Topic
Claims
Why the hard market could be unsustainable
September 21, 2021 by Greg MeckbachThe Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,…
Where auto insurers are seeing the biggest profitability improvements
September 17, 2021 by Greg MeckbachCanadian auto insurers saw both an increase in auto premiums and an improvement in their loss ratios in 2020, according to research from A.M. Best Company Inc. “Less miles driven translates into less frequency in auto losses,” A.M. Best director…
30 Forensic Engineering Strengthens Materials & Product Failure Group with the Appointment of Daniel Balagot P.Eng.
September 17, 2021 -30- Forensic EngineeringTORONTO, ON, SEPTEMBER 17, 2021/insPRESS/ – 30 Forensic Engineering, Canada’s leading multidisciplinary forensic firm, is pleased to announce the appointment of Daniel Balagot B.A.Sc., P.Eng. as Associate, within the Materials & Product Failure / Piping & HVAC group.x Daniel holds a Chemical Engineering…
Why Intact CEO predicts more rate increases for homeowners
September 16, 2021 by Greg MeckbachDespite a significant industry-wide drop, over three years, in home insurance loss ratios, the CEO of Canada’s biggest carrier is predicting rate increases. “In home insurance, our perspective is that we will see a mid- to upper-single-digit rate increase environment,”…
Why A.M. Best says the Canadian industry profitability is improving
September 15, 2021 by Greg MeckbachDespite the ongoing COVID-19 pandemic and increasing cost of weather catastrophes, the industry-wide combined ratio still improved 3.7 points last year and the pandemic is part of the reason, A.M. Best Company Inc. suggested in a report released Wednesday. The…
Combined ratio drops 18.2 points in the Lloyd’s market
September 14, 2021 by Greg MeckbachThe Lloyd’s market has returned to profitability. The Corporation of Lloyd’s has reported a 2.1-point improvement in its attritional loss ratio, from 52.6% in during the first six months of 2020 to 50.5% in the first half of this year.…
Will Hurricane Larry meet the cat threshold?
September 14, 2021 by Greg MeckbachLosses to Canadian clients, from Hurricane Larry, seem to be comprised mainly of wind damage to residential property on Newfoundland Avalon’s peninsula, according to reports from adjusters so far. Hurricane Larry, which originated in the North Atlantic Ocean, passed by…
Appeal court quashes ruling that ‘resulting physical damage’ can mean ‘loss of use’
September 13, 2021 by Greg MeckbachYour commercial client could get business interruption coverage if they can no longer “use” their property, but only if the policy wording actually says so, a Court of Appeal for Ontario panel suggests. MDS Inc. v. Factory Mutual Insurance Company,…
What we know so far about Canadian Hurricane Larry claims
September 12, 2021 by Greg MeckbachKent Rowe cannot remember winds as bad as they were this past weekend in the Newfoundland and Labrador capital. “We saw gusts here in St. John’s of up to 145 kilometres an hour that lasted for about five or six…
Hurricane Larry makes landfall in eastern Newfoundland
September 11, 2021 THE CANADIAN PRESSST. JOHN’S, N.L. – Hurricane Larry made landfall as a Category 1 storm in eastern Newfoundland, arriving near South East Bight around midnight local time, according to the National Hurricane Centre in Miami. The storm crashed inland on the western…
Hurricane Larry has arrived at this Canadian location
September 10, 2021 by Greg MeckbachHurricane Larry reached Placentia Bay, Nfld. shortly before midnight Friday night. Environment Canada warned southeastern Newfoundland residents Friday that high winds could topple trees, leading to downed power lines. At 11:57 p.m. Atlantic time (12:27 a.m. local time), the center…
Where Hurricane Larry is forecast to make landfall in Canada
September 9, 2021 by Greg MeckbachFlooding could affect property clients Sept. 10 in the Placentia Bay area of Newfoundland, as winds off the coast may reach 130 kilometres per hour and some areas could get about 50 millimetres of rain. “Hurricane Larry is expected to…