Topic Insurers
How the industry is addressing service level challenges
June 20, 2022 by Alyssa DiSabatinoConsumer behaviour, supply chain issues and staffing shortages are among the reasons why service levels have been challenged in recent months, but revamping outdated technology and insourcing claims may help ease the backlog, say industry executives. Processing claims in-house helps…
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…
Quebec court approves $200.9M settlement against Desjardins over data breach
June 20, 2022 by The Canadian PressMONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say…
What Millennials and Gen Z want when they buy insurance
June 17, 2022 by Alyssa DiSabatinoYounger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be…
Sewer back-up or overland flood? Is a sun deck “within” a dwelling?
June 17, 2022 by David GambrillA sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual…
How auto theft can affect your clients’ premiums
June 16, 2022 by Alyssa DiSabatinoAlthough making a car theft claim won’t yield higher premiums, repeated claims may make it difficult for an insured to hold onto their theft coverage, says one insurance expert. Not all auto insurance policies cover car theft, Matt Hands, director of insurance…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 by The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
What the derecho in May cost P&C insurers
June 16, 2022 by David GambrillCentral Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest natural catastrophe loss in Canadian history. “Damage in Ontario is estimated to be over $720 million, while the storm caused an estimated $155…
How do you insure artificial intelligence?
June 15, 2022 by Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
The latest insolvency risk: climate change
June 15, 2022 by Jason ContantA single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”…
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…
How your large business clients can manage cyber risks they can’t see
June 14, 2022 by David GambrillIn the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…