Topic
Claims
How Canada’s mandatory breach notification has affected the P&C industry
February 24, 2020 by Jason ContantCanada’s new mandatory breach notification requirements have increased the number of reported claims, leading to a re-shuffling of claims costs for insurers, according to a privacy lawyer. “It definitely leads to more claims and it makes its presence [known] in…
The ‘social inflation’ affecting Fairfax Financial’s run-off business
February 21, 2020 by Greg MeckbachAsbestos-related commercial liability claims could soon reach a peak, but they continue to be a concern for the property and casualty insurance industry, suggests Prem Watsa, founder and chairman of Toronto-based Fairfax Financial Holdings Ltd. “Asbestos has been a problem…
Crash-prone cars you may think twice about underwriting
February 21, 2020 by Adam MalikMid-sized and luxury sports cars are the most collision-prone vehicles on the road, including the Hyundai Sonata, Infinity Q50, Lexus GS 350, and the Acura TLX, according to new research by QuoteWizard.com, an online insurance comparison platform. At the other…
Cyber insurance: another victim of the hard market?
February 20, 2020 by Jason ContantRates for excess cyber insurance in Canada are on the rise. “In Canada, I would say what we are seeing is excess cyber insurers increasing rates,” Brian Rosenbaum, national director of the legal and research practice at Aon Risk Solutions,…
Do insurance pros have a duty to restore a client’s well-being after a loss?
February 20, 2020 by Adam MalikBrokers are taught the principles of indemnity early in their training: Return the client to the same financial position they were in prior to the loss. But what about their clients’ mental well-being? Can the industry restore that to what…
Two dead, others seriously injured in 200-car pileup south of Montreal
February 20, 2020 Sidhartha Banerjee - THE CANADIAN PRESSMONTREAL – Two people are confirmed dead in a crash that involved about 200 vehicles on Highway 15 in La Prairie south of Montreal, provincial police say. The confirmation came from the Surete du Quebec, which said the victims are…
First month in eastern Canada sees storm damage of almost $100 million
February 19, 2020 by Jason ContantA January storm in southern Ontario and Quebec caused more than $95 million in insured damage, mostly from damage to personal property, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The majority ($81.6 million) of the insured damage…
The breach from the throne
February 19, 2020 by Greg MeckbachFaulty toilet supply lines, often the source of six- and seven-figure water claims, are leading to subrogated claims against manufacturers, installers and others involved in the supply chain leading to your clients’ washrooms. The way a toilet works is that…
How today’s rail blockades could change tomorrow’s policies
February 19, 2020 by Adam MalikBased on Canada’s railway blockades, commercial clients that haven’t considered insurance coverage in the event of unforeseen disruption might be more keen to discuss their options going forward, according to industry experts. The ongoing railway blockades across the country –…
Boy Scouts seek bankruptcy protection following sexual abuse lawsuits
February 19, 2020 David Crary and Brady McCombs - THE ASSOCIATED PRESSThe Boy Scouts of America urged victims to come forward Tuesday as the historic, 110-year-old organization filed for bankruptcy protection in the first step toward creating a huge compensation fund for potentially thousands of men who were molested as youngsters…
Another way to wreck a condo: Water cooler leaks
February 18, 2020 by David GambrillIntact Insurance recently lost a subrogation case in B.C.’s small claims court because it couldn’t prove a cracked water bottle was the source of a water leak that caused $5,000 damage to the condo unit below. One moral of the…
End of road for vehicle occupant sued for negligent parenting
February 18, 2020 by Greg MeckbachA defendant in a negligent parenting lawsuit cannot make a liability claim under the auto policy of the vehicle in which he and his daughter were riding as passengers. The Supreme Court of Canada announced Feb. 13 it will not…