Industry

Six ways insurers can reduce ransomware risk

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct loss ratio for standalone cyber at a staggering 73%. Ransomware’s the main culprit. And there’s […]

By Phil | January 18, 2022

3 min read

Claims costs keep rising for B.C. catastrophes

British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims related to the massive flooding. Preliminary estimates from CatIQ were $450 million in insured damage. […]

By Jason Contant | January 18, 2022

3 min read

What FSRA’s changes to auto termination notices mean for insurers

Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry.   Most notably, this change includes the addition of electronic communication and pre-paid courier as valid notices of termination of auto insurance […]

By Alyssa DiSabatino | January 18, 2022

3 min read

Manitoba grand chief says $85.5M settlement for flood damage is fair

WINNIPEG – The grand chief of the Assembly of Manitoba Chiefs says the latest court settlement for property owners affected by devastating flooding more than a decade ago is fair. The Manitoba government diverted water from the Assiniboine River to reduce the risk of flooding in Winnipeg in 2011, but the water built up and […]

By Jason Contant | January 18, 2022

1 min read