Ontario’s Superior Court has allowed the Ontario Trial Lawyers Association (OTLA) to intervene in an auto insurance case that will address whether a settlement agreement is enforceable when the injured claimant dies before accident benefits (AB) structured settlement instructions were sent to the auto insurer. TD Insurance is appealing a ruling by Ontario’s Licence Appeal […]
By David Gambrill | March 2, 2023
2 min read
Canada’s biggest bookstore chain has warned employees that data stolen in a cyberattack may be posted on the so-called dark web after it refused to pay a ransom demand, Indigo Books & Music Inc. said Thursday. The retailer’s network was hijacked by cyber criminals using a ransomware software known as “LockBit” last month, knocking its […]
By Jason Contant | March 2, 2023
2 min read
Canadian law firms are preparing for an uptick in environmental, social, and governance (ESG)-related legal cases, based on the rise of such cases in the U.S., a litigator tells Canadian Underwriter. ESG lawsuits occur when a company is taken to court for misrepresenting their climate disclosures or failing to follow through with its stated climate […]
By Alyssa DiSabatino | March 1, 2023
2 min read
EDMONTON – Alberta Premier Danielle Smith’s last budget before an expected spring election gives strong support to a proposed tax break for energy companies to fulfill their legal cleanup duties but doesn’t tell voters how much would be spent on it. The budget, tabled in the legislature Tuesday, lists “liability management” as a key priority […]
By Jason Contant | March 1, 2023
3 min read
Many businesses are still recovering from supply chain disruptions that shocked them during the height of the pandemic, and 80% of firms said a lack of insurance solutions is among the greatest challenges to addressing their risks, according to a WTW survey. This is despite 89% of firms acknowledging that insurance for supply chain […]
By Alyssa DiSabatino | February 28, 2023
2 min read
OTTAWA – Canada’s overworked disaster assistance program is being overhauled so that future projects would only be eligible for aid if they take into account the need to adapt to climate change. Emergency Preparedness Minister Bill Blair, who was in British Columbia this week with the second instalment of disaster aid for the B.C. 2021 […]
By Jason Contant | February 27, 2023
4 min read
VANCOUVER – Extreme cold, Arctic outflow or snowfall warnings cover most of northern and central British Columbia as an icy and powerful storm sweeps over the province. Environment Canada says the accompanying wind chill has made conditions in those areas and along the length of the Rockies feel as cold as -40 or -45 C. […]
By Jason Contant | February 24, 2023
1 min read
Insurance Bureau of Canada (IBC) is applauding the federal government’s latest disaster assistance for flood recovery costs associated with British Columbia’s costliest severe weather event, but is stressing the urgent need for action on a national flood insurance program. The window for action is now, Craig Stewart, IBC’s vice president of climate change and federal […]
By Jason Contant | February 24, 2023
3 min read
The International Financial Reporting Standards 17 (IFRS 17) is now in place, but a temporary adjustment to the regulatory prudential limits related to investments, commercial lending and borrowing for P&C insurance companies will allow federally regulated insurers (FRIs) two years to become compliant with the new standards. IFRS 17 introduces a new standard that changes […]
By Alyssa DiSabatino | February 24, 2023
3 min read
Another provincial government is changing the way it provides disaster financial assistance by capping assistance for claims related to the same type of disaster at $200,000. New Brunswick is increasing the maximum payout for structural damage to $200,000, setting a cap on the amount of assistance paid on any property for the same type of […]
By Jason Contant | February 23, 2023
3 min read