Another year, another $3 billion in NatCat insurance claims payouts. Canada’s property and casualty insurance industry paid out more than $3.1 billion last year in claims related to natural catastrophes, based on the latest numbers from Catastrophe and Indices Quantification…
Tens of thousands of Canadians have been forced to evacuate because of an active wildfire season, and a new home-sharing digital platform dedicated to insurance is expanding nationally to help adjusters find temporary accommodations for insureds whose homes have been…
Canada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to…
An insurance policy exclusion for vacancy applies, even when an insured has arranged for people to look after the vacant property on a daily basis, so long as there is no intention to inhabit the place again, the Ontario Superior…
With January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount…
Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs.…
Canadians tend to pay higher premium for insurance than citizens in many, if not most, other developed nations, according to a recent report from the C.D. Howe Institute. Three years in the making, the report is authored by Alister Campbell,…
In a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
Willis Towers Watson plc reported Thursday its commissions and fees from corporate risk and broking were $624 million during the three months ending June 30, a slight drop from $627 million during the same period in 2016. “North America organic…
Global software company Symbility Solutions Inc. announced on Wednesday that it has entered into a new partnership with Toronto-based DeepLearni.ng to bring artificial intelligence (AI) solutions into property insurance. Symbility said in a press release that “by closely collaborating with…
French reinsurer SCOR has reported a net income of 292 million euros for the first half of the year, up from 275 million euros in the first half of 2016. The company’s net combined ratio in P&C was 93.5% for…
Everest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…