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Topic Claims

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The importance of tailoring electronic claims payments during COVID-19

September 16, 2020 by Jason Contant

Insurers should be tailoring their claims payment options to the type of claim a policyholder has, a U.S. payment provider said during a recent webinar. “If it’s a disaster, [a policyholder] may need money immediately to go get a hotel

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Aon exec discusses industry ‘sins’ and puts COVID claims into perspective

September 16, 2020 by Adam Malik

Riding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19

News B.C.ClaimsProperty

B.C. amends law in effort to address high condo and townhouse insurance premiums

September 16, 2020 by The Canadian Press

VICTORIA – The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums that have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will

News Business InterruptionClaimsCommercialEmerging RisksInsurersLegalLiabilityLoss Trends

P&C industry braces for a ‘second wave’ of COVID liability

September 15, 2020 by David Gambrill

There is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers

News Business InterruptionClaimsCommercialEmerging RisksInsurersLiabilityLoss TrendsProperty

Aon’s take on the state of the Canadian P&C insurance market

September 15, 2020 by Jason Contant

The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous

News B.C.ClaimsClaims Canada ArchiveCommercialCyberLegalTechnology

Appeal judge: Is the lack of a privacy-breach tort in this province ‘anachronistic’?

September 14, 2020 by Greg Meckbach

British Columbia’s courts need to take a close look at the question of whether the province has a tort for breach of privacy, an appeal court judge suggested in a recent decision arising from a data breach at a Vancouver-based

News BrokersClaimsCommercialInsurers

Why water damage claims cost the industry more each year than severe weather claims

September 14, 2020 by Adam Malik

Water is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes

News B.C.Claims

Flames rip through waterfront park in New Westminster, B.C.

September 14, 2020 by The Canadian Press

NEW WESTMINSTER, B.C. – A waterfront park along the Fraser River in New Westminster, B.C., has been extensively damaged by a major fire. New Westminster Mayor Jonathan Cote called the situation at Pier Park “devastating” in a social media message

News BrokersClaimsClaims Canada ArchiveClaims ProfessionalsCommercialHRInsurersLegalLiabilityLoss ControlLoss TrendsRisk ManagersTrusted Advisor

What’s driving D&O rate increases for privately-held firms

September 11, 2020 by Greg Meckbach

Lawsuits from employees alleging harassment or discrimination is one reason for significant price increases in directors’ and officers’ liability rates. In Canada, commercial brokerage Gallagher is seeing an uptick in age and gender discrimination claims and workplace harassment claims under

News ClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss ControlLoss TrendsPersonal Auto

How bad Canada’s auto loss ratios are getting

September 11, 2020 by Greg Meckbach

The Canadian industry’s loss ratio in auto liability has deteriorated for the fourth year in a row, A.M. Best Company Inc. has reported. Meanwhile, the loss ratio in “auto personal accident” deteriorated nearly 10 points. It increased from 70.4% in

News ClaimsManitoba

Province offers money for areas hit by spring and summer flooding

September 11, 2020 by The Canadian Press

WINNIPEG – The Manitoba government says it will be offering Disaster Financial Assistance to three areas hit by flooding in the spring and summer.   Infrastructure Minister Ron Schuler says eligible costs from high water during spring flooding along the

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How much these four Alberta cats cost insurers in 2020

September 10, 2020 by Greg Meckbach

Four Alberta catastrophes this year have cost insurers a grand total of about $2 billion, the Insurance Bureau of Canada confirmed this week. A hailstorm June 13, affecting mainly northeast Calgary, topped the list as it caused about $1.2 billion