Industry
Canada isn’t financially prepared to handle a major earthquake whenever it may come, says an industry observer. As a result, the property and casualty industry is at risk without a plan in place. Models are painting a grim picture of the potential for damage caused by an earthquake disaster, warns Alister Campbell, president and CEO […]
By Adam Malik | April 7, 2021
3 min read
Even though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss details are at an all-time high, really,” said Meagan Maher, SIU (special investigations unit) specialist […]
By Jason Contant | April 6, 2021
4 min read
Canadian property and casualty insurers have seen many a deal take place over the years — and it would be no surprise to see more to come, says a broker executive. During the latest edition of the Insurance Institute of Ontario’s At the Forefront series, a question was put to Danish Yusuf, founder and CEO […]
By Adam Malik | April 6, 2021
VICTORIA – British Columbia is applying for a partial stay in a recent B.C. Supreme Court ruling about jurisdiction over motor vehicle injury disputes, pending its appeal of the same decision, Attorney General David Eby said this week. The March 2 judgment set back the province’s plan to divert certain injury claims away from litigation […]
2 min read
Those pining for the freedom to pick and choose when they’ll work from home and when they’ll go to the office may be in for a surprise, panellists of a recent insurance webinar warned. On one hand, it’s unlikely that most property and casualty insurance companies will mandate a full-time return to the office. But […]
By Adam Malik | April 1, 2021
Large mega-mergers and acquisition deals may be enticing, but smaller deals actually create more value for insurers, according to a recent report by global management consulting firm McKinsey & Company. The primary goal of six out of 10 transactions (representing 70% of deal value) has to been increase scale, according to McKinsey’s analysis of about […]
By Jason Contant | April 1, 2021
MONTREAL – Lawyers for residents and families suing a Montreal-area long-term care home ravaged by the pandemic’s first wave said Wednesday they had reached a $5.5-million settlement with the facility’s owners. The private Residence Herron was among the hardest hit in Quebec by COVID-19 last spring, and it has faced multiple investigations in addition to […]
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
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
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