With wildfires raging on across Alberta and the west, adjusters are hoping the fires stay remote and spare populous areas from catastrophic losses. “We are seeing some claims and anticipate seeing many more as dangerous conditions persist,” Patricia (P.J.) Davis,…
EDMONTON – Light rainfall and cooler temperatures slowed down wildfire activity in Alberta over the long weekend and more rain that’s in the forecast may help firefighters catch a breath during a record-breaking season of fires. “This could be a…
An auto injury falling outside of Ontario’s $3,500 Minor Injury Guideline (MIG) cap is no longer a ‘minor injury’ for the purpose of imposing funding limits on certain medical goods and services, Ontario License Appeal Tribunal (LAT) has ruled. “There…
VANCOUVER — A flood watch covered the Skeena region of northwestern British Columbia Tuesday as unseasonably warm temperatures swelled rivers in many areas of the province. B.C.’s River Forecast Centre posted the warning for the Skeena and Bulkley rivers and…
A new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The…
A major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns. Of pertinence to the industry, as insured damages for a severe earthquake could broach…
Beyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…
While it’s too early to estimate losses, Canada’s P&C industry is anticipating incoming property damage claims due to Alberta wildfires and insurers may have already begun to see claims from non-physical aspects of the policies, experts tell Canadian Underwriter. As…
Hard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens. Unlike primary insurers, MGAs provide capacity in specialized areas of…
Approximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva…
Much like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
SAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had…