Canadian Underwriter

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Privately-owned PEI utility seeks rate hike after Fiona losses

November 28, 2023 by Michael Tutton, The Canadian Press (Halifax)

CHARLOTTETOWN – The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for…

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How Canada’s wildfire season will shape reinsurance renewals

November 28, 2023 by Alyssa DiSabatino

Reinsurers have their ears to the ground on climate change losses, and Canada’s record wildfire season is adding to the heat, according to industry experts.   But while reinsurers are keeping a close watch on wildfire risk, tallied wildfire losses…

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Can car dealerships manage insurance risks from vehicle thefts?

November 27, 2023 by Philip Porado

Car thefts began rising across Canada in 2020 during the COVID-19 pandemic and have been climbing ever since – fuelled by organized crime rings using new technologies to steal key fob codes and take vehicles while their owners are asleep.…

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How auto insurers responded to Ontario’s auto fraud announcement

November 24, 2023 by David Gambrill

Ontario auto insurers are commending the provincial government for committing $18 million over three years to help police services combat and prevent auto theft. “Last year marked the first time in history when Canada’s insurers paid over $1 billion in claims…

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Why you need to consider embedded insurance

November 23, 2023 by Jason Contant

Embedded insurance not only enhances the customer experience but also provides greater access to data for insurers, speakers said during KPMG’s recent 2023 Insurance Conference in Toronto.  “You unlock a lot of data that will change the way you do…

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Auto insurance: How you can live with someone but not be in a “household”

November 22, 2023 by David Gambrill

A passenger seriously injured in an auto collision caused by an uninsured driver is not considered an “insured” under her father’s or boyfriend’s auto policies, even though she was living with them at the time of the crash, B.C.’s Court…

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IBC calls for feds to lead national auto theft task force

November 20, 2023 by Alyssa DiSabatino

Canada’s auto insurers say the country needs a National Task Force on Stolen Vehicles, and they are calling on the federal government to play a leadership role in tackling record-high auto thefts.  While the feds should lead the charge, auto…

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After July floods took four lives, Nova Scotia plans flood plain mapping by 2026

November 17, 2023 by Michael Tutton - THE CANADIAN PRESS

HALIFAX – A plan is now in place to create the kind of detailed flood plain maps that some of Nova Scotia’s emergency managers have said they lacked when torrential flooding occurred in July. Byron Rafuse, deputy minister of the…

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How the M&A environment will affect carriers’ business models

November 17, 2023 by Jason Contant

Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in…

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Forget why you fell into insurance. Why’d you stay?

November 17, 2023 by Alyssa DiSabatino

It might be easier to attract recruits to insurance if P&C professionals reminisced on what keeps them in the industry, rather than voicing the age-old adage of how they ‘fell in‘ to the profession, experts at Reuters’ Future of Insurance…

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Whose insurer pays when e-scooter drivers crash?

November 17, 2023 by Philip Porado

News reports about drivers of stand-up e-scooters injuring pedestrians in several Canadian cities are raising questions about insurance coverage for the vehicles — and how injured pedestrians might recover damages. But what about the e-scooter drivers themselves? Can they recover…

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Quebec to improve forest fire adaptation after record-breaking wildfire season

November 15, 2023 by The Canadian Press

Quebec’s forest fire prevention agency says the area burned by wildfires this year was greater than the previous 20 years combined. SOPFEU director general Eric Rousseau told reporters today that some 4.5 million hectares of land burned during this year’s…