Underwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal…
British Columbia’s Civil Resolution Tribunal (CRT) has dismissed a condo unit owner’s request for $50,000 in punitive damages following sporadic sewer backups over a 20-year period. But the tribunal awarded the owner $3,000 for loss of enjoyment of his unit.…
HALIFAX – Schools across much of Atlantic Canada are closed today as a sprawling winter storm continues to linger over the region. Rainfall and freezing rain warnings remain in effect for all of New Brunswick and P.E.I., and most parts…
Ontario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020…
Hard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many…
St. Catharines Fire Services says crews continue to battle a fire triggered by a series of explosions at a hazardous waste facility in the city that has left one person with serious injuries. Chief Dave Upper says firefighters responded to…
Intact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses. The Canadian cat losses were mostly…
British Columbia’s auto insurance regulatory body has approved a 0% rate change for basic auto insurance rates in the province for two years, the fifth year in a row of no rate increase. The British Columbia Utilities Commission approved the…
Canada’s property and casualty insurance industry may not be facing its “toughest” year ever in 2023, but more than 89% of industry professionals agree the multitude of issues facing the industry at once is creating a “perfect storm.” “Every year…
The Liquor Control Board of Ontario says a “cybersecurity incident” has knocked out its website and mobile app. The LCBO posted a brief statement to its social media pages Tuesday night saying a “full investigation” was underway. The provincial Crown…
HAMILTON – The City of Hamilton says it has uncovered another sewage leak that has been dumping waste into Lake Ontario for more than two decades. The revelation comes after the city reported in November that a leak discovered to…
Insured drivers who suffer psychological trauma from seeing the aftermath of other people’s serious car accidents are not entitled to collect accident benefits, Ontario’s Licence Appeal Tribunal (LAT) has ruled. That’s because named insureds who witness other people’s car accidents…