Topic Claims Canada Archive
Is Canada seeing more tornadoes every year?
February 14, 2023 by Jason ContantCanada saw 117 recorded tornadoes across the country during the 2022 season, tying 2021 for the highest-ever single season on record, according to the Northern Tornadoes Project (NTP). As with 2021, 29 of the tornadoes reached up to EF2 on…
Why atmospheric rivers, derechos and bomb cyclones are on insurers’ radar
February 9, 2023 by Jason ContantWild and wacky weather events like atmospheric rivers, derechos and bomb cyclones may seem new because of recent media coverage, but they’ve been known and named phenomena for quite some time in the history of meteorology and atmospheric science, speakers…
What claims adjusters are seeing from holiday winter storm
January 10, 2023 by Jason ContantWind and water claims make up the bulk of the ‘bomb cyclone’ weather event that swept through eastern Canada during the holidays last month, adjusters told Canadian Underwriter. Much of North America was bombarded by heavy snowfall, strong winds and…
Defining vacancy: Why the court upheld insurer’s denial of a $100K water damage claim
January 4, 2023 by David GambrillAn insurance policy exclusion for vacancy applies, even when an insured has arranged for people to look after the vacant property on a daily basis, so long as there is no intention to inhabit the place again, the Ontario Superior…
P.E.I. utility Maritime Electric estimates cost of Hurricane Fiona
December 13, 2022 by The Canadian PressCHARLOTTETOWN – Prince Edward Island’s electric utility says it will cost about $35 million to repair damage to the company’s distribution system caused by post-tropical storm Fiona. A spokesperson for Maritime Electric said that estimate is based on invoices received…
What makes the current claims environment so challenging?
December 2, 2022 by Philip PoradoA convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,…
Two welcome commercial premium trends, post-pandemic
November 25, 2022 by Jason ContantGallagher in Canada is seeing some interesting premium trends in liability and commercial auto lines, now that pandemic restrictions are virtually non-existent. Businesses such as restaurants were shuttered or faced restrictions throughout the peak parts of the pandemic, meaning that…
The spreading tentacles of staged collision operations
November 22, 2022 by Jason ContantStaged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent…
How claims inflation is affecting Definity’s auto, property lines
November 22, 2022 by Jason ContantClaims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to…
Has Canada’s P&C hard market finally stabilized?
November 14, 2022 by Jason ContantCanada’s P&C insurance market remains vibrant but unpredictable, although there are signs of stabilization, a Gallagher executive said during an industry webinar Monday. A variety of push-and-pull factors related to underwriting profits, reinsurance rates, interest rates and claims inflation, labour…
Condo association calls for changes to help corporations recoup losses
October 11, 2022 by Jason ContantQuebec’s association representing condo corporations is reiterating a call on the newly re-elected provincial government to amend the Civil Code of Quebec to allow condo corporations to better recover losses from co-owners. Currently, condo corporations (called syndicates in Quebec) are…
What happened to the ‘quiet’ hurricane season?
September 30, 2022 by Jason ContantNot long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida…