Topic Claims
Why your clients could expect price reductions in home insurance
May 25, 2021 by Greg MeckbachIf insurers can achieve combined ratios of less than 80% in personal property, homeowners should expect to see lower prices and possibly even rebates, the CEO of LowestRates.ca suggests. “For consumers, if insurance companies are making money, then it means…
Downpours in southeast B.C. raise flood concerns
May 25, 2021 by The Canadian PressFAIRMONT HOT SPRINGS, B.C. – An evacuation alert has been issued for more than 200 homes and businesses in southeastern British Columbia as a weekend downpour and the likelihood of more rain raise the potential for flooding in the Fairmont…
Ontario court rules deadly shootdown of Flight 752 in Iran was act of terrorism
May 21, 2021 by Paola Loriggio - THE CANADIAN PRESSTORONTO – An Ontario court has ruled that the Iranian military’s downing of a passenger jet early last year was an intentional act of terrorism, paving the way for relatives of those killed to seek compensation from the country. In…
Pollution coverage gaps your clients may not know about
May 21, 2021 by Greg MeckbachThe cost of cleaning up after spills of petroleum, oil, or other contaminants may not be covered under your client’s liability or property policy, a managing general agent warns. Many clients are exposed to pollution risk but are not necessarily…
What’s driving auto claims costs during pandemic
May 21, 2021 by Greg MeckbachThe long-tail nature of auto bodily injury claims, in addition to insurers’ fixed claims adjustment costs, are among the reasons why insurers are not likely going to reduce auto premiums in proportion to the drop in driving observed during COVID-19.…
Digital experimentation: How to avoid the shiny object syndrome
May 20, 2021 by David GambrillWhile the insurance industry is hearing a lot of messages these days about the importance of experimenting with new digital technologies — i.e. witness the increased use of terms such as “agility,” “nimble,” “pivoting,” and “failing fast” — a business…
Manufacturers increasingly targets for ransomware attacks, study finds
May 19, 2021 by The Canadian PressTORONTO – A new report says North American manufacturing companies are increasingly targets for cybercriminal gangs that use malicious software to shut down businesses if they don’t pay a ransom. Research from Toronto-based eSentire says that six known criminal gangs…
Saskatchewan wildfire grows, forcing evacuations to expand
May 18, 2021 by The Canadian PressPRINCE ALBERT, Sask. – Dry conditions and strong winds caused a large wildfire to grow Tuesday near Saskatchewan’s third-largest city even as firefighters fought the flames. “The fire continues to rage,” said Prince Albert Mayor Greg Dionne. The city of…
Big Moves: The P&C industry’s recent executive shuffles
May 17, 2021 by Jason ContantIntact Financial Corporation, Trisura Guarantee Insurance Company, and brokerages NFP and Westland Insurance Group all announced changes at the senior executive level over the past week. Patrick Barbeau, Intact Patrick Barbeau will become Intact Financial Corporation’s executive vice president and…
Montreal library closes after hacking attack on daycare registration website
May 17, 2021 by The Canadian PressMONTREAL – A large library in Montreal will be closed until Tuesday morning in the wake of a hacking attack on Quebec’s public daycare registration website. Quebec’s Treasury Board Secretariat issued a recommendation on Friday evening urging all government bodies…
Why wildfire is moving into ‘peak peril’ range
May 14, 2021 by Jason ContantWildfire is now moving into the range of a “peak peril” type of risk, similar to earthquakes and hurricanes, Risk Management Solutions, Inc. (RMS) told Canadian Underwriter recently. Overall, in both Canada and the United States, wildfire risks are starting…
How Intact views auto claims severity during pandemic
May 14, 2021 by Greg MeckbachThe long-tail nature of motor vehicle liability and auto accident benefits claims means a temporary drop in total miles driven due to the pandemic does not necessarily equate to a corresponding drop in premiums for your clients, Intact executives suggest.…