Topic
Claims
How Canada’s costliest perils compare to the rest of the world
July 19, 2022 by Alyssa DiSabatinoThe fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major…
Splitting costs when ‘other insured’ policy clauses don’t reconcile
July 15, 2022 by David GambrillWhen two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top…
SERVPRO of Central Vancouver Opens Doors
July 15, 2022 SERVPRO®Local franchise opens to assist community with property damage emergencies VANCOUVER, BC, JULY 15, 2022/insPRESS/ – SERVPRO®, a premier cleanup and restoration company, has a new franchise in British Columbia. SERVPRO® of Central Vancouver will respond to the community’s property damage…
D&O excess policy needs to spell out exceptions from primary policy
July 14, 2022 by David GambrillIf an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,…
Who owns the risks posed by artificial intelligence?
July 13, 2022 Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
Court strikes down cap on costs for auto injury experts
July 13, 2022 by David GambrillB.C.’s Supreme Court has struck down as unconstitutional the province’s 6% cap on disbursements for experts in personal injury actions arising from auto accidents – one feature of the Insurance Corporation of B.C.’s attempt to control its auto insurance claims…
Inadmissible evidence good enough to access enhanced auto coverage
July 12, 2022 by David GambrillInadmissible hearsay evidence is enough for a driver involved in a collision caused by an unidentified motorist to access the $1 million limit of her auto policy’s OPCF 44R Family Protection Endorsement, an Ontario court has ruled. “There is no…
What the industry needs to fund the bankruptcy of a Top 70 insurer
July 11, 2022 by David GambrillCanadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the…
Distracted driving sometimes takes a back seat to work priorities, drivers say
July 11, 2022 Canadian Underwriter StaffCanadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every…
Inflation might not lead to higher claims amounts in Canada
July 8, 2022 Philip PoradoWith overall consumer inflation near 40-year highs, can sharply rising claims costs and social inflation be far behind? It’s too soon to tell, an Aon expert tells Canadian Underwriter. Speculation that consumer price inflation might spark social inflation for casualty…
How the court bolstered an insurer’s exclusion for privacy breach
July 8, 2022 by David GambrillActing recklessly in breaching the confidential medical files of patients effectively falls within a hospital insurer’s commercial policy exclusion for committing an ‘intentional act,’ Ontario’s top court has ruled. The Ontario Court of Appeal found a hospital insurer, the Healthcare…
What the latest inflation measures mean for insurers
July 7, 2022 Philip PoradoSeveral inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more…