Topic Insurers
Will Ontario’s new law result in a flurry of snow removal capacity?
December 9, 2020 by David GambrillOn the day before heavy, wet snow and slush graced the streets of southern Ontario, the provincial government passed a law Tuesday that brokers believe will make it easier for them to find insurance coverage for snow removal contractors. The…
The diversity and inclusion statement that hit home for Intact’s management team
December 9, 2020 by Jason ContantIntact Financial Corporation was holding focus groups on diversity and inclusion a few months ago, when a young manager of colour shared her experience with the insurer’s senior management. “She gave an example to us, which struck most of the…
What underwriters can do to help brokers during a hard market
December 9, 2020 by Adam MalikThey say timing is everything, and that is particularly true of brokers working with underwriters. The earlier underwriters can tell brokers about the market challenges they are facing, what they deem to be an important part of a submission, and…
What four home insurers told the auditor general about illegal electrical work
December 8, 2020 by Greg MeckbachSome Ontario homeowners could collect insurance money on property claims even if the damage was caused by illegal electrical work, the auditor general suggests in her report released Monday. Staff with the province’s Office of the Auditor General contacted four…
IBC reveals the latest trends in auto theft
December 8, 2020 by Jason ContantElectronic auto theft, high-end vehicles stolen for shipment overseas, and street racing are three emerging trends coming out of Insurance Bureau of Canada’s (IBC) list of Top 10 stolen vehicles in 2020. Electronic auto theft is on the rise across…
This customized vehicle replacement coverage is headed for the junk yard
December 8, 2020 by Greg MeckbachThis is no April Fool’s joke. TD Insurance Group plans to stop offering its non-standard five-year vehicle replacement coverage in Nova Scotia as of Apr. 1, 2021. In 2019, the Nova Scotia Utility Review Board approved TD’s application to offer…
How a South African court applied the U.K. test case in a B.I. dispute
December 8, 2020 by David GambrillSouth Africa’s Western Cape High Court has ordered an insurer to pay a retailer of luxury travel goods up to a maximum of six months’ worth of business interruption coverage (about Cdn$1.5 million), following a dispute over losses arising from…
Fort McMurray residents still cleaning, considering options after spring flooding
December 8, 2020 by The Canadian PressFORT MCMURRAY, Alta. – More than seven months ago, Cora Dion and her husband fled Fort McMurray for the second time in four years as a spring flood threatened their home in northern Alberta. They returned to a soggy mess…
How Ottawa is trying to lower earthquake related property losses
December 7, 2020 by Greg MeckbachNatural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,…
Editorial: Regulators, leave subscription policies alone
December 7, 2020 by David GambrillWhen it comes to regulating “Best Terms Pricing” in Canada, Canadians, politicians and insurance regulators be forewarned: Be careful what you wish for. Banning the practice in a hard commercial lines market could wind up making things worse for consumers,…
Wildfire damage is not like a Godzilla attack. Why that matters to Cat modellers
December 7, 2020 by Greg MeckbachA client’s structure can remain standing after a wildfire, even when other buildings in the same neighbourhood burn down, because dozens of factors affect a property’s risk, experts said Thursday during a webinar. “The interesting thing about wildfire is [that]…
Mother Nature’s wrath
December 7, 2020 by Derek ClouthierAlberta continues to endure the most expensive insured weather events in Canada. What’s happening and what can be done about it?