Topic Claims
Removing crane downed in Halifax during Dorian cost $2 million: minister
November 28, 2019 by The Canadian PressHALIFAX – Nova Scotia’s transportation minister says the cost of removing a construction crane that toppled in downtown Halifax during post-tropical storm Dorian is at least $2-million. Lloyd Hines says the province is examining invoices from an engineering firm and…
How insurers view Quebec’s new tough-love drunk driving laws
November 27, 2019 by Jason ContantDrivers in Quebec who are found guilty of a second impaired driving offence will be required to drive vehicles equipped with an alcohol ignition interlock device for the rest of their lives, the province’s government-run accident benefit provider said Monday.…
Intact wins priority dispute over rental car coverage in standard auto policy
November 22, 2019 by Jason ContantOntario’s Court of Appeal has upheld a ruling in favour of Intact Insurance Company in a priority dispute over who is afforded coverage when operating a rental vehicle. In a decision released Thursday, the appeal court found that liability coverage…
How to accelerate your analytics journey in the IFRS 17 world
November 21, 2019 by Jason ContantAs the 2021 deadline for IFRS 17 implementation rapidly approaches, insurers would be well-advised to consider a data hub strategy to accelerate their journey to analytics, a speaker stressed last week at the Canadian Insurance Accountant Association’s Fall Technology Seminar.…
Ontario brewery loses $2.1 million in cyber attack
November 21, 2019 by The Canadian PressKITCHENER, Ont. – Waterloo Brewing Ltd. says it has lost $2.1 million in what it calls a social engineering cyberattack. The Ontario brewery says the incident occurred in early November and involved the impersonation of a creditor employee and fraudulent…
This is how much fire following an earthquake in Montreal could cost
November 19, 2019 by Jason ContantA severe earthquake in the Montreal area could cause between $10 billion and $30 billion in economic losses from fire damage, according to a new study from the Institute for Catastrophic Loss Reduction (ICLR). “This loss would be virtually fully…
Thousands displaced by this apartment fire won’t go home this year
November 18, 2019 by Greg MeckbachMore than 1,000 residents displaced by a major electrical fire in 2018 will not be moving back into their apartment building this year. A fire broke out Aug. 21, 2018 in the electrical room of 650 Parliament Street, a high-rise…
Who’s liable for what in this $2.2-million fuel oil spill
November 18, 2019 by Greg MeckbachAnother chapter in the sad story of a $2.2-million residential heating fuel oil spill, into a fresh-water lake, has been closed. The Supreme Court of Canada announced this past Thursday it will not hear an appeal from Thompson Fuels of…
Insurers’ medical examiner gets his day at Supreme Court of Canada
November 16, 2019 by Greg MeckbachThe Supreme Court of Canada is considering whether or not to send an insurance medical examiner’s libel case to trial, based on comments made by a personal injury lawyer about the examiner’s work in a closed forum that got leaked…
Why you might be having a hard time finding coverage in liability lines
November 14, 2019 by Greg MeckbachLiability loss inflation may be a new topic of discussion for securities analysts who watch the property and casualty sector, but for Canada’s largest insurer, it’s nothing particularly novel. “There is inflation,” Charles Brindamour, CEO of Intact Financial Corp., observed…
A new way to make insurance for high-risk homes in flood plains affordable
November 14, 2019 by Adam MalikAmphibious architecture could be the key to mitigating flood risk and making insurance affordable for those living and working in floodplains, according to one expert. The technology allows structures to float as water levels rise. Amphibious construction and retrofitting of…
Two-year window to dispute auto claim denial not a ‘hard limitation,’ court rules
November 13, 2019 by Greg MeckbachThe two-year time limit to take auto accident benefits disputes to Ontario’s Licence Appeal Tribunal (LAT) is not a “hard limitation” period, the province’s appeal court has ruled. In Tomec v. Economical Mutual Insurance Company, released Nov. 8, the Court…