At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance accounting standard, which took effect for most insurers’ liabilities and assets respectively on Jan. 1, […]
By Phil | January 25, 2023
2 min read
TORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident. The company says it has taken steps to secure its systems and mitigate the impact to the company’s data and operations and that it is in the process of bringing the systems it temporarily […]
By Jason Contant | January 24, 2023
1 min read
An insurer successfully brought a third-party liability claim against a road-rager who was found to be 50% responsible for an accident between two other vehicles as a result of his threatening actions. The insurers were not named in the Court of Appeal for Ontario decision, Moran v. Fabrizi, released Jan. 16, 2023. Essentially, the Appeal […]
By David Gambrill | January 24, 2023
3 min read
An impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to respond quickly to accommodate home and auto policyholders and make rate adjustments accordingly, said Phil […]
By Alyssa DiSabatino | January 24, 2023
3 min read
Claims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For the P&C sector, claims denials [in 2021] declined across almost all classes of insurance, following […]
By David Gambrill | January 23, 2023
2 min read
OTTAWA – The federal government does not have a willing partner to find a way to introduce fire codes on First Nation reserves, a newly released document shows. The senior director for the Indigenous Fire Marshal Service, however, says there are steps Ottawa can take now to better protect communities. “Doing nothing is not an […]
By Jason Contant | January 23, 2023
4 min read
A 2017 apartment fire that a B.C. Supreme Court judge ruled was ‘foreseeable’ led to an order to pay more than $500,000 to the building-owner plaintiff. In his decision in Langara Gardens Holdings Ltd. v. Chen (2023 BCSC 58), B.C. Supreme Court Justice Matthew Kirchner referred to evidence that the apartment, unit 603 in Building […]
By Phil | January 20, 2023
2 min read
CAMPBELL RIVER, B.C. – The City of Campbell River, B.C., has declared a state of local emergency to help it better deal with landslides that have forced some people from their homes. The city says a temporary evacuation order has been put in place for a condominium complex and there is an evacuation alert for […]
By Jason Contant | January 20, 2023
1 min read
When severe weather events take place, not everything can be fixed overnight. There are only so many contractors and thousands of homes will likely need repairs ranging from major to minor. “It comes down to triaging and putting the insured in control of their claim and enabling them to make the decision on how they […]
By Phil | January 19, 2023
3 min read
Final numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history). Those figures don’t just point to more insured damages losses for the industry, but rather are a signal that weather events are worsening as our climate […]
By Alyssa DiSabatino | January 19, 2023
3 min read