Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found…
Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…
Canadian courts are starting to get tough on potentially vexatious claimants, including insurance claimants, as seen in a Jan. 7 decision by the Court of Queen’s Bench in Alberta. In Sun v. Allwest Insurance Services, the Alberta court referred to…
Alberta could become Canada’s answer to Barbados, with the passage of a new law allowing captive insurance companies in the province. Bill 76, which received royal assent, will make Alberta the second Canadian province where captive insurance companies can domicile.…
Manitoba Public Insurance (MPI) is issuing its third COVID-19 auto insurance rebate in less than two years. The latest rebate totalling $312 million equals about $328 on an average private passenger policy, MPI said in a press release Dec. 30,…
Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs.…
Canadian insured losses topped $2 billion for the second year in a row, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses,…
Insurers need to consider the hybrid workforce and employees using personal devices when reviewing a cyber risk, a managing general agent says. “Multi-factor authentication is critical as… employees access work email and networks remotely, sometimes even through a web application…
Several excess insurers have lost their bid to have a lawsuit take place in New York instead of Ontario in a mining insurance case brought before the Ontario Superior Court of Justice. Nine of 22 excess insurers argued that the…
A home insurer has been cleared of any liability after a hearing aid supplier produced a different brand of ear phones than had been cited in the initial insurance quote, B.C.’s civil resolution tribunal has found. The small claims court…
A phony kidnapping and a driver who was travelling nearly three times the speed he reported to investigators were among Manitoba Public Insurance (MPI)’s Top 5 auto fraud cases of 2021. Last year, MPI’s Special Investigation Unit (SIU) closed nearly…
Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those…