Wind 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…
Thanks to supply chain disruptions, labour shortages and inflation, insurance policyholders face longer and more expensive repairs. To address that, insurance industry execs said, Canada’s P&C industry needs to up its communications game during the claims process. P&C insurance professionals…
Supply chain problems aren’t going away any time soon for insurance adjusters. Home improvement retailers and warehouses have been plagued by empty shelves since the first year of the COVID-19 pandemic. And goods scarcities for everything from lumber to La-Z-Boys…
Solving the P&C industry’s talent recruitment difficulties will be a key focus for 2023, according to industry respondents to Canadian Underwriter’s annual Executive Outlook survey. While respondents focused mainly on the needs of the broking and underwriting business segments, the…
CHARLOTTETOWN – 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…
Parametric 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…
A 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…
Business 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. …
The 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…
A 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,…
For 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…
Staged 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…