Topic Claims
CU Poll: Ontario’s DCPD auto reform widely viewed as a flop
February 16, 2024 by David GambrillOntario’s property and casualty insurance professionals have widely panned the provincial government’s latest move to make mandatory Direct Collision Physical Damage (DCPD) coverage optional to reduce premiums. Canadian Underwriter conducted an online poll with more than 400 P&C professionals nationwide…
Inadequate security led to breach that compromised Canadians’ info: watchdog
February 16, 2024 by Jim Bronskill – The Canadian PressOTTAWA – Government departments lacked adequate protections to fend off a “sophisticated and co-ordinated” cyberattack that compromised the sensitive information of tens of thousands of Canadians, the federal privacy watchdog has found. In a report tabled Thursday, privacy commissioner Philippe…
Blizzard-like conditions expected in Newfoundland
February 15, 2024 by The Canadian PressSchools in Newfoundland’s capital are closed today, due to the threat of inclement winter weather. The head office for NLSchools in St. John’s will be open, but officials say not until 11:00 a.m. local time. This week’s hazardous winter conditions…
Cats scratch Intact’s bottom line in 2023
February 14, 2024 by Alyssa DiSabatinoIntact Financial Corporation (IFC) has reported elevated catastrophe losses in 2023, raising its combined operating ratio (COR) by 4.3 points since 2022. “The past year has been challenging for society, particularly in the face of numerous natural disasters,” said Charles…
Toronto cyberattacks show public bodies need to boost security, experts say
February 14, 2024 by Maan Alhmidi – The Canadian PressAs the Toronto Public Library gradually works to restore full service following a crippling October cyberattack, experts are warning that public organizations need to find ways to bolster their ransomware defences, despite having limited resources. A few months after the…
Are your clients adding water endorsements to home policies?
February 14, 2024 by Jason ContantAn increasing number of your clients are expressing interest in water endorsements on home insurance policies, according to data from rate aggregator Rates.ca’s home insurance quoter. The rate comparison website found 36% of all home insurance quotes on the tool…
Expect more total losses with electric vehicles: report
February 13, 2024 by David GambrillCanadian auto insurers can expect to write off electric vehicles (EVs) rather than try to repair their expensive, damaged batteries, says a report by Morningstar DBRS. “The most expensive component of an EV is the battery, often embedded in the…
The post-pandemic broker E&O trend, and how to prevent it
February 13, 2024 by Alyssa DiSabatinoMany clients’ commercial property limits aren’t being adjusted for inflation, and that’s unduly exposing brokers to errors and omissions (E&O) claims, one commercial litigation lawyer observed. Inflationary increases are typically applied to all building values upon renewal. The problem is,…
Lax e-scooter insurance spells trouble for Canadian municipalities
February 12, 2024 by Philip PoradoBased on what’s taking place in other jurisdictions, lawsuits over accidents involving e-scooters will likely rise in Canada – particularly in Alberta, British Columbia and Ontario, where some municipalities permit their use on public streets, park trails, or sidewalks. Municipalities…
Regulator calls out Trans Mountain for ‘environmental non-compliance’ in B.C.
February 12, 2024 by The Canadian PressCALGARY – The company building the Trans Mountain pipeline expansion has been cited for environmental non-compliance related to its management of recent flooding in B.C. The Canada Energy Regulator said Thursday its inspection officers found issues near Abbotsford, B.C., where…
National auto theft summit comes and goes: what comes next?
February 9, 2024 by David GambrillThe National Summit on Combatting Auto Theft ended in Ottawa yesterday with a commitment to develop a detailed plan to be released in “winter.” The Government of Canada convened the meeting between government officials of all levels, industry leaders —…
What high interest rates mean when clients’ cars get totalled
February 9, 2024 by Philip PoradoOngoing economic problems — including rising prices, high interest rates and stagnant wages — are creating problems for some insureds whose cars get totalled. The situation’s most acute for clients who experienced financial problems during the pandemic and bought used…