Topic
Claims
How insurers can reduce cyber claims without slashing coverages
July 6, 2023 by Alyssa DiSabatinoCyber insurers are finding that acting as incident response services for their small- to mid-sized business clients is helping to reduce overall claims, experts shared during an industry conference. Insurers should be the first ones to open the lines of…
Record-breaking wildfire season will continue to burn hot for months: officials
July 6, 2023 The Canadian PressOTTAWA – Natural Resources Canada says the country’s record-breaking wildfire season will continue to be abnormally intense throughout July and into August. The projections are based on anticipated high temperatures, dry conditions and historical comparisons. The risk is expected to…
What the Nova Scotia wildfire cost the P&C industry
July 5, 2023 by David GambrillNova Scotia’s Tantallon wildfire is estimated to have caused more than $165 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Nearly 90% of all claims related to the Nova Scotia wildfire were personal…
Mitigation efforts continue at Suncor in wake of cyberattack
July 5, 2023 The Canadian PressCALGARY – Canada’s top technical authority on cybersecurity says it is working closely with Suncor Energy Inc. in the aftermath of a high-profile systems breach at the energy giant. The Canadian Centre for Cyber Security says it can’t disclose details…
Brokers, insurers differ on the value of numerous flood products for home owners
July 4, 2023 by Alyssa DiSabatinoCanada’s property and casualty insurance brokers have long maintained the need for a unified flood map, but insurers want to compete on their proprietary flood maps, and the ongoing differences between brokers and their insurance partners on this point became…
Can we predict where cyber claims might emerge?
July 4, 2023 Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
Fierce blaze damages several businesses, forces evacuation in B.C. city
July 4, 2023 The Canadian PressVERNON, B.C. – A restaurant, boutique, salon and costume shop are among the businesses believed to have been destroyed in an early morning fire in downtown Vernon, B.C. Flames broke out in the commercial building at about 2:30 a.m., blanketing…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
B.C. must urgently change forest strategies or face more wildfire disasters: report
June 30, 2023 Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia’s independent forests watchdog is calling for the provincial government to make critical changes to how it manages forests to reduce the risk of catastrophic wildfires. The report, released Thursday by the B.C. Forest Practices Board, says…
Brokers, not insurers, advise clients of valuation changes
June 29, 2023 by David GambrillAn insurer does not displace the role of the broker if the insurer conducts its own independent replacement cost valuation (RCV) and comes up with a different number than the broker submits, the Ontario Superior Court confirmed Tuesday. It remains…
Who’s at fault when AI’s driving a cargo ship?
June 29, 2023 Philip PoradoIt’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.…
Home-sharing app specifically for insurance to go national
June 28, 2023 by David GambrillTens of thousands of Canadians have been forced to evacuate because of an active wildfire season, and a new home-sharing digital platform dedicated to insurance is expanding nationally to help adjusters find temporary accommodations for insureds whose homes have been…