As you might expect, roadways and especially intersections are the most common places for accidents involving e-scooters that lead to claims and lawsuits. “It’s difficult when a motor vehicle [is] following the rules of the road and, all of a…
Managing third-party risk and conducting thorough background checks are among several regulatory guidelines for banks and insurers looking to protect themselves against ‘foreign interference,’ as outlined in the Integrity and Security Guideline released by Canada’s solvency regulator last week. The…
Two climate scientists are questioning whether the open-endedness of Category 5 hurricanes is sufficient to communicate the risk of hurricane property damage in a warming climate. Michael Wehner of Lawrence Berkeley National Laboratory (Berkeley Lab) and James Kossin of First…
EDMONTON – Alberta’s fire chiefs are “urgently” asking the provincial government to explain how it’s getting ready for the upcoming wildfire season and to release its preparedness strategy. “There is a growing concern among fire chiefs across the province of…
Although the industry is trying to pump the brakes on auto theft across Canada, the national crisis is bound to get worse before it gets better, industry sources predict. It means higher premiums for consumers who are already feeling…
Canada’s federal government has answered the call by the nation’s auto insurers to promote a whole-of-society solution to a mounting auto theft crisis. A National Summit on Combatting Auto Theft will take place in Ottawa on Feb. 8, 2024, Public…
Canada’s P&C insurance industry “dodged a bullet” when the courts didn’t automatically read pandemic coverage into business interruption losses, an insurance executive said at the Insurance Institute of Canada’s Industry Trends & Predictions 2024 webinar yesterday. Phil Cook, chairman of…
Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and…
MONTREAL – Canadian shippers are starting to feel the strain of attacks on cargo vessels in the Red Sea, as container rates rise and boats are late to arrive. Port data shows that two-thirds of the 43 ships slated to…
For all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). That’s nearly 10% of all insured losses across…
Insurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter. The…
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…