A federal government backstop designed to help private insurers cover high-risk flooding could be extended to protect Canadians from earthquake risk as well, Canada’s home, car and business insurers suggested in a release Tuesday. Meanwhile, in the absence of a government backstop, the Property and Casualty Insurance Compensation Corporation (PACICC) is looking at innovative ways […]
By David Gambrill | January 31, 2023
4 min read
Auto insurers can expect their policyholders’ average length of rental (LOR) for collision-related claims to reach 17.1 days — an increase of 4.3 days from the prior year and 0.6 days from Q3, Enterprise’s 2022 Q4 data shows. “While the year-over-year increase is significant, the quarter-over-quarter increase is telling as this is in line with […]
By Alyssa DiSabatino | January 31, 2023
2 min read
A New Brunswick woman injured in an auto accident is not entitled to resume her accident benefits payments 13 months after returning to work, the province’s top court has ruled. New Brunswick’s Court of Appeal sided with her auto insurer, Aviva Canada, which denied resumption of her income replacement benefits. Aviva noted the claimant was […]
By David Gambrill | January 30, 2023
4 min read
Insurers had predicted consumer driving habits would return to pre-pandemic levels during 2022, or 2023 at the latest, but inflation may be throwing a wrench in those forecasts, said a recent industry survey. Almost half (48%) of Canadians have made changes to transportation choices because of inflation, found a RatesDotCa and BNN Bloomberg survey, conducted […]
By Alyssa DiSabatino | January 30, 2023
2 min read
As the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns. And that could mean more frequent and severe storms facing Canada’s property and casualty insurance industry. Meteorologists are discovering emerging long-term weather patterns […]
By Alyssa DiSabatino | January 27, 2023
4 min read
If a friend asks you to borrow your rental car, sometimes saying ‘No’ doesn’t actually mean ‘No.’ An auto repair shop owner in Ontario was held vicariously liable last Wednesday for an auto accident injury caused after his friend, who had a criminal history of stealing cars, helped himself to the keys to the shop […]
By David Gambrill | January 27, 2023
4 min read
Historically good underwriting combined with historically bad investment results have made the Canadian P&C industry’s 2022 Q3 financial results unique, per the latest quarterly report from the Property and Casualty Insurance Compensation Corporation (PACICC). The decline in investment returns is primarily the result of the dramatic rise in interest rates, which caused the industry’s bond […]
By Jason Contant | January 27, 2023
3 min read
While directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a different policy is needed to pick up the exposure, said Imran Pira, senior vice president […]
By Phil | January 26, 2023
3 min read
Much of southern Ontario is cleaning up from a major winter storm, while snow remains in the forecast for parts of eastern Ontario. Ottawa and much of eastern Ontario have been under snowfall warnings, though Environment Canada has now ended public alerts for some regions including Kingston, Barry’s Bay and Bancroft. Easternmost regions including Prescott […]
By Jason Contant | January 26, 2023
1 min read
Severe weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon. These events point to a severe gap in insurance protection in some parts of the world, and Canada is not exempt, said Aon’s 2023 Weather, Climate and Catastrophe Insight. […]
By Alyssa DiSabatino | January 25, 2023
3 min read