Industry

Not doing this simple thing can cause a whole building to burn down

While cleaning roof gutters is often touted as a flood risk mitigation measure, it can also address wildfire risk. Commercial clients in areas at risk of wildfire need to remove all tree droppings from roofs – and that includes the gutters, said Scott Steinmetz, global head of risk control, MidCorp at Allianz Global Corporate & […]

By Greg Meckbach | August 2, 2019

2 min read

Industry

Lack of oxygen likely caused fatal plane crash: TSB

A lack of oxygen likely played a role in a plane crash southwest of Calgary that killed two people, an investigation by the Transportation Safety Board of Canada found. The board said in a report released Thursday that hypoxia, or in-flight oxygen deprivation, caused the pilot to lose control before the plane crashed into rugged […]

By Greg Meckbach | August 2, 2019

2 min read

Industry

Insuring Love Island

Hit TV show Love Island has not been so lovely to its U.K. contestants lately, raising interesting questions about how insurance covers a new breed of reality television. Love Island, which recently started showing in Canada, sends young and eligible single contestants to exotic locations where they hope to find love. In the process, contestants […]

By David Gambrill | August 1, 2019

4 min read

Industry

Intact’s priorities for mergers and acquisitions

Brokers can expect to see insurers representing nearly a fifth of the Canadian P&C market to be bought and sold, the head of Canada’s largest carrier suggested Wednesday. “We laid out the perspective seven or eight years ago that 20 to 30 [percentage] points of market share will change hands and more than half of […]

By Greg Meckbach | August 1, 2019

3 min read

Tornado overturns camper vans in Quebec

MONTREAL – Environment Canada has confirmed it was indeed a tornado that roared through the Lac-aux-Sables area west of Quebec City on Tuesday, sending camper vans flying, uprooting trees and sending three people to hospital. Meteorologist Andre Cantin said the team on site Wednesday concluded the area had been hit by an EF1 tornado, which […]

By Jason Contant | August 1, 2019

2 min read

Hard market could continue beyond 2020: Insurer

Commercial clients hoping for some relief from price increases could be in for a disappointment. “Even with the increases that we have seen in the last two years, many lines of business are still not at acceptable pricing,” Albert Benmichol, chief executive officer of Axis Capital Holdings Ltd., said Wednesday during an earnings call, commenting […]

2 min read

Echelon appoints new president

Two months to the day that regulators approved CAA Club Group’s acquisition of Echelon Insurance, Robin Joshua has been named the new president of Echelon Insurance. CAA Club Group acquired Echelon Insurance, a specialty insurer, from Echelon Financial Holdings for $166-million on May 31. The move allowed CAA Club Group to expand into non-standard auto, […]

By Adam Malik | July 31, 2019

2 min read

Why Canada’s political system makes it difficult to fight floods

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. By: Korey Pasch, PhD Candidate in Political Science and International Relations, Queen’s University, Ontario and Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction, Western University […]

5 min read

How it happened: Capital One’s $100-million cyber loss

Credit card issuer Capital One Financial Corp. expects that a massive cyber breach affecting millions of Canadians could cost the firm more than $100 million. “Expected costs are largely driven by customer notifications, credit monitoring, technology costs, and legal support,” Capital One stated Monday. “We believe it is unlikely that the information was used for […]

3 min read