Claims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For…
When severe weather events take place, not everything can be fixed overnight. There are only so many contractors and thousands of homes will likely need repairs ranging from major to minor. “It comes down to triaging and putting the insured…
MONTREAL – The investigation into the causes of a fatal blast at a propane company north of Montreal could be long and complex, police said Tuesday after three bodies were found at the site. Officials are dealing with a “vast”…
Severe weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
The specialized nature of commercial brokering is causing a talent shortage now that veterans are retiring in droves. “I literally get three or four different companies a week that ask for talent, and it’s amplified across the industry,” said John…
Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023. The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),…
Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo…
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…
Industry veteran Doug Morrow has joined Westland Insurance as its new vice president of commercial insurance for Alberta, the brokerage announced earlier this week. Most recently president and CEO of Excel Insurance Group, Morrow joined Westland as vice president, commercial…
The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023. Two years from now, experts expect the cost of living will still be the number one risk on…
Companies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same…
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…