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New tropical storm warning for Atlantic Canada

September 7, 2021 by Greg Meckbach

Large waves could hit Canada’s Atlantic coast this Thursday as Hurricane Larry moves north, Environment Canada warns. UPDATE – What we know so far about Canadian Hurricane Larry claims On Tuesday morning, the Category 3 hurricane was causing winds of

News ClaimsInsurersPersonal AutoPersonal HomeSaskatchewan

This weather event resulted in 7,200 claims

September 7, 2021 by Jason Contant

An intense storm that swept through parts of Regina and elsewhere in Saskatchewan last week has resulted in more than 7,200 claims to date, the province’s government auto insurer said Tuesday. The Aug. 31-Sept. 1 storm brought golf ball-sized hail

News BrokersCommercialEmerging RisksInsurersTechnology

What is your unique competitive advantage?

September 3, 2021 by Jason Contant

Canada’s P&C broker and insurer channels aren’t going anywhere, but their ranks will thin and success will be determined through successful technological partnerships, the CEO of an online commercial brokerage suggested. “If you don’t bring something uniquely valuable to the

News ClaimsClaims Canada ArchiveCommercial AutoInsurersLoss ControlLoss TrendsPersonal AutoRisk Managers

When your commercial auto client smells a rat

September 2, 2021 by Greg Meckbach

Tall grass and vegetation are not good choices for areas to park or store construction equipment, trucks, recreational vehicles, campers, trailers or trucks. This is because rodents tend to like tall grass, Northbridge Insurance warns. “If buildings, vehicles, and equipment

News Business InterruptionClaimsCommercialInsurersLegalOperationsProperty

Ontario court certifies class-action against insurers related to COVID-19

September 1, 2021 by The Canadian Press

TORONTO – Ontario’s Superior Court of Justice has certified a class-action lawsuit against fourteen insurance companies that denied business interruption claims related to COVID-19. The class action, launched by several small businesses including a suit store, a smoothie shop and

jury
News ClaimsClaims Canada ArchiveInsurersLegalLoss ControlLoss TrendsOntarioPersonal Auto

Shhh! Don’t show this article to a jury in a vehicle accident lawsuit

August 31, 2021 by Greg Meckbach

An Ontario court has refused a plaintiff’s request to tell a jury about the statutory deductible, of nearly $40,000 for pain and suffering, in motor vehicle accident tort claims. “The jury is not asked to determine how much the plaintiff

News BrokersInsurersLicensingOperations

Would the Liberals hike the industry’s corporate income tax?

August 31, 2021 by Greg Meckbach

Brokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The

News ClaimsClaims Canada ArchiveInsurersLoss Trends

What industry-wide claims ratios were like for the first half of 2021

August 30, 2021 by Greg Meckbach

Canada’s federally-regulated property and casualty insurers collectively made an after-tax profit of $4.23 billion on direct written premiums of nearly $32 billion during the first half of 2021, recently-released regulatory data shows. Most major lines had claims ratios below 55%.

Economical demutualization
News InsurersLegal

New parent company for Economical following demutualization

August 30, 2021 by Jason Contant

Economical Mutual Insurance Company will have a new parent company once it demutualizes, the insurer announced Friday. Definity Financial Corporation, a newly creating entity incorporated under the Insurance Companies Act (Canada), will be the parent company of Economical Insurance, Family

News ClaimsClaims ProfessionalsClaims TechnologyInsurers

Post-pandemic mindshift needed in claims leadership: Desjardins execs

August 27, 2021 by Canadian Underwriter Staff

Claims leaders will need to evolve their mindsets if property & casualty insurers are to succeed in meeting customer demands post-COVID, senior Desjardins Insurance Group execs suggest. “Before the pandemic, we thought we were doing a good job, but we

winterization
News Insurers

Why brokers and lifestyle customers should already be thinking about winterization

August 26, 2021 by Canadian Underwriter

Even though summer is not yet over, customers with motorhomes, watercraft, trailers, and cottages should already start thinking about fall and winter. In recent years, more people have taken an interest in lifestyle products, notably the younger demographic, with many

News BrokersClaimsClaims Canada ArchiveCommercialCyberEmerging RisksInsurersLoss TrendsRisk ManagersTechnology

How Lloyd’s says your client could suffer reputational harm

August 25, 2021 by Greg Meckbach

Up to a quarter of the value of some of your commercial clients’ firms could be their own brand and reputation. This reputational value could degrade quickly if your client is perceived to have behaved badly, a Future of Insurance