While fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
Canada is not ready to insure even partially automated vehicles (AVs), but the move towards fully-automated vehicles could be here by as early as 2026, warn lawyers at Borden Ladner Gervais LLP. Provincial legislatures will therefore need to update their…
No matter how much a driver might fume about the slow driver ahead, the driver behind him is still responsible for maintaining a safe distance to avoid a collision — even if the slow driver tries to block the driver…
The Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to…
Insurers would be well-advised to have experts and claim-handling protocols on hand to identify unique claim situations such as the two sulphuric acid spills in Trail, B.C. several years ago, two forensic engineers say. On Apr. 10 and May 23,…
Allstate Insurance Company of Canada has announced London Bradley is its new president and CEO. Bradley assumed the role of president and CEO of Allstate Canada, Pembridge Insurance Company, Pafco Insurance Company and Ivantage Insurance Brokers Inc. (collectively ACG), effective…
The Long Weekend derecho storm in Ontario and Quebec, which spawned a tornado in Uxbridge, Ont., and resulted in over 1,000 kilometers of damage, is “very difficult” to credit as a climate change event, even though the industry is seeing…
The Ontario NDP’s proposal to lower auto insurance rates by 40% may be a little high, but a 25% to 30% cut in total premiums is possible, says financial management consultant David Marshall. In its platform released before the upcoming…
Commercial lines premiums at Aviva Canada grew by 17% in 2022 Q1 (13% at constant currency), according to the company’s quarterly financial results. “Sixty per cent of the growth overall [in commercial lines] is coming from rate and about 40%…
Valuation models in software systems used by insurers to calculate replacement and restoration costs for commercial structures must be checked more often when inflation’s running high. That’s because costs for labour, lumber, drywall, concrete and other construction materials can jump…
Penny McCune will become the first woman to serve as president and CEO of Saskatchewan Government Insurance (SGI), effective June 1. She succeeds former president and CEO Andrew Cartmell, who retired on April 4, 2022, after a 12-year tenure…
Ontario’s Court for Appeal has given an “absolute discharge” to a tow truck driver who pleaded guilty to fraud under $5,000 – and served a six-month conditional sentence – for his role in a staged collision that cost two insurers…