Topic Insurers
Can higher lodging costs cut restoration losses?
January 12, 2024 by Philip PoradoInsurers 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%…
Is sports liability case headed to Canada’s top court?
January 11, 2024 by David GambrillA “dangerous” sporting play causing injury to another player — even if the move was permitted within the rules of play — can give rise to sports negligence liability, the B.C. Court of Appeal has affirmed. The decision points to…
What the industry learned from a 20-year-old wildfire
January 11, 2024 by Jason ContantThe devastation of British Columbia’s Okanagan Mountain Park wildfire in 2003 was unlike anything Janna Smart had adjusted before. “It was full of raw emotion, chaos, destruction, and limited experience in handling a wildfire in a densely populated area. It…
Return-to-office and flexibility: can they coexist?
January 11, 2024 by Alyssa DiSabatinoP&C leaders may be able to bring staff back into the office without sacrificing the flexibility their employees want. In fact, the key to getting ‘return to office’ right is an organization’s ability to draw workers back to their desks,…
What’s at risk if the national flood insurance program stalls
January 10, 2024 by Alyssa DiSabatinoInsurers 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…
How a client’s address change came back to bite his auto insurer
January 9, 2024 by David GambrillIf an auto insurer wants to prove an insured “intentionally” failed to inform it of a move, the insurer should be prepared to provide detailed logs, transcripts or recordings of the conversations the claimant had with the broker, Ontario’s Licence…
What private equity clients can expect in 2024
January 8, 2024 by Alyssa DiSabatinoPrivate equity deal volume is expected to rebound in 2024 after slowing last year, and that means your PE clients can expect to see their insurance rates — particularly for liability and indemnity (D&O and R&W) — decrease or flatten…
Regulator seeks industry feedback on AI, quantum computing
January 5, 2024 by Jason ContantCanada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer…
How can you be a better leader? Forget about work after quitting time
January 5, 2024 by David GambrillEmployees deem leaders who psychologically detach from work when they aren’t in the workplace as more powerful and engaged in the office, new research shows. “We found that when leaders psychologically detached from work when at home – they did…
Notifying insurer of accident is not the same as making an AB claim: court
January 4, 2024 by Alyssa DiSabatinoIntact Insurance Company won a decision against an insured who notified the insurer of an accident within seven days of his accident, but didn’t apply for accident benefits until almost two years later. In Jakupovic v Intact Insurance Company, an Ontario…
Should insurers help customers build back better…or not at all?
January 4, 2024 by Philip PoradoIncreased 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…
Why broker commissions are going down
January 3, 2024 by David GambrillBroker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal…