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Insurer reveals Top 5 auto fraud claims of 2022

March 21, 2023 by Jason Contant

Some claims show obvious elements of fraud but others go above and beyond. Such was the case with Saskatchewan Government Insurance’s (SGI) Top 5 “eyebrow-raising” attempted auto insurance frauds from 2022. SGI released last week their Top 5 list of…

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Want lower liability exposure for athletes? Don’t play sports in B.C.

March 21, 2023 by Alyssa DiSabatino

A recent Supreme Court of British Columbia case points to the difference between the standard of care for sports negligence claims in B.C. compared to the rest of Canada.   In Miller v. Cox, the court found that a recreational soccer…

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Can cyber coverage recover from past high loss ratios?

March 20, 2023 by Jason Contant

The Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…

Snow covered carport that has collapsed on top of, and caused damage to two vehicles News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceRisk

Claims to expect in Canada after a rough winter in March

March 17, 2023 by Alyssa DiSabatino

Parts of Canada have been hit with several major snowstorms in succession this winter, and while none of the severe storms individually will likely be declared catastrophes (i.e. resulting in more than $30 million of insured damage), they may be…

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Insurers urged to prepare for ‘metaverse’ liability

March 17, 2023 by David Gambrill

Most insurers are concerned about existing digital liability risks, but in as few as three years, they may be confronting commercial liability risks associated with immersive virtual environments known as the ‘metaverse,’ a Geneva Association (GA) survey of liability insurance…

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How to make a profit on cyber coverage

March 16, 2023 by Jason Contant

How does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…

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New Brunswick to set caps on disaster financial assistance for homeowners

March 16, 2023 by The Canadian Press

FREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total…

Eco friendly law, politics and eco balance concept. 3d rendering of scale icon on fresh spring meadow with blue sky in background. News ClaimsClimate ChangeInsuranceLegalLegislation / RegulationRisk

A U.K. climate lawsuit Canadian D&O insurers may be following

March 15, 2023 by David Gambrill

A recent U.K.-based, climate lawsuit launched against Shell plc’s board of directors by NGO ClientEarth may lead to “copycat” litigation in Canada, lawyers warn, potentially affecting the D&O line of commercial insurance. “Corporate climate litigation is still in its infancy…

New Brunswick road flooded News CatastrophesClaimsInsuranceRisk

N.B. hopes for quiet spring but asks residents to be prepared for possible floods

March 15, 2023 by The Canadian Press

FREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…

Ice melting and combining with rum. News ClaimsCommercial LinesInsuranceLegalMarkets / Coverages

Two companies, one shareholder, only one named insured. What happens next?

March 14, 2023 by David Gambrill

A man who is the sole shareholder of two companies — one that owns a title deed to a building (and the only named insured on the policy), and one a commercial tenant of that same building — has an…

A giant fireball is seen as a wild fire rips through the forest 16 km south of Fort McMurray, Alberta on highway 63 on May 7, 2016. THE CANADIAN PRESS/Jonathan Hayward News CatastrophesClaimsClimate ChangeInsuranceRisk

What is the P&C insurance sector’s role in “building back better”?

March 13, 2023 by David Gambrill

If Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.…

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South B.C. highway passes see more snow, Avalanche Canada urges caution as storm hits

March 13, 2023 by The Canadian Press

VANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15…