, 2023
3 min read
CALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada and around the world is routinely targeted by cyber-criminals for financial gain as well as […]
By Jason Contant | April 11, 2023
1 min read
An exceedingly tough reinsurance cycle saw insurers quoted double digit rate increases upon the Jan. 1 2023 renewal. Some portfolios without a significant loss history saw increases of 25% to 30%, while other portfolios with losses saw their reinsurance rate increases climb as high as 50% to 70%, Donald Callahan, managing director of Guy Carpenter […]
By Alyssa DiSabatino | April 6, 2023
4 min read
Underwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team leader of digital assets with London, U.K.-based Superscript. “If the underwriters aren’t happy with it, […]
By Jason Contant | April 6, 2023
3 min read
Thousands of people in Ontario are without power after a messy mix of freezing rain and thunderstorms pummeled parts of the province, with downpours and possible ice storms still in the forecast. Hydro One says crews are responding as an outage map shows thousands of customers without power this morning. The reported outages are concentrated […]
By Jason Contant | April 5, 2023
1 min read