Topic Claims
Hub acquires two western Canadian hail insurance providers
March 13, 2023 by Jason ContantHub International Limited has acquired two western Canadian crop hail insurance companies within a two-week period. Hub announced on Mar. 4 it had acquired Leduc, Alta.-based AG Direct Hail Insurance Ltd. It acquired Regina-based Canadian Hail Agencies Inc. on Feb…
South B.C. highway passes see more snow, Avalanche Canada urges caution as storm hits
March 13, 2023 by The Canadian PressVANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15…
Is cyber coverage broken? And, can it be fixed?
March 10, 2023 by Jason ContantNot long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago…
Drivers fear fraud, but don’t take an elementary step to prevent it
March 10, 2023 by Alyssa DiSabatinoInsurance broker scams are among the primary ways drivers believe they could be susceptible to fraud, yet only 1 in 5 respondent auto policyholders took the time to check with the Financial Services Regulatory Authority of Ontario (FSRA) to ensure…
Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show
March 10, 2023 by David GambrillWhen it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s…
Cyberattack hits Canadian engineering giant with contracts for military bases, power plants
March 9, 2023 by Lee Berthiaume - THE CANADIAN PRESSOTTAWA – A Canadian engineering giant whose work involves critical military, power and transportation infrastructure across the country has been hit with a ransomware attack. Toronto-based Black & McDonald has so far refused to publicly comment on the cyberattack, while…
How four P&C insurers closed out 2022
March 8, 2023 by Alyssa DiSabatinoFour of Canada’s publicly-traded insurance companies — Intact Financial Corporation, Definity Financial Corporation, Fairfax Financial Holdings Limited, and Trisura Group — reported strong underwriting performance and “very good” combined ratios for the final quarter of 2022, DBRS Morningstar says in…
Aviva Canada now offers parametric solution for severe rain
March 8, 2023 by David GambrillAviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
N.W.T. says lack of notice on oilsands tailings spill goes against deal with Alberta
March 7, 2023 by Bob Weber - THE CANADIAN PRESSAlberta didn’t live up to the terms of a deal it has with the Northwest Territories to inform it about threats to its shared watershed after two major oilsands tailings spills, the territory’s environment minister said Friday. Shane Thompson said…
Major winter storm brings snow, thunder and lightning to parts of Ontario
March 6, 2023 by The Canadian PressTORONTO – A fierce winter storm has dumped heavy snow across southern Ontario, where strong winds, thunder and lightning were also reported. Environment Canada meteorologist Haizhen Sun says between 22 and 30 centimetres of snow fell on the Greater Toronto…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
How this tech is speeding up the property restoration claims process
March 2, 2023 by Alyssa DiSabatinoOne B.C-based startup is mobilizing the often tedious property restoration management process for adjusters and contractors through a smartphone app. RocketPlan founder and CEO Joe Tolzmann experienced the inefficiency of the restoration claims process first-hand during his time in the…