Construction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent…
In 30 years of working in construction, Josh Towsley says this is a first, after Metro Vancouver saw its fourth crane accident since the start of the year. “I’ve been involved in construction since I was 19 years old ……
The Co-operators has entered the home services line of business with the acquisition of the parent company of home inspection firm Carson Dunlop & Associates Ltd. Co-operators Financial Services Limited, a wholly-owned subsidiary of The Co-operators Group Limited, announced the…
Many 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,…
CALGARY – 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…
For the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live? Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire…
A shortage of tradespeople isn’t making it easy for the restoration industry to recover from extended repair cycle times during the pandemic. While cycle times are starting to improve, frequent NatCats and a lack of qualified talent are stretching capacity…
Insurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%…
Increased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
Bernard McNulty, Chief Agent, Canada, Allianz Commercial Many challenges our industry faced in 2023 will continue to be headwinds in 2024. These include climate change/natural catastrophes, cybercrime and inflation. The industry’s talent shortage will also continue to be a challenge in 2024.…
With natural disasters on the rise, restoration firms are responding to the growing need through expansions and acquisitions, according to recent announcements. Intact subsidiary On Side Restoration has acquired Superior Disaster Services Ltd., in a deal that closed Dec.…
Real estate pundits, including panellists at a Columbia University School of Business discussion early this year, are sounding the alarm about North America’s downtown cores. They’re predicting employees will shun return-to-office mandates, sparking tenancy death spirals for commercial lessors that…