Topic
Claims
The most common cyber claims in Canada
October 23, 2023 by Alyssa DiSabatinoRansomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study. The average ransomware incident costs companies $596,000 USD, accounting for…
Regulator imposes hefty penalties in auto repair fraud case
October 20, 2023 by Jason ContantOntario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative…
P&C industry needs help fighting auto theft: IBC CEO
October 19, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC),…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
Policy exclusion? Watch your exceptions in multiple-cause losses
October 18, 2023 by David GambrillUnderwriters must pay close attention to the policy wording they use in their exceptions to exclusions, lest insurers find themselves on the hook for covering losses with two or more suspected causes. That’s a key takeaway from Brock Stock Farm…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Behind the industry’s ‘modest decline’ in auto premiums
October 17, 2023 by Jason ContantCanada saw an overall “modest decline” of 3.5% in personal auto insurance premiums last year, AM Best reported during an industry event in Toronto earlier this month. Lower profit margins in Canadian auto insurance are likely to remain under pressure…
Which commercial line needs more capital?
October 16, 2023 by Jason ContantEven though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
Summer storms bring Cat damages past $3 billion
October 16, 2023 by Alyssa DiSabatinoA series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…
Ontario adds $20.5 million in funding to fight wildfires, including for training and drones
October 12, 2023 The Canadian PressTIMMINS, Ont. – Ontario’s natural resources and forestry minister says the government will spend an additional $20.5 million over three years to help fight wildfires. Graydon Smith, making an announcement in Timmins, Ont., says this recent fire season has been…
Clarifying Nativelands: What the decision means to brokers
October 11, 2023 Stephen F. Gleave, partner, DLA Canada (Toronto)Canadian Underwriter published an article on Sept. 19, 2023, entitled “Court draws distinction between a brokerage and a consultant.” The article deals with an important decision of Ontario Superior Court Justice Edward Morgan released on July 25, 2023. The matter…