Claims
Canada needs to proceed with caution if it wants to establish a taxpayer-supported program to write flood insurance for high-risk homes, an American speaker warned the Canadian P&C industry during CatIQ Connect. “Be very careful with a federal flood insurance program that you have a way out,” said Alice Hill, the David M. Rubenstein senior […]
By Greg Meckbach | March 4, 2021
4 min read
The British Supreme Court’s interpretation of the word “occurrence,” in its recent COVID-19 business interruption ruling, should not be applied to reinsurance excess of loss treaties, Guy Carpenter experts argue in a recent paper. In a decision released on Jan. 15, the Supreme Court of the United Kingdom ruled largely in favour of the British […]
By Greg Meckbach | March 2, 2021
2 min read
To the Editor, We would like to respond to your editorial titled “Regulators, leave subscription policies alone,” dated Dec. 7, 2020. It is true that these are turbulent times in the insurance market, and that insurers have been experiencing losses from fires, natural disasters, and Covid-19, as well as lower interest rates. It is also […]
By David Gambrill | February 26, 2021
ABBOTSFORD, B.C. – Improperly discarded smoking materials likely played a part in a recent fire in an Abbotsford, B.C., apartment building that left more than 100 people homeless. Assistant chief Ron Hull, with Abbotsford Fire Rescue Services, says the extent of the damage means an investigation hasn’t pinpointed a cause of the blaze and it […]
By Jason Contant | February 24, 2021
1 min read
Aviva Canada is facing two proposed class-action lawsuits in Ontario from clients whose business interruption claims were denied during the ongoing pandemic. Allegations that Aviva has breached insurance contracts by denying BI claims have not been proven in court. Nordik Windows is the proposed representative plaintiff in one of Ontario lawsuits, Stephen Birman, a partner […]
By Greg Meckbach | February 23, 2021
5 min read
A trial in an Ontario coverage dispute lawsuit, on a Big 5 bank’s $300-million commercial claim, is being pushed back from its originally-scheduled start date of Sept. 13, 2021. Toronto Dominion Bank is suing a group of insurers, including six Lloyd’s syndicates, for breach of contract arising from denial of coverage. Allegations against the insurers […]
By Greg Meckbach | February 22, 2021
There’s good and bad news when it comes to the flood preparedness of 16 major Canadian cities. The bad news is that the average level of flood preparedness has remained stagnant from 2015 to 2019-20, showing a considerable margin for improvement, according to a recent report from the Intact Centre on Climate Adaptation (ICCA). The […]
By Jason Contant | February 19, 2021
3 min read
Intact Financial Corp. is aiming to build capacity in what CEO Charles Brindamour calls the “super-fragmented” restoration contractor industry. “Our thought process with On Side [Restoration] is very much consistent with what we tried to do with BrokerLink a decade ago – to build capacity at scale and then profitably,” Brindamour said during a recent […]
By Greg Meckbach | February 19, 2021
When broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State in the United States. In addition, citizens who do not trust government authorities to safeguard […]
By Jason Contant | February 18, 2021
A recent Supreme Court of Canada ruling in a breach-of-contract lawsuit means risk managers need to be careful about drafting agreements that give parties discretionary powers, a Toronto-based litigation lawyer warns. Wastech Services Ltd. v. Greater Vancouver Sewerage and Drainage District arose from a decision made in 2010 by the regional board in charge of […]
By Greg Meckbach | February 17, 2021
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