Industry
VICTORIA – The mayor of the fire-ravaged community of Lytton, B.C., says rewriting the village’s bylaws from scratch will be about as entertaining as going to the dentist but it’s another step in the massive rebuilding effort. The village’s records and backup servers were lost in last summer’s wildfire, with the content of many of […]
By Jason Contant | February 10, 2022
2 min read
Tokio Marine Holdings and ICEYE, a radar data provider and expert in NatCat solutions, have announced a commercial collaboration to develop new insurance products and services that utilize satellite data. ICEYE says Tokio Marine (whose Canadian branch has underwriting offices in Toronto, Montreal and Vancouver) has made a strategic investment in the company as it […]
By Jason Contant | February 9, 2022
NatCat costs from summer 2021’s B.C. wildfires reached $77 million in insured damage in White Rock Lake and $78 million in Lytton. With renovations adding value to homes, and by extension insurable damage risk, it may make sense to encourage homeowners to get in front of those risks. “The best way to stop a fire […]
By Phil | February 9, 2022
Intact Financial Corporation expects its combined ratio to marginally improve in Canada as it continues to beat its own financial result expectations, the insurer’s chief financial officer says during an earnings call. Canada’s largest insurer saw operating direct premiums written (DPW) increase 33% from $2.47 billion in Q4 2020 to $3.28 billion in Q4 2021 […]
3 min read
OTTAWA – The governor of the Bank of Canada says higher interest rates are coming, but businesses also need to boost productivity to help keep rising prices in check over the long term. Tiff Macklem, speaking virtually at a Canadian Chamber of Commerce event Wednesday, said businesses have an important role to play by increasing […]
In considering whether an insurer is prejudiced by extending the two-year limit to file an appeal of termination of accident benefits, an appeals tribunal should be considering the period of the proposed extension, not the sum total of the time that elapsed after the claim was rejected, a court has ruled. Also, when a claimant’s […]
By David Gambrill | February 8, 2022
Canada’s P&C insurance industry has been undertaking digital transformation initiatives for a while now, some of which have been accelerated by the ongoing COVID-19 pandemic. But how does a brokerage or carrier know where to focus their investment, and understand what kind of digital transformation they’re really after? According to the authors of a recent […]
By Jason Contant | February 8, 2022
4 min read
When commercial trucks are used in protests, some insurance professionals suggest their equipment may no longer be covered. The question has been raised while the ongoing ‘Freedom Convoy’ in Ottawa stretches into its second week. Protestors demanding an end to government vaccine mandates are continuing to occupy the capital using their commercial — and […]
By Alyssa DiSabatino | February 8, 2022
VICTORIA – Agricultural producers affected by devastating flooding in British Columbia last November can apply for recovery funds through a $228-million package announced Monday by the provincial and federal governments. The total losses for the agricultural sector from flooding that stretched across the Fraser Valley into the southern Interior are believed to amount to about […]
For years, the Institute for Catastrophic Loss Reduction has advocated making hurricane straps, metal fittings that connect roof trusses to walls, mandatory in the Ontario Building code. “We’ve been working for a number of years to try to get hurricane straps or hurricane clips included in the building code,” ICLR managing director Glenn McGillivray told […]
By Phil | February 7, 2022
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