4 ways AI can improve your performance
October 25, 2018 by Jason ContantArtificial intelligence can be used to better predict weather risk in insurance, such as which customers’ properties may be more affected by severe weather, an Accenture executive said Thursday. One of the four major benefits of AI is enhanced judgement,…
Root cause of commercial auto woes hard to pinpoint: Insurer CEO
October 25, 2018 by Greg MeckbachCommercial auto losses have been worse than expected for The Travelers Companies Inc., and company officials are not exactly sure why. “It’s a line that has been challenged from a profitability perspective for a while,” Travelers chairman and CEO Alan…
Aviva ordered to pay $3.3 million in compensation to Catholic diocese
October 21, 2018 by The Canadian PressFREDERICTON – New Brunswick’s Court of Appeal has ordered an insurance company to pay over $3.3 million to the Catholic Diocese of Bathurst to cover the cost of compensation for decades of sexual abuse by priests. In a ruling released…
Crawford’s Top 3 claim loss predictions from marijuana legalization
October 18, 2018 by Jason ContantClaims adjuster Crawford & Company (Canada) Inc. sees auto, commercial and workplace-related losses as the Top 3 claims arising from the legalization of marijuana. Auto losses related to cannabis usage; commercial losses to cannabis producers, retailers and distributors; and employee…
Were the Ottawa-Gatineau tornadoes the costliest in Canadian history?
October 17, 2018 by Jason ContantThe tornadoes that struck the Ottawa-Gatineau area on Sept. 21 cost the industry $300 million in insured damage, the Insurance Bureau of Canada (IBC) said Wednesday. Of that, $200 million was for insured damage on the Ontario side, and $100…
Why commercial property claims could skyrocket after pot legalization
October 11, 2018 by David GambrillLarge-severity commercial property losses could be the upshot of the legalization of marijuana on Oct. 17, an insurance lawyer cautions. “I see there being more property loss-type claims coming out of these large [marijuana-growing] facilities, particularly the greenhouse facilities,” Aaron…
Appeal court nixes $100K awarded for lost income
October 10, 2018 by Greg MeckbachA plaintiff who was injured in an auto accident has had her award cut by $100,000 because she is not entitled to compensation for loss of income, the British Columbia Court of Appeal has ruled. Yi Gao sued Brian Dietrich…
What’s the likelihood of an EF5 tornado in Canada?
October 10, 2018 by Jason ContantFollowing the EF3 tornado that struck Dunrobin, Ont. on Sept. 21, should insurers worry about the potential for a powerful EF5 strike on a major population centre in Canada? Probably not. But they should be concerned about tornadic storms in…
Mandatory building fire risk labels proposed
October 7, 2018 by Greg MeckbachFire safety can be impacted if a building is made from lightweight, prefabricated material, and legislation under debate would mandate placards for certain construction types in Ontario. “Truss and lightweight construction, when exposed to fire, can pose serious risks to responding firefighters,” Randy…
Why your clients are increasingly exposed to wildfire losses
September 28, 2018 by Greg MeckbachClimate change has turned the risk of wildfire into a year-round peril in Western Canada, a geography expert says. In the past, wildfire season started in April or May and ended some time in October, said Dominic Ford, senior geospatial…
How cell phone records proved this insurer’s auto fraud case
September 26, 2018 by David GambrillCell phone records proved to be the deciding factor in an insurance fraud case in which a B.C. driver falsely claimed that his truck had been stolen. Parker Winterbottom, 22 at the time, reported to police in October 2011 that…
Claims whack-a-mole: what’s going on in property lines?
September 25, 2018 by David GambrillAs if mounting auto insurance losses aren’t enough, the industry now has a new emerging issue to worry about this year – an alarming spike in home and commercial property claims. Catastrophe losses and fire are among the chief culprits…