This summer’s hailstorm that caused over $2.8 billion in damage across the city of Calgary helps raise the question: do homeowners have sufficient coverage for their risk? “Most home insurance policies cover damage caused by hailstorms, however the extent of the coverage and what the policy covers can vary,” says Steven Harris, licensed insurance broker […]
By Alyssa DiSabatino | September 24, 2024
2 min read
Though 2024’s reinsurance renewal season started off stable compared to 2023, this summer’s record-breaking insured losses from four major Nat Cats will undoubtedly see growth in Canadian carriers’ reinsurance demand. But reinsurance supply may not grow commensurately, experts tell Canadian Underwriter. Beyond Canada, global insured Cat losses could be the factor that makes or breaks […]
By Alyssa DiSabatino | September 23, 2024
2 min read
If one consequence of insurers paying out $7.6 billion in claims damage for severe weather events isn’t obvious enough, P&C insurance industry professionals are spelling it out: consumers can expect to see their property premiums increase sometime in the near future. “I’m happy to be in an industry that’s trying to actually meet the consumer’s […]
By Alyssa DiSabatino | September 20, 2024
3 min read
Shelley Willick, president and CEO of Saskatchewan-based Sandbox Mutual Insurance has announced her retirement in December 2024. Willick is an industry vet with 30-plus years’ tenure at Sandbox, including the past five years she’s spent heading the company. She was previously vice president of finance and administration and senior vice president of operations, according […]
By Alyssa DiSabatino | September 18, 2024
1 min read
Aviva Canada is warning consumers to beware of an Alberta-based ghost broker that’s claiming to be affiliated with Aviva, but is instead selling fake insurance policies. “It has come to our attention that Canadians are being scammed by representatives of a company known as AllcoveredbyAviva or Allcoveredbrokers, operating out of Alberta,” says Jamie Lee, head of financial crime […]
By Alyssa DiSabatino | September 17, 2024
2 min read
RIMS has partnered with Brokerslink, a global broker network, to offer its risk management certification to its affiliate members. The partnership aims to establish a global standard for risk management knowledge. As Steve Pottle, director of risk management at Thompson Rivers University puts it, the certificate program will provide affiliate brokers with a baseline for risk […]
By Alyssa DiSabatino | September 16, 2024
3 min read
Flooding after Tropical Storm Debby passed through Montreal and nearby regions of Quebec in August caused $2.5 billion in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The Aug. 9 and 10 catastrophe now ranks as the costliest insured event in Quebec’s history, says Insurance Bureau of Canada. “The record-breaking […]
By Alyssa DiSabatino | September 13, 2024
2 min read
AMC Insurance Services Ltd., based in Surry, B.C., announced it has acquired Western Associated Insurance Brokers Ltd. Acquisition of the Vancouver-based brokerage brings “a strong clientele and deep-rooted community connections” into the AMC fold, the firm says in a press release. Western Associated Insurance Brokers is a family owned and operated brokerage with more than […]
By Alyssa DiSabatino | September 12, 2024
1 min read
Managing general agent Coalition announced the creation of its reinsurance intermediary, Coalition Re, which will provide capacity for cyber reinsurance treaties. The “active insurance provider” (which uses digital technology to help policyholders before, during and after an incident) will provide capacity for non-proportional cyber reinsurance treaties, says Coalition Re. It will also provide […]
By Alyssa DiSabatino | September 11, 2024
2 min read
International brokerage Hub has acquired Quebec-based Felton et Associes Assurances Inc., its fifth Canadian deal of the year. Hub says the acquisition will support its specialty practices by “complementing and strengthening its existing capabilities.” Located in Brossard, Que., Felton et Associes is a P&C brokerage covering commercial and personal insurance. They specialize in construction, real […]
By Alyssa DiSabatino | September 10, 2024
1 min read
Insurers have handled double the amount of claims this summer compared to last year, according to the Insurance Bureau of Canada. Approximately 228,000 insurance claims have been filed following this summer’s four major catastrophes: flooding in Toronto and southern Ontario, the Jasper wildfire, the Calgary hailstorm, and flooding in Quebec. All occurred in the span […]
By Alyssa DiSabatino | September 9, 2024
2 min read