Topic
Claims
Canada’s wildfires: Is industry concerned about lack of firefighters?
July 21, 2023 by Jason ContantWith Canada’s record-breaking fire season continuing to burn hot, firefighter availability and the country’s system of sharing resources is stretched thin. For Canada’s P&C insurance industry, the overall lack of firefighters is a concern, given the sheer number of fires…
Insurer introduces new auto rating variable for oft-stolen cars
July 20, 2023 by David GambrillWith Canada’s property and casualty industry facing a record number of auto theft claims, insurers have introduced a variety of incentives and disincentives to encourage drivers to take theft-prevention measures — and now it’s showing up in a new ‘High…
Zenith Insurance ends broker contract; Alberta Finance Minister cites rate pause
July 20, 2023 by Alyssa DiSabatinoEditor’s Note: On Friday July 21, 2023, Canadian Underwriter sent out an e-newsletter with an incorrect subject heading, implying that Zenith pulled out of auto insurance in Alberta. In fact, Zenith has only cancelled a contract with a brokerage that…
Fire and drought: What does 2024 hold for British Columbia?
July 20, 2023 Brieanna Charlebois - THE CANADIAN PRESSVANCOUVER – British Columbia hasn’t yet hit the “peak” of its wildfire season, but it has already broken the record for the total area burned in a year, the province’s minister of emergency management said. Officials are now eyeing the…
Ontario, Quebec to see more tornado ‘fuel,’ but more data needed
July 19, 2023 Thomas MacDonald - THE CANADIAN PRESSMONTREAL – Climate change will likely bring more weather conditions to Ontario and Quebec that are favourable to the development of tornadoes, but it’s still unclear whether Central Canada will actually be hit by more of them, experts say. Severe…
Wildfires: Where there’s smoke, there’s damage
July 18, 2023 by David GambrillAs smoke from almost 900 of Canada’s wildfires descends upon the United States, resurrecting media reports about air quality, Canadian property and casualty insurers have an eye on a different type of exposure — property damage claims due to wildfire…
Montreal-Barrhaven storm declared a Cat
July 18, 2023 by Alyssa DiSabatinoThe storm that hit Montreal on Thursday, downing trees and power lines and causing localized flooding, has been declared a catastrophe, Laura Twidle, president and CEO of Catastrophe Indices & Quantification Inc. (CatIQ) told Canadian Underwriter. A ‘catastrophe’ is an…
Record wildfire season in B.C. for area burned with almost 400 fires in the province
July 18, 2023 The Canadian PressBritish Columbia’s disastrous wildfire season has set a new record for the total area burned in a year, with almost 14,000 square kilometres scorched and hundreds of fires burning across the province. The B.C. Wildfire Service website says 13,935 square…
‘Aggressive’ wildfire shuts B.C. highway as military and officials set to meet
July 17, 2023 by Jason ContantThe BC Wildfire Service says an “aggressive” fire that exploded in size over the weekend has cut off a highway on the central coast, while more than a dozen new blazes have been sparked since Sunday. The service says Highway…
How Canadian P&C insurers are tackling record auto thefts
July 17, 2023 by Jason ContantAfter the Canadian P&C insurance industry paid out a record $1 billion for auto theft in 2022, some insurers are tackling the issue by offering discounts for consumers installing a tracking system or applying surcharges for those who don’t equip…
Will markets soften after 2022’s strong performance?
July 14, 2023 Glenn McGillivrayFor 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may…
What’s to blame for distracted driving trends?
July 14, 2023 Philip PoradoBrokers hear lots of stories about minor fender-benders that don’t lead to injuries. And some could even be seen as amusing – if they weren’t linked to financial losses for insurers. “We had an incident where someone was trying to…