Topic Loss Control
Will 4th wave, mandatory vaccines spur more insurers to re-imagine the workplace?
August 16, 2021 by Canadian Underwriter StaffWith COVID-19 cases rising across Canada and several large employers — including the federal government — announcing they’ll require workers to be vaccinated, insurers and brokers may begin rethinking their return-to-office plans. Not long before the fourth wave hit, some…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
Hundreds of properties evacuated as wind prompts growth in B.C. wildfires
August 16, 2021 by Hina Alam - THE CANADIAN PRESSHigh winds intensified numerous wildfires burning in British Columbia, forcing more evacuation orders for residents in hundreds of homes late Sunday, says the BC Wildfire Service. Some of the largest and most dangerous fires are burning in the southern Interior…
How the Supreme Court of Canada has clarified statutes of limitations on lawsuits
August 13, 2021 by Greg MeckbachA Supreme Court of Canada ruling against the New Brunswick provincial government means it is now easier in some cases for defendants across Canada to argue lawsuits against them should be thrown out of court because they are time-barred, a…
4 causes of social inflation and why it’s costing your clients more
August 10, 2021 by Greg MeckbachSocial inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert…
North American markets continue to rise despite mounting COVID-19 case numbers
August 4, 2021 by Salmaan Farooqui - THE CANADIAN PRESSTORONTO – North American markets moved up on the first day of August trading in Canada, even as concerns mount around rising COVID-19 case counts in the U.S. Scott Guitard, senior vice-president and portfolio manager at Fiduciary Trust Canada, said…
Home insurance rates dropping but no reprieve for condo owners
July 28, 2021 by Jason ContantPersonal property premiums were a mixed bag in the first quarter of 2021, with insurance for condo owners continuing to rise, but home insurance rates trending down, according to a new report from LowestRates.ca released Tuesday. Year-over-year, home insurance premiums…
Severe drought expected to cost Alberta $1 billion in insurance payouts
July 23, 2021 by Jason ContantCrop insurance payouts in Alberta will likely reach about $1 billion later this year due to hot, dry weather that is contributing to severe drought conditions, Alberta’s Minister of Agriculture and Forestry said Thursday. “This year’s crop insurance claims will…
Why your clients should do an inspection before buying a home
July 21, 2021 by Greg MeckbachA couple who discovered a leaking bathtub after moving into their new home cannot get compensation from the sellers. A “reasonable inspection” would have revealed a water problem before Tyler and Keva Luscombe bought their home in 2020, the British…
Why your clients may not have the high ground on overland flood risk
July 19, 2021 by Greg MeckbachMany homeowners opt not to buy overland flood coverage and this could leave them uninsured in the event of a severe rain storm. “Overland flooding is any water that comes into your house through the windows or door or anything…
New industry anti-fraud group gets its first CEO
July 19, 2021 by Greg MeckbachTerri O’Brien, a former vice president at TD Bank, is now CEO of Équité Association, the anti-fraud organization announced Monday. Équité Association is a new organization that integrates Canadian National Insurance Crime Services (CANATICS) and the IBC’s investigative services division.…
Regulator orders risk reduction measures for B.C. railways following Lytton fire
July 13, 2021 by Jason ContantFollowing record heat and a wildfire that burned down about 90% of the village of Lytton, B.C., Canada’s transportation regulator has ordered fire monitoring, suppression, and risk reduction measures for railways to protect against wildfire “in the context of extreme…