Claims
After Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he said, are “passively accepting” climate risk. “The major investors in the world are encouraging corporates, […]
By Alyssa DiSabatino | February 24, 2022
3 min read
Chronic pain is not enough to qualify an injured driver for a non-earner benefit (NEB). They must not be able to carry on a normal life
By David Gambrill | February 23, 2022
Global reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets — during his keynote speech at CatIQ Connect in early February. Chris Gottardo, head […]
By Alyssa DiSabatino | February 23, 2022
Last year saw a shift from “normal” catastrophic losses by quarter and even geographical location, data from Catastrophe Indices and Quantification Inc. (CatIQ) show. Both the third and fourth quarters of 2021 had “well above average” average catastrophes in terms of number of events and total losses, CatIQ managing director Laura Twidle said during CatIQ […]
By Jason Contant | February 22, 2022
Catastrophic flooding in communities has resulted in an average 8.2% reduction in the selling price of houses — and material implications on insurance, according to a new report by Intact Centre on Climate Adaptation and the University of Waterloo. The report also found a 44.3% reduction in the number of houses listed for sale […]
By Alyssa DiSabatino | February 22, 2022
Appraisers in home insurance claims don’t have to be neutral, the umpires do, the Court of Appeal for Ontario has ruled.
By David Gambrill | February 17, 2022
For boutique D&O coverages, companies should bring in a lawyer to look at the contract and not just rely on the insurance broker's opinion.
By David Gambrill | February 16, 2022
2 min read
Canada’s federal government has begun to provide some clarity around the wording and application of its newly released Emergency Economic Measures Order, but the insurance industry still isn’t clear on how exactly it will be enacted, and industry observers and lawyers are beginning to weigh in — and advising caution. In response to protests and […]
By Alyssa DiSabatino | February 16, 2022
4 min read
OSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised guidelines take effect Jan. 1, 2025, giving the industry a three-year transition period to adjust […]
By David Gambrill | February 14, 2022
Monias Fiddler says time is moving slowly for the Sandy Lake First Nation as the community feels the immense weight from the loss of three children in a house fire last month. Grant Meekis, 9; Remi Meekis, 6; and Wilfred Fiddler, 4, died when their home was engulfed in flames on the Oji-Cree First Nation […]
By Jason Contant | February 14, 2022
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