Claims
As carriers continue taking a good hard look at their risk appetites, price increases could continue well into 2022. “We expect market conditions to remain strong throughout 2021 and well into 2022,” said Peter Clarke, chief operating officer of Toronto-based Fairfax Financial Holdings Ltd., during an earnings call Friday morning. “The main drivers of the […]
By Greg Meckbach | November 5, 2021
2 min read
Canada’s sixth-largest property and casualty insurer has a loss ratio in home insurance of under 50% so far this year, but large losses in Western Canada had an adverse impact on the quarter ending Sept. 30. The Co-operators General Insurance Company reported Oct. 28 a 9.7-point increase in its loss ratio, from 53% in Q3 […]
By Greg Meckbach | November 3, 2021
Severe storms in early and late September caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The Sept. 7 storms included heavy rain, wind and tornadoes that caused structural damage to many properties, Insurance Bureau of Canada (IBC) said in a press release Monday. And 30,000 properties […]
By Phil | October 29, 2021
1 min read
If a client learns something new about insurance law four years after their claim is denied, it’s probably too late to sue the insurer for breach of contract. In a decision released this past Tuesday, the Court of Appeal of Alberta ruled in favour of The Co-operators, which had denied a claim in early 2011 […]
By Greg Meckbach | October 29, 2021
4 min read
VICTORIA – A fire that burned for nearly a week on the container ship anchored off Victoria’s waterfront has been put out. A statement from Danaos Shipping Co., the manager of the MV Zim Kingston, says the specialized marine service company it hired will begin the cleanup operation on the ship. The statement says the […]
By Jason Contant | October 29, 2021
Some insurance professionals will be donning costumes at the (virtual) office this Halloween, and others will be taking their kids out trick-or-treating on the weekend. But just because it’s Halloween doesn’t mean it’s time to forget about insurance altogether. London, U.K.-based managing general agent CFC Underwriting recently wrote an article on its appetite for spooky […]
By Jason Contant | October 28, 2021
A bad storm system this past July will probably cost the industry about $100 million. On July 15, several tornadoes touched down in central Ontario. One caused irreparable damage to dozens of homes in Barrie, about 100 kilometres north of Toronto. The Insurance Bureau of Canada announced Oct. 28 an estimate – of industry-wide insured […]
By Greg Meckbach | October 28, 2021
Insurers will probably pay out $25 million towards claims from Hurricane Larry. That is the initial estimate from Catastrophe Indices and Quantification Inc. (CatIQ), the Insurance Bureau of Canada said Wednesday in a press release. Hurricane Larry made landfall on the west side of Placentia Bay, Newfoundland shortly after midnight Sept. 11. It “brought intense […]
By Greg Meckbach | October 27, 2021
VICTORIA – The Canadian Coast Guard says a fire aboard a container ship off the coast of Victoria continues to smoulder. The coast guard says in a statement posted on social media that a salvage crew from Resolve Marine is on the scene, but the wind storm that lashed Vancouver Island and the south coast […]
By Jason Contant | October 25, 2021
A Supreme Court of Canada ruling released Thursday means a British Columbia municipality is facing a new trial, in a $1-million lawsuit, filed by a woman who was seriously injured after parking her car after a snowstorm. In City of Nelson v. Taryn Joy Marchi, released Oct. 21, the Supreme Court of Canada clarified how […]
By Greg Meckbach | October 21, 2021
5 min read
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