Topic Claims
Where Aviva Canada CEO sees commercial and auto lines heading
March 2, 2022 by Jason ContantPressures on commercial insurance rates will continue for the near future, but there will still be opportunities to write new business, says Jason Storah, CEO of Aviva Canada. As for auto lines, it remains to be seen how driving levels…
What auto claims will look like in three years
March 1, 2022 by Alyssa DiSabatinoThe claims experience will become increasingly automated over the next three years, as many customers are handling their claims virtually – and this will impact insurance professionals’ daily work, a recent LexisNexis report predicts. LexisNexis Risk Solutions 2025 Claims…
Fort Mac bowling alley covered for water damage despite flood exclusion
March 1, 2022 by David GambrillA Fort McMurray, Alta., bowling alley is entitled to coverage for water damage sustained in the April 2020 flooding, despite its insurance policy containing a clear flood exclusion. The Alberta Court of Queen’s Bench found Intact included a coverage extension…
Winners and losers in preventing cyberattacks
February 28, 2022 by Jason ContantCanada’s financial services industry pushed back against cybercriminals last year, cutting in half the percentage of cyberattacks on the sector. The financial services industry (including insurance) has long been a top target for cybercriminals chasing high-reward payday. But that is…
Court sides with insurer in $2.5-million professional liability case
February 28, 2022 by David GambrillTwo creditor firms seeking to access insurance policy proceeds in a $2.5-million trust fund misappropriation case against a lawyer lost their bid to interpret the $500,000 sublimit as applying to each of their claims, instead of being an aggregate policy…
How inflation could prolong the hard market
February 25, 2022 by David GambrillInflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and…
B.C. climate change initiative needs to look further than recovery, expert says
February 25, 2022 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – A disaster expert who led recovery teams after the earthquake and tsunami in the Indian Ocean that killed more than 230,000 people says British Columbia’s climate response strategy must protect the province from future environmental events. The B.C.…
How to navigate travel insurance ahead of March break as pandemic restrictions ease
February 24, 2022 by Christopher Reynolds - THE CANADIAN PRESSMONTREAL – With the Omicron variant in retreat, Canadians looking to get away for spring break now have a more robust range of travel insurance options. The federal government announced last week it will roll back testing and quarantine restrictions…
Aon’s Bowen gives 2022 NatCat forecast
February 23, 2022 by Philip PoradoCanada’s seen US$54 billion in economic losses due to weather events since 2010, Steve Bowen, Aon global head of catastrophe insight, told CatIQ’s Feb. 10 webinar, Catastrophes: Past, Present and Innovative Paths Forward. “That’s roughly half of all losses over…
You must show more than pain to claim a non-earner benefit
February 23, 2022 by David GambrillIt’s a long-held proposition that auto insurance is supposed to restore an injured driver to their pre-accident state of health — but what if that state was one of chronic pain following 15 years of being injured in a prior…
B.C. budget includes $2.1B in disaster relief
February 23, 2022 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia has earmarked $2.1 billion to fund disaster recovery efforts and future response to the threats posed by wildfires, floods and heat waves in a budget that forecasts a $5.5-billion deficit. Finance Minister Selina Robinson said Tuesday…
Why cannabis companies are seeing lower D&O rates
February 22, 2022 by Jason ContantPricing for cannabis-related directors and officers (D&O) insurance is trending downward, but only relative to the rest of the market, said an insurance brokerage executive. “When cannabis was first legalized in Canada, you had a handful of carriers that [offered]…