Insurance & Risk, Analysis, Events and Careers
When Jill Laviolette started picking debris off Cape Palmerston beach on Vancouver Island following the container spill from the MV Zim Kingston freighter, the inflatable dinosaur and unicorn toys she pulled from the sand looked nearly pristine. More than a year later, consumer goods from some of the ship’s 109 lost containers still wash up […]
By Jason Contant | December 8, 2022
6 min read
A major snowfall in southern British Columbia last week led to a 94% increase in claims compared to the week prior, Insurance Corporation of British Columbia (ICBC) reported. And with more snow being forecast today, drivers should prepare for more adverse road conditions. ICBC reportedly had 3,567 claims on Nov. 29, compared to 1,837 claims […]
By Alyssa DiSabatino | December 7, 2022
2 min read
DELTA, B.C. – A Metro Vancouver mayor is calling for the B.C. government to review its snow removal contracts and consider using its emergency alert system to better inform drivers of dangerous road conditions. In a letter to Transportation Minister Rob Fleming, Delta Mayor George Harvie describes the response to heavy snowfall in the region […]
By Jason Contant | December 6, 2022
2 min read
Faced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O) insurance coverage. “They’re going to run into trouble where they are not properly identifying, not […]
By Phil | December 6, 2022
3 min read
Business interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. A majority of insurers narrowly avoided catastrophic COVID-19 BI losses thanks to lessons learned about […]
By Alyssa DiSabatino | December 6, 2022
2 min read
Winter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe rain or flooding (66%) by a slim margin in the coast-to-coast survey of more than […]
By David Gambrill | December 5, 2022
3 min read
With January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount of capacity they’ll deploy on any one risk, and on which risks they’ll deploy that […]
By Alyssa DiSabatino | December 5, 2022
3 min read
A convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages, rising goods and fuel prices, and still-troubled supply chains – have combined to create a […]
By Phil | December 2, 2022
3 min read
The ‘claims holiday’ auto insurers enjoyed the last couple of years is coming to an end. Auto physical damage losses in some provinces are elevated despite fewer collisions, according to a new report from Navacord brokerage Lloyd Sadd. Insurers’ auto premium growth was muted during the COVID-19 pandemic because of rebates, refunds and widespread changes […]
By Jason Contant | December 1, 2022
3 min read
Insured drivers owning stolen vehicles must go to Facility Association — not their own private auto insurers — to get compensation for injuries sustained in assaults against them involving uninsured car-jackers, a Nova Scotia court has ruled. The Supreme Court of Nova Scotia ruled Aviva Canada was not on the hook for compensation because of […]
By David Gambrill | December 1, 2022
3 min read