January 1 reinsurance renewals are proving to be “one of the most challenging reinsurance markets” the insurance sector has experienced, says Guy Carpenter, a Marsh McLennan global risk and reinsurance specialist firm. Property insurers in particular can expect rates to escalate due to large losses that occurred in 2022, which led to some reinsurers to reduce or […]
By Alyssa DiSabatino | January 3, 2023
3 min read
Silvy Wright, president, CEO, Northbridge Financial Corporation The insurance industry faces several headwinds in 2023. Some, like climate change, have been on our radar for some time. Others, such as inflation, have emerged more recently. We will always face challenges; however, opportunities are available now that didn’t exist before – specifically, technology is enabling us […]
By David Gambrill | December 29, 2022
2 min read
MONTREAL – A Quebec Superior Court judge has found that Canadian Pacific Railway was not liable in the 2013 railway disaster that killed 47 people in Lac-Megantic, Que. Justice Martin Bureau ruled Wednesday that the actions the railway company was accused of were not the “direct, immediate and logical cause of the damages” suffered by […]
By Alyssa DiSabatino | December 22, 2022
3 min read
Insurers can expect this week’s wave of flight cancellations and delays at Vancouver International Airport to result in claims activity. “Certainly, travel insurance will be hit with delay coverage, baggage issues as people need a toothbrush and change of clothes, as well as perhaps increased air fares for change of booking times and dates,” noted […]
By Alyssa DiSabatino | December 21, 2022
5 min read
TORONTO – Ontario is not providing enough funding to allow proper protection of the Niagara Escarpment, where nearly all development permit applications have been approved in the last five years, the province’s auditor general says. A recent report by the auditor general said there are significant areas of the Escarpment not covered by the official […]
By Alyssa DiSabatino | December 20, 2022
3 min read
Sobeys parent company Empire Co. Ltd. has shared new details on a cyberattack that shut down its pharmacy services and other in-store functions last month. The security breach in early November left customers unable to fill prescriptions for four days, while other in-store functions like self-checkout machines, gift card use and the redemption of loyalty […]
By Jason Contant | December 19, 2022
3 min read
Supply chain problems aren’t going away any time soon for insurance adjusters. Home improvement retailers and warehouses have been plagued by empty shelves since the first year of the COVID-19 pandemic. And goods scarcities for everything from lumber to La-Z-Boys have driven cost increases that make home insurance claims settlements more expensive. “It’s going to […]
By Phil | December 15, 2022
2 min read
Canadian male policyholders are more interested in electric vehicles (EV) than female policyholders, according to a Deloitte survey — and this could affect their already pricier insurance rates, said RatesDotCa. Of the Canadians buying a vehicle in the next three years, 32% said their next purchase will be an EV, Deloitte’s 2022 Global Automotive Consumer […]
By Alyssa DiSabatino | December 15, 2022
2 min read
Marijuana legalization in Canada has shown “no statistically significant changes in the average cost per claim and claim frequency,” according to a new report from the Canadian Institute of Actuaries (CIA) and the Casualty Actuarial Society (CAS). “The literature review shows that while marijuana impairment affects driving behaviour, the behaviour is not always riskier; for […]
By Jason Contant | December 14, 2022
2 min read
Solving the P&C industry’s talent recruitment difficulties will be a key focus for 2023, according to industry respondents to Canadian Underwriter’s annual Executive Outlook survey. While respondents focused mainly on the needs of the broking and underwriting business segments, the talent gap also extends to companies looking to recruit and retain claims examiners, said Janak […]
By Phil | December 14, 2022
2 min read