Topic Insurers
Strata owner not liable for common-area water damage
December 14, 2021 by Greg MeckbachA strata corporation can’t recover $25,000 towards water damage repairs originating from a unit owner’s broken toilet water supply line, the British Columba civil resolution tribunal has ruled. On June 23, 2019, water leaked out of a strata lot. The…
Coming soon: 2022 Executive Outlook
December 14, 2021 by Canadian UnderwriterAs 2021 draws to a close, Canadian Underwriter looks ahead with its annual Executive Outlook for 2022. Our December 2021/January 2022 print issue included outlooks from eight property and casualty insurer executives and 10 brokerage executives. In total, we received…
Direct compensation for property damage coming to Alberta
December 13, 2021 by Canadian Underwriter StaffAmendments to Alberta’s Standard Auto Policy Form No. 1 will enable direct compensation for property damage (DCPD) for certain kinds of automobile property damage claims, starting January 1, 2022. The amendments were approved by Alberta’s Superintendent of Insurance. Sharon Stefanyk,…
Product recall insurance demand to rise in 2022, lawyers predict
December 10, 2021 by Canadian Underwriter StaffComplex global supply chains, inconsistent regulations across jurisdictions, adoption of automation and the COVID-19 pandemic, will lead to a rise in product recalls, two Borden Ladner and Gervais lawyers said in a recent blog. “We predict 2022 will see more…
B.C. flooding is the costliest severe weather event in province’s history
December 10, 2021 by Jason ContantIt’s official — the massive flooding in southern British Columbia is the costliest severe weather event in the province’s history. In a press release issued late Thursday by Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. (CatIQ) said…
Make sure wealthy clients properly insure objets d’art and memorabilia
December 9, 2021 by Brooke SmithAt a November Sotheby’s auction, a well-known U.S. CEO paid US$43.2 million for a first-edition printed copy of the U.S. Constitution. It’s the the kind of purchase that prompts savvy clients to speak with an insurance broker about specialty coverage.…
Here are the latest trends in insurance fraud
December 8, 2021 by Jason Contant“Re-vinning” of stolen vehicles — where thieves steal a vehicle, put what appears to be a legitimate vehicle identification number (VIN) on the front dash and then sell it to an unsuspecting customer — is increasing as a fraud trend,…
Bank of Canada keeps key interest rate target on hold at 0.25%
December 8, 2021 by Jordan Press - THE CANADIAN PRESSOTTAWA – Canada’s central bank has sent a warning that increases in the cost of living would continue into next year, but signalled it wasn’t yet prepared to pull its key lever to rein in inflation. The annual pace of inflation in…
Loan program helps Manitobans get better traction
December 7, 2021 by Canadian Underwriter StaffClients telling you they can’t afford winter tires? Manitoba Public Insurance (MPI) administers a loan program to help get drivers the cash, and the traction, they need. Loan terms last up to four years at prime plus 2% and up…
These socioeconomic factors are driving up property claims
December 7, 2021 by Greg MeckbachUrbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we…
Challenges remain as IFRS 17 implementation approaches
December 6, 2021 by Jason ContantProject management, system implementation, and accessing resources are the biggest challenges, as the start date of the new insurance accounting standard IFRS 17 nears, Chris Cornell, partner, audit, and national sector leader, insurance, with KPMG in Canada told Canadian Underwriter…
Institutional investors increasingly likely to divest on ESG grounds
December 6, 2021 by Canadian Underwriter StaffLike insurers, Canada’s institutional investors are examining how environmental, social and governance (ESG) factors weigh into their operational decisions. A new EY report on global institutional investors that includes Canada showed 74% are more likely to divest from companies with…