Topic Claims Professionals
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…
How insurance coverage will change as Canadian hurricane risk expands
December 9, 2022 by Alyssa DiSabatinoParametric insurance is a relatively new product in Canada, and thus is not a big buy for commercial clients, but as climate change is expected to cause more hurricane events in Canada, expect this solution to get more popular north…
Why this insurer saw double the amount of auto claims. Could it happen again?
December 7, 2022 by Alyssa DiSabatinoA major snowfall in southern British Columbia last week led to a 94% increase in claims compared to the week prior, Insurance Corporation of British Columbia (ICBC) reported. And with more snow being forecast today, drivers should prepare for more…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
ICBC’s new approach to claims interactions with injured drivers
December 5, 2022 by Dr. Donna BainThe new Enhanced Care model put in place by the Insurance Corporation of British Columbia (ICBC) in Spring 2021 emphasizes proactive outreach to injured customers to help them recover, while also communicating about insurance benefits and processes. Enhanced Care changed…
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,…
Does an immuno-compromised adjuster have to return to field work?
November 23, 2022 by The CIP Society, Insurance Institute of CanadaFor almost three years, there’s been confusion around COVID-19 protocols. It’s made it hard for people to get on with their daily lives. An example of how these stresses burden our industry is illustrated in a dilemma faced by a…
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 hurricane losses will impact pricing and capacity
November 21, 2022 by Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
New claims-management service launches certificate program for insurers
November 11, 2022 by Alyssa DiSabatinoA new claims management program, which enables insurance companies to divert waste from landfills by recycling flooring and drywall during the claims and restoration process, has officially launched its certification program. The EcoClaim certificate program will enable insurers to…
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 by Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
City of Ottawa awaits answers on derecho storm compensation
October 31, 2022 by Cindy Tran - THE CANADIAN PRESSOTTAWA – More than five months after a powerful storm damaged property and left people without power for days, the City of Ottawa has yet to be reimbursed by the provincial government for its recovery costs. The derecho, a line…