Keyword
physical damage
Why ‘claims holiday’ is coming to an end for auto insurers
December 1, 2022 by Jason ContantThe ‘claims holiday’ auto insurers enjoyed the last couple of years is coming to an end. Auto physical damage losses in some provinces are elevated despite fewer collisions, according to a new report from Navacord brokerage Lloyd Sadd. Insurers’ auto…
Where Aviva thinks insurers are feeling inflation’s impact most acutely
August 10, 2022 by David GambrillInflation is wreaking havoc in all major lines of P&C insurance, but its effects seem to be most acute in auto insurance, particularly auto physical damage, reports Aviva Canada CEO Jason Storah. “The most acute impact we’ve seen so far…
How Canada’s top court just bolstered pandemic BI exclusions
April 1, 2022 by David GambrillCanada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the…
Auto insurers, province dispute whether B.C.’s Bill 11 limits competition
July 9, 2020 by David GambrillThe Insurance Bureau of Canada (IBC) has published an open letter to British Columbia Premier John Horgan, outlining concerns that the province’s Bill 11 may “stifle the limited competition that currently exists in BC’s optional auto insurance market,” a claim…
CRU Adjusters teams up with Kespry’s industrial drone platform for adjusting property claims
July 13, 2017 by Canadian UnderwriterCRU Adjusters, an independent adjusting firm specializing in customized claims handling solutions in Canada and the United States, has announced a collaboration with Kespry’s industrial drone platform to power CRU’s drone division for adjusting property claims. The collaboration, after more…
RMS releases new class of cyber-physical risk modelling for property insurers
April 6, 2017 by Canadian UnderwriterRMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical…
MPI posts $3.6 million net loss for first nine months of current fiscal year
January 30, 2017 by Canadian UnderwriterManitoba Public Insurance (MPI) has recorded a net loss for the first nine months of its fiscal year ending Nov. 30, 2016, compared to posting net earnings for the same period one year earlier. MPI saw a net loss of…
Terrorists following ‘path of least resistance’ as security increased: RMS
December 20, 2016 by Canadian UnderwriterMore attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of…
Engineering insurers’ working group calls for ‘greater risk dialogue’ on cyber threats
October 4, 2016 by Canadian UnderwriterCyber insurance coverage “should not replace” information technology security measures, and cyber risk can have an effect across engineering projects, the International Association of Engineering Insurers (IMIA) warned Tuesday. “The perception that cyber events do not cause physical damage is…
88% of U.S. state and local government IT professionals concerned about cyberattacks targeting critical city infrastructure: study
September 23, 2016 by Canadian UnderwriterAlmost nine in 10 state and local government IT professionals in the United States are concerned about cyberattacks targeting critical city infrastructure, according to a study conducted on behalf of Tripwire, Inc., a provider of security, compliance and IT operations…
Two-thirds of U.K. polled firms not assessing financial impact of a cyber attack: Marsh
September 19, 2016 by Canadian UnderwriterAlmost two-thirds of surveyed large and medium-sized organizations in the United Kingdom do not conduct or estimate the financial impact of a cyber attack, notes a new report issued Monday by Marsh. Despite a 56% rise in boardroom ownership of…
Builder’s risk policy must cover windows damaged by cleaning on building under construction: Supreme Court of Canada
September 16, 2016 by Canadian UnderwriterInsurance firms writing an all risks policy for an office building under construction in Edmonton must cover the multi-million dollar cost of replacing windows damaged by cleaning, despite an exclusion for “the cost of making good faulty workmanship,” the Supreme…