Topic
Claims
Aging infrastructure struggling to keep up with storms, wildfires, changing climate
July 27, 2023 Hina Alam - THE CANADIAN PRESSFREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to…
Why private equity firms are seeing premium increases
July 26, 2023 by Alyssa DiSabatinoBig buyers of P&C brokerages — i.e., private equity (PE) firms — may continue to see premium increases for their own liability and cyber policies, albeit flatter than before, Matthew Studley, executive vice president of complex risk for Hub International,…
Province denies third-party liability coverage for impaired drivers
July 26, 2023 by Jason ContantImpaired drivers in Manitoba who are involved in collisions will be denied third-party liability coverage, and will be responsible for covering the cost of any damage they cause to other vehicles or property under new rules in the province. Manitoba…
Cooler weather sees B.C. wildfire numbers dip, but drought still poses concern
July 26, 2023 The Canadian PressThe number of active wildfires in British Columbia has dipped below 450 as cooler weather and recent rain has cut the fire risk, although another hot spell could wipe out those gains as large sections of the province wilt under…
Brokers try to manage client stress over auto repair timelines
July 25, 2023 Philip PoradoSpare parts shortages continue to cause significant auto insurance claims delays, and a scarcity of adjusters is, in some cases, exacerbating the issue. Many problems brokers are now seeing and helping clients manage wouldn’t have popped up in prior years,…
Prairie drought continues, forcing farmers to write off crops
July 25, 2023 Amanda Stephenson - THE CANADIAN PRESSSaskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead. The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers…
Claims pouring in for record Nova Scotia rainstorm
July 24, 2023 by Alyssa DiSabatinoAdjusters are beginning to see claims pour in after thunderstorms dumped record amounts of rain on Nova Scotia Friday. Torrential downpours dropped over two months’ worth of rain (between 200 and 250 millimetres) in about 24 hours on Halifax, Nova…
Trial to decide insurer’s duty to defend in seniors lodge explosion
July 24, 2023 by David GambrillIt’s going to take a trial to decide whether or not Co-operators General Insurance Company owes a duty to defend in a complicated legal case concerning a 2015 gas explosion that happened on a construction site at the Bow River…
What the math says about P&C return rates
July 24, 2023 Alyssa Di SabatinoWhat’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…
Financial burden of cybercrime in Canada remains high: IBM report
July 24, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as…
Can insurers and reinsurers survive looming NatCat trends?
July 21, 2023 Glenn McGillivrayOne of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For…
Fight for funding to protect land link between N.S. and N.B. goes to court
July 21, 2023 The Canadian PressHALIFAX – The Nova Scotia government is asking the province’s Court of Appeal to determine who has jurisdiction over the works that protect a vital link between the province and New Brunswick. In a court document filed Wednesday, lawyers for…