Claims

New Brunswick to set caps on disaster financial assistance for homeowners

FREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total a homeowner can claim for disasters such as flooding and coastal storm surge, up from […]

By Alyssa DiSabatino | March 16, 2023

2 min read

Claims

How the protection gap affects Canada

A growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a global protection gap of US$900 billion for cyber and US$100 billion for natural catastrophes. Gaps […]

By Alyssa DiSabatino | March 15, 2023

4 min read

Claims

A U.K. climate lawsuit Canadian D&O insurers may be following

A recent U.K.-based, climate lawsuit launched against Shell plc’s board of directors by NGO ClientEarth may lead to “copycat” litigation in Canada, lawyers warn, potentially affecting the D&O line of commercial insurance. “Corporate climate litigation is still in its infancy in Canada,” as noted by Andrew MacDougall, Jennifer Fairfax, and Ankita Gupta of Osler, Hoskin […]

By David Gambrill | March 15, 2023

2 min read

Claims

N.B. hopes for quiet spring but asks residents to be prepared for possible floods

FREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of snow and ice in the province usually happens between March and May, and flooding is […]

By Alyssa DiSabatino | March 15, 2023

1 min read

Two companies, one shareholder, only one named insured. What happens next?

A man who is the sole shareholder of two companies — one that owns a title deed to a building (and the only named insured on the policy), and one a commercial tenant of that same building — has an insurable interest in both the building and the tenant’s contents, the Québec Superior Court has […]

3 min read

What is the P&C insurance sector’s role in “building back better”?

If Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster. Although this conclusion was never stated explicitly in a February 2023 Bank of Canada report […]

3 min read

South B.C. highway passes see more snow, Avalanche Canada urges caution as storm hits

VANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15 to 25 centimetres is expected at higher elevations of the passes north and east of […]

2 min read

Is cyber coverage broken? And, can it be fixed?

Not long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago improved dramatically to 108.4% in 2022 Q1, per the Office of the Superintendent of Financial […]

By Phil | March 10, 2023

3 min read

Drivers fear fraud, but don’t take an elementary step to prevent it

Insurance broker scams are among the primary ways drivers believe they could be susceptible to fraud, yet only 1 in 5 respondent auto policyholders took the time to check with the Financial Services Regulatory Authority of Ontario (FSRA) to ensure they are working with a licensed insurance professional or business, found a recent poll commissioned […]

2 min read

Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show

When it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s 2022 year-end results. CU asked him for his assessment of Canadians’ current state of resilience […]

3 min read