Topic Loss Control
Indigenous Services Canada failing First Nations in response to wildfires, floods: AG
November 15, 2022 by Stephanie Taylor - THE CANADIAN PRESSOTTAWA – The federal government still hasn’t provided First Nations with the support they need to respond to emergencies such as wildfires and floods despite warnings almost a decade ago, says a new report from Canada’s auditor general. Karen Hogan…
New claims-management service launches certificate program for insurers
November 11, 2022 by Alyssa DiSabatinoA new claims management program, which enables insurance companies to divert waste from landfills by recycling flooring and drywall during the claims and restoration process, has officially launched its certification program. The EcoClaim certificate program will enable insurers to…
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 by Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
B.C.’s ‘vulnerable’ Fraser Valley needs flood control plan, Senate committee warns
October 27, 2022 by The Canadian PressOTTAWA – The Senate Committee on Agriculture and Forestry is calling for a comprehensive flood control plan for British Columbia’s Fraser Valley following last year’s catastrophic floods. Last November, historic rainfall caused flooding of 15,000 hectares of land, affecting more…
Bank of Canada raises interest rate by half percentage point, says more hikes to come
October 26, 2022 by The Canadian PressOTTAWA – The Bank of Canada hiked its key interest rate by half of a percentage point Wednesday and said rates will need to rise further to clamp down on decades-high inflation. Since March, the central bank has raised its…
Canada’s hotter-than-expected inflation reading sets stage for another rate hike
October 19, 2022 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Canada’s latest reading on inflation came in hotter than expected as the cost of groceries continued to climb at the fastest pace in decades, setting the stage for another sizeable interest rate hike next week. In its latest…
What do downtime policies cover for truck owners?
October 17, 2022 by Kevin Thomas and Tony MilitelloBusinesses operating trucks can see their livelihoods impacted by unforeseen incidents like mechanical failures, accidents, fires or vehicle thefts. For properly insured businesses, these incidents may result in downtime claims. And those claims often require careful consideration of limitations — because…
How inflation is factoring into reinsurance results
October 17, 2022 by Jason ContantThe first half of 2022 saw robust premium growth and generally strong underwriting results for global reinsurers, but inflation remains a wild card, according to the latest Aon’s Reinsurance Aggregate (ARA) report series from one of the world’s largest brokerages.…
Small businesses bullish on future growth despite recession concerns: KPMG survey
October 17, 2022 by Jason ContantTORONTO – A new KPMG survey has found Canada’s small and medium-sized businesses are banking on strong growth in the next three years, even as a possible economic downturn remains top of mind in the near term. The survey of…
Manitoba not doing enough to protect information systems: auditor
October 14, 2022 by Steve Lambert - THE CANADIAN PRESSWINNIPEG – The Manitoba government needs to better protect its information systems from internal misuse and outside attacks, the provincial auditor general said Thursday. Tyson Shtykalo’s 21-page report focused on system administrators and other people with deep access to systems…
How new truckers can get a better ‘insurance experience’
October 13, 2022 by Philip PoradoTo reduce claims rates for Alberta-based trucking companies, and loss ratios for commercial trucking insurers, an Insurance Bureau of Canada (IBC) executive said training regimens aimed at improving the quality of drivers entering the sector needs to improve. At 120…
Condo association calls for changes to help corporations recoup losses
October 11, 2022 by Jason ContantQuebec’s association representing condo corporations is reiterating a call on the newly re-elected provincial government to amend the Civil Code of Quebec to allow condo corporations to better recover losses from co-owners. Currently, condo corporations (called syndicates in Quebec) are…