Wood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more…
The City of Revelstoke, B.C., has been found 35% contributorily negligent for not adhering to a recommendation contained in a 2011 risk management audit, which advised to maintain painted ‘No diving’ signs on a raft in Williamson Lake Park. “The…
Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and…
British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims…
B.C.’s public insurer is off the hook to pay for vandalism damage done to a car that was jointly owned by the driver and his finance company, because the arrangement between the two car owners was not a true lease.…
Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…
Canadian courts are starting to get tough on potentially vexatious claimants, including insurance claimants, as seen in a Jan. 7 decision by the Court of Queen’s Bench in Alberta. In Sun v. Allwest Insurance Services, the Alberta court referred to…
Canadian insured losses topped $2 billion for the second year in a row, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses,…
VANCOUVER – Power has been restored in two Vancouver Island communities that lost electricity early last week as snow, ice and wind storms pounded parts of British Columbia, but forecasters warn another powerful system is on the way. BC Hydro…
A home insurer has been cleared of any liability after a hearing aid supplier produced a different brand of ear phones than had been cited in the initial insurance quote, B.C.’s civil resolution tribunal has found. The small claims court…
British Columbia suffered its worst flood in the province’s history in late 2021, causing approximately $450 million in insured damages, according to estimates by Catastrophe Indices and Quantification Inc. (CatIQ). Still, the insured damages pale in comparison to Canada’s costliest flood, which…
VANCOUVER – Richard Bosma’s cows had been home for less than a week after an evacuation due to flooding in Abbotsford, B.C., before temperatures plummeted on his farm. Bosma, who credits his faith with helping him remain resilient in a…