Cloud-based services can serve as a much-needed speed accelerator to the Canadian P&C insurance industry, eliminating friction and digitizing the customer experience, speakers said Thursday at the 2024 CIP Society Symposium in downtown Toronto. “I personally think the biggest threat…
The global voluntary carbon market (VCM) is expected to show “hockey stick growth” over the next few decades, representing a dramatic opportunity for the insurance industry. “Look at the cyber market now in insurance — it’s the new big thing,”…
Next-generation data, analytics and risk models are giving property risk assessment a much-needed facelift. The increased frequency and intensity of natural disasters, combined with population growth in NatCat-prone regions, is escalating property and casualty (P&C) insurers’ claims and losses. A…
Persistent drought and months of above-average temperatures have raised the risk of a repeat of last year’s record-breaking wildfires. Federal officials say conditions are already ripe for an early and above-normal fire risk from Quebec all the way to British…
Specialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are decentralized markets in which individuals or organizations buy credits to voluntarily…
It won’t be long before June arrives, bringing with it the 2024 hurricane season. That might be a problem for Canada’s adjusters and insurers given many are still managing residual claims from Hurricane Fiona’s 2022 battering of the East coast.…
Heavy rain over the weekend brought a mix of localized flooding, washouts, and slides to much of the west coast of Newfoundland. In Lark Harbour, there were no washouts, but damage to houses, trails, and some roadways. For some residents…
To get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a more than $1 billion surplus for the fiscal…
British Columbia’s premier says a training and education centre for wildfire fighters will be established in response to recommendations by a task force that looked into last year’s catastrophic wildfires. David Eby says the centre at Thompson Rivers University in…
A spring storm across Quebec and Ontario on Thursday knocked out power to tens of thousands of customers, closed schools and blanketed the Montreal area with heavy, wet snow. In Quebec, more than 220,000 homes and businesses had no electricity…
The trend of insurers owning restoration firms and third-party vendors may not continue, particularly since controlling costs remains a priority for carriers, sources tell Canadian Underwriter. It also looks like a national adjusting licensing standard or cross-provincial licensing will not…
Introduction of lithium-ion batteries has introduced new hazards into the everyday lives of Canadians due to their ability to catch fire spontaneously – a phenomenon known as ‘thermal runaway.’ What began as concerns about fires started by cell phone and…