Industry
According to the Insurance Bureau of Canada, catastrophic losses add up to around $2 billion every year, most of which is due to water damage. Shawn Little, Director of Technical Property and Catastrophe at Economical Insurance says that the one recurring theme his team sees among claimants is the regret of not having taken […]
April 1, 2021
3 min read
A four-kilometre-long ice jam on the Saint John River is creating flooding concerns in New Brunswick. The ice jam has already flooded part of Route 105 leading to the Tobique First Nation and prompted the closure of three schools in the area near Perth-Andover, N.B., not far from the border with the state of Maine. […]
By Jason Contant | March 31, 2021
Customers want more choice and control over how they spend their insurance dollars, which explains the skyrocketing popularity of pay-as-you-go insurance, says the president of CAA. The insurer has seen a three-fold increase in customers to its pay-as-you-go insurance product MyPace over the last year. The program has been in place in Ontario since 2018 […]
By Adam Malik | March 31, 2021
The fallout of the blockage of one of the most used shipping lanes in the world could affect global reinsurers differently than insurers, two separate analyst reports suggest. One, Fitch Ratings, says the blockage will be a large loss event for global reinsurers. The other, DBRS Morningstar says global insurers will see “limited impact” as […]
By Adam Malik | March 30, 2021
4 min read
Auto insurers take note: the majority of your clients admit to engaging in distracted driving behaviours, but they consider these behaviours to be safe. The Third Annual Distracted Driving survey conducted by rate comparison site RATESDOTCA revealed that 74% of drivers who report engaging in certain distracted driving behaviours consider them safe practices behind the […]
By Jason Contant | March 30, 2021
CALGARY – The Alberta Energy Regulator says an oil and gas company under court protection from creditors is reporting the leak of an estimated 100,000 litres of oilfield liquids from a pipeline in northern Alberta. The provincial regulator says it is responding to the release of an oil-water mixture known as ‘sour emulsion’ from an […]
1 min read
While many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the door to a flood of claims. Canada is preparing to remove the waiting period between […]
By Adam Malik | March 29, 2021
Nova Scotia’s auto insurance regulator has approved Facility Association’s request to lower minimum deductibles for commercial vehicles, albeit with one significant caveat and a few “concerns.” The caveat has to do with logistics. For Facility Association’s member carriers, the upshot is that the lower minimum deductibles for commercial vehicles will apply to all open claims […]
By David Gambrill | March 29, 2021
Highlighting which areas of your brokerage can run without you is a crucial exercise for any broker principals who want the sale of their brokerage to be a happy and fulfilling event, according to information adapted from a recent Harvard Business Review blog. The recommendation to “work on your business, not in your business” is […]
By Jason Contant | March 29, 2021
BROOKS, Alta. – RCMP in Alberta say 50 to 70 vehicles have been involved in a multi-vehicle collision on Highway 1 between Medicine Hat and Calgary this morning. Officers in Brooks say traffic was not expected to flow in the westbound lanes of the Trans-Canada Highway for several hours. Emergency crews are rererouting traffic onto […]
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