About half of the Canadian P&C insurance industry’s projected $7.7 billion in losses due to four natural disasters over the summer will be covered by reinsurance, a reinsurance broker told the National Insurance Conference of Canada (NICC) in Vancouver Tuesday. “We can observe that about 50% of the losses coming out those four main events […]
By David Gambrill | September 26, 2024
3 min read
Editor’s Note: This article has been updated to show remarks incorrectly attributed to IBC’s president and CEO Celyeste Power were actually the remarks of IBC chairman Christian Fournier. CU apologizes for the error. Provincial politics and the timing of a federal election could possibly delay or derail the proposed national flood insurance program if […]
By David Gambrill | September 25, 2024
4 min read
Quebec’s P&C insurance regulator has found a former insurance adjuster guilty of an embezzlement scheme, in which he faked client claims and siphoned more than $100,000 in claims payments from Definity into his own bank accounts. The Chambre de l’assurance de dommages (ChAD) says the former Definity adjuster, Tresor Luyeye, committed 13 Code of Conduct […]
By David Gambrill | September 20, 2024
3 min read
Calgary’s record-setting hailstorm in August may send more of the province’s auto insurers heading for the exits, Insurance Bureau of Canada warned Thursday. “The Calgary hailstorm will add $900 million in unexpected claims cost pressures at a time when Alberta’s auto insurance system is in crisis due to the province’s rate cap,” Aaron Sutherland, IBC’s […]
By David Gambrill | September 19, 2024
3 min read
An insured is not entitled to coverage on a “claims made and reported” excess liability policy when it failed to report the claim to the excess insurer within the policy period, Ontario’s Appeal Court has confirmed. The insured, a law firm, argued it was entitled to professional liability coverage despite “imperfect compliance” with the claim […]
By David Gambrill | September 18, 2024
4 min read
Artificial intelligence (AI) is touted as a way for actuaries and underwriters to be more efficient in their jobs and escape manual data entry — but most don’t believe it. And even if they did, many say they aren’t receiving the proper tech training to take full advantage of AI’s benefits. Almost seven out of […]
By David Gambrill | September 17, 2024
3 min read
Ontario’s Court of Appeal found a home insurer, in principle, has a duty to defend a claim against a homeowner in a property sale, because a lower court can’t assume the home insurance policy’s exclusion for ‘intentional acts’ such as fraud would apply to a buyer’s claim of negligence. Nonetheless, the home insurer does not […]
By David Gambrill | September 16, 2024
3 min read
Ontario’s Licence Appeal Tribunal is tightening up the definition of an auto “accident,” most recently finding that walking to a vehicle, or stepping into the vehicle to protect yourself against an assault, is not the same as the “ordinary use” of a vehicle. For years, personal injury lawyers sued auto insurers for accident benefits simply […]
By David Gambrill | September 13, 2024
3 min read
NFP, an Aon company, has named Thomas Strong senior vice president of construction technology and innovation. “Thomas is an outstanding addition who brings tremendous value to NFP’s North American C&I team,” said Adrian Pellen, managing director and co-leader of NFP’s Construction and Infrastructure (C&I) Group. “We’re witnessing rapid emergence and adoption of new technologies in […]
By David Gambrill | September 12, 2024
2 min read
Calgary’s hailstorm in early August caused nearly $2.8 billion in insured damage, eclipsing the previous record for a single hailstorm ($1.2 billion) set in 2020. “This hailstorm is the second-costliest event in Canada’s history, following the 2016 Fort McMurray wildfire,” Insurance Bureau of Canada said in a release, citing data from Catastrophe Indices and Quantification […]
By David Gambrill | September 11, 2024
4 min read
After four consecutive NatCat events in one month resulted in more than 228,000 claims, Canada’s property and casualty insurance industry is urging regulators to change how adjusters are licensed in the country. “The ability to rapidly deploy adjusters is an increasingly vital component of insurers’ claims response,” says an open letter sent by a P&C […]
By David Gambrill | September 10, 2024
3 min read