Industry

Simple ways to help customers avoid water-related losses

  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

4-kilometre-long ice jam opens flooding season

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

3 min read

Behind the popularity of pay-as-you-go insurance

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

3 min read

How the Suez Canal blockage may impact reinsurance rates

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