Topic Alberta
These socioeconomic factors are driving up property claims
December 7, 2021 by Greg MeckbachUrbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we…
Why insurance regulators’ council wants to stop best-terms pricing
December 3, 2021 by Greg MeckbachIf you are still placing subscription policies using best-terms pricing, you should stop, the Canadian Council of Insurance regulators suggests. “Fair and transparent pricing is essential to a successful marketplace and CCIR Members expect insurers and brokers to cease BTP…
Alberta rolls out new rules forcing industry to pay for abandoned well cleanup
December 1, 2021 by The Canadian PressCALGARY – Alberta’s oil and gas regulator has rolled out new rules aimed at addressing the growing problem of inactive and abandoned wells in the province. The new rules will require the energy industry to spend $422 million next year…
Extreme wildfire weather increasing around the globe, some of the largest increases in Western Canada: research
November 25, 2021 by Bob Weber - THE CANADIAN PRESSNew research suggests the risk of extreme wildfire events is increasing across the globe, with some of the largest increases in Western Canada. The research, conducted by Natural Resources Canada and published Thursday in the journal Nature, says rising temperatures and…
BrokerLink acquires brokerages in Alberta, Ontario
November 16, 2021 by Jason ContantBrokerLink has announced the acquisition of three new brokerages in Canada — one in Alberta and two in Ontario. The Intact Financial Corporation subsidiary said Monday it had acquired Alberta-based Blue Circle Insurance Brokers Ltd., as well as Ontario-based Stevenson…
How much Intact has improved its personal property loss ratio
November 15, 2021 by Greg MeckbachAs home insurance prices continue to climb, Intact Financial Corp. reported an underwriting profit in personal property in the latest quarter, despite higher-than-normal weather catastrophe losses. The personal property line “should operate” with combined ratios below 95% “even with severe…
Damage being tallied from summer drought across Prairies
November 12, 2021 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The consequences of last summer’s searing drought are being felt on farms and ranches across the Prairies, where some livestock producers are heading into a long, cold winter with dangerously low supplies of feed and water. On his…
NFP acquires Western Canadian brokerage Foster Park
November 9, 2021 by Greg MeckbachEdmonton-based Foster Park Brokers Inc. has been acquired by New York City-based NFP Corp., the property and casualty insurance brokerages announced Tuesday. Foster Park places surety bonds, as well as P&C coverage for a variety of industries including oil and…
Insurers hope privacy legislation reboot will bring harmony
November 3, 2021 by Philip PoradoCanada’s existing privacy regulations – including federal law and province-specific legislation in Quebec, British Columbia and Alberta – can’t keep up with changing technology and are due for an update, said panellists at an Insurance Bureau of Canada regulatory affairs…
Homeowners loss ratio drops to 49.1% for this Top 10 insurer
November 3, 2021 by Greg MeckbachCanada’s sixth-largest property and casualty insurer has a loss ratio in home insurance of under 50% so far this year, but large losses in Western Canada had an adverse impact on the quarter ending Sept. 30. The Co-operators General Insurance…
Why the Co-operators won this appeal over homeowner claim
October 29, 2021 by Greg MeckbachIf a client learns something new about insurance law four years after their claim is denied, it’s probably too late to sue the insurer for breach of contract. In a decision released this past Tuesday, the Court of Appeal of…
How auto insurance rates are trending in Alberta, Ontario and Atlantic Canada
October 8, 2021 by Jason ContantAuto insurance rates plunged in Alberta and Ontario this spring, while rates stayed flat in Atlantic Canada, according to Q2 2021 results from LowestRates.ca’s latest Auto Insurance Price Index Report. In Alberta, rates decreased 11% quarter-over-quarter after a steep incline…