The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023. Two years from now, experts expect the cost of living will still be the number one risk on the global agenda. A ten-year outlook, however, shows climate action failure will dominate as the […]
By Alyssa DiSabatino | January 13, 2023
2 min read
Hard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many customers not be able to buy insurance because no carriers will offer capacity and if […]
By David Gambrill | January 12, 2023
3 min read
St. Catharines Fire Services says crews continue to battle a fire triggered by a series of explosions at a hazardous waste facility in the city that has left one person with serious injuries. Chief Dave Upper says firefighters responded to reports of multiple blasts at Ssonix Products 2010 Inc. today just after 6:30 a.m. and […]
By Jason Contant | January 12, 2023
4 min read
Intact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses. The Canadian cat losses were mostly caused by late December windstorms across eastern Canada, as well as further development of losses […]
By Alyssa DiSabatino | January 12, 2023
2 min read
British Columbia’s auto insurance regulatory body has approved a 0% rate change for basic auto insurance rates in the province for two years, the fifth year in a row of no rate increase. The British Columbia Utilities Commission approved the interim rate freeze, effective Apr. 1, in an order issued Tuesday. The order includes a […]
By Jason Contant | January 11, 2023
3 min read
Canada’s property and casualty insurance industry may not be facing its “toughest” year ever in 2023, but more than 89% of industry professionals agree the multitude of issues facing the industry at once is creating a “perfect storm.” “Every year has its challenges,” as one anonymous industry professional commented in a recent Canadian Underwriter survey. […]
By David Gambrill | January 11, 2023
3 min read
The Liquor Control Board of Ontario says a “cybersecurity incident” has knocked out its website and mobile app. The LCBO posted a brief statement to its social media pages Tuesday night saying a “full investigation” was underway. The provincial Crown corporation says its website and mobile app are unavailable, but in-store service is unaffected. The […]
By Jason Contant | January 11, 2023
1 min read
HAMILTON – The City of Hamilton says it has uncovered another sewage leak that has been dumping waste into Lake Ontario for more than two decades. The revelation comes after the city reported in November that a leak discovered to be from 1996 had dumped 337 million litres of sewage into the Hamilton harbour in […]
By Jason Contant | January 10, 2023
1 min read
Insured drivers who suffer psychological trauma from seeing the aftermath of other people’s serious car accidents are not entitled to collect accident benefits, Ontario’s Licence Appeal Tribunal (LAT) has ruled. That’s because named insureds who witness other people’s car accidents are not “involved” in those accidents, the tribunal confirmed in Gray v. Intact Insurance. Hailey […]
By David Gambrill | January 10, 2023
2 min read
Wind and water claims make up the bulk of the ‘bomb cyclone’ weather event that swept through eastern Canada during the holidays last month, adjusters told Canadian Underwriter. Much of North America was bombarded by heavy snowfall, strong winds and blizzard conditions between Dec. 21 and Dec. 26, Aon said in its weekly Cat report […]
By Jason Contant | January 10, 2023
3 min read