Topic Claims Canada Archive
What’s contributing to rising auto premiums in Alberta?
September 26, 2023 by Jason ContantLitigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%…
Environment Canada warns B.C. coast to prepare for heavy winds, rain
September 25, 2023 by Jason ContantRain and a wind storm are expected for much of British Columbia’s coast, bringing gusts as strong as 110 kilometres per hour. Environment Canada warnings cover both northern and eastern Vancouver Island, as well as Victoria, portions of the Sunshine…
Why your cyber clients need to keep an eye on ransomware
September 25, 2023 by Jason ContantCanada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro. The report, LockBit, BlackCat, and Clop Prevail…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
How Canada’s P&C insurers are faring under IFRS 17
September 21, 2023 by Jason ContantDespite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
Four young B.C. firefighters heading home die in head-on crash on highway
September 21, 2023 by Brenna Owen - THE CANADIAN PRESSFour young men travelling home after helping in the battle against wildfires in central British Columbia are dead after a fiery head-on crash, police and provincial officials said Wednesday. RCMP Cpl. James Grandy said emergency crews responded around 2 a.m.…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
B.C. to introduce new disaster management laws to address preparedness, mitigation
September 20, 2023 by The Canadian PressVANCOUVER – British Columbia’s emergency management minister said the province will be ready to introduce “in the coming weeks” new laws to govern responses to increasingly frequent natural disasters such as wildfires and flooding. Bowinn Ma told a gathering at…
What’s driving challenges in commercial property?
September 19, 2023 by Jason ContantChallenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
New Brunswick premier vows comprehensive review after massive Port Saint John fire
September 19, 2023 by The Canadian PressSAINT JOHN, N.B. – A joint task force investigation into last week’s major fire at a scrapyard in Saint John, N.B., will consider whether the recycling plant should continue operating at the city’s port, says Premier Blaine Higgs. Higgs made…
400+ wildfires continue to burn across B.C. as new evacuation orders issued
September 18, 2023 by The Canadian PressWILLIAMS LAKE, B.C. – An evacuation order has been issued by Cariboo Regional District for 28 properties in the Horn Lake Area in central British Columbia. This comes as the BC Wildfire Service says fire behaviour on the nearby Hell…
Weather Network app still can’t send alerts days after cyberattack
September 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – The Weather Network and MeteoMedia still can’t send weather alerts through push notifications from its app following a “malicious cyberattack” on Monday. But Pelmorex, the parent company of the two weather services, says the attack is not affecting…