Topic Claims
Demystifying cyber’s first hard market
November 12, 2020 by David GambrillCyber insurance is a relatively new line of business in Canada and so it hasn’t seen any hard markets historically — until now, that is. And it seems that insurers have ransomware to thank for that. “I think it is…
Winter tire use cut an auto insurer’s claims costs by this much
November 12, 2020 by Greg MeckbachVehicle damage claims frequency appeared to be 6% lower for vehicles with winter tires than those without winter tires, Manitoba’s public auto insurer concluded in a recent study. “The estimated 6.3% reduction in claim frequency due to winter tire use…
Opinion: Why the industry is wrong about litigation funding
November 12, 2020 by Paul Rand, Omni BridgewayLitigation funding provides companies and individuals with an important strategic tool. But a few leaders in the insurance industry warn us to “watch out” for litigation funding. They claim it could “significantly raise insurers’ costs.” Good news: They’re wrong. Writer…
Today’s cat losses ‘unimaginable’ even 10 years ago: mutual CEO
November 12, 2020 by Greg MeckbachThe increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire…
Fire aboard shrimp trawler off Newfoundland started in sauna: investigation report
November 12, 2020 by The Canadian PressST. JOHN’S, N.L. – The Transportation Safety Board says a fire in January aboard a large factory-freezer trawler started in the ship’s sauna as the vessel was catching and processing shrimp off the coast of Newfoundland. The independent agency, in…
Can a strata lot owner launch a subrogated water claim on behalf of its insurer?
November 11, 2020 by David GambrillWe’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently…
‘Surface water’ commercial coverage dispute could reach Supreme Court of Canada
November 11, 2020 by Greg MeckbachA $429,000 commercial property coverage dispute involving overflow from a body of water could reach Canada’s top court. The Supreme Court of Canada announced Nov. 6 that the Co-operators wants to appeal Le Treport Wedding & Convention Centre Ltd. v.…
Lessons for the industry from pandemic business interruption coverage disputes
November 10, 2020 by Greg MeckbachMassive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private…
One essential thing required for condo premium relief
November 10, 2020 by Adam MalikClients don’t always know the process when they have to report a condo insurance claim, and a number of property and casualty insurance professionals believe education of condo managers and boards is key to turning around the hard market in…
How long will the haul be for Canada and the pandemic?
November 9, 2020 by Adam MalikA second wave of the COVID-19 pandemic is gripping parts of Canada and it will likely be well into next year until we come out of it, an expert predicts. And the longer things drag on, the worse it bodes…
‘An insult to the families:’ Saskatchewan government wants out of Broncos lawsuit
November 6, 2020 by Bill Graveland, The Canadian PressREGINA — Lawyers for the Saskatchewan government are to be in a Regina courtroom Wednesday to ask a judge to remove the province from a lawsuit filed by families of victims of the deadly Humboldt Broncos bus crash. But lawyers…
Culture change needed to mitigate condo losses: Aviva exec
November 6, 2020 by Adam MalikAs capacity for condo insurance shrinks and premiums continue to mount, property managers and condo boards will find greater success with underwriters if they can show they are embedding responsibility for risk management and mitigating losses into their corporate culture,…