Topic Loss Control
Why IBAC foresees a national flood insurance program
April 28, 2021 by Greg MeckbachThe recently-released federal budget gives brokers reason to be optimistic that Canada will eventually have a national flood insurance program for homeowners, the head of the Insurance Brokers Association of Canada suggests. “The commitment from the federal government is clear…
What courts say about vacancy exclusion when elderly homeowner client moves to a care home
April 27, 2021 by Greg MeckbachAn elderly homeowner’s health takes a turn for the worse, necessitating a move into a care home. The client still owns her original home, which suffers water damage. The insurer denies the claim on the grounds that the property is…
Insurers seek federal grants for homeowners to improve basement flood protection
April 21, 2021 by Greg MeckbachThe industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide…
How the feds’ budget benefits the P&C industry
April 20, 2021 by Greg MeckbachInsurers are hoping it will be easier for homeowners to borrow money to raise their structures in areas at risk of flood or to replace roofs in wildfire-prone regions as a result of the federal budget announced Monday. In her…
Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s
April 7, 2021 by Greg MeckbachThe pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of…
Brokers: pay attention to these insurance fraud ‘red flags’
April 7, 2021 by Jason ContantIf your client is trying to rush the insurance buying process or is not concerned about price, that’s often a red flag that the transaction is fraudulent, RSA told Canadian Underwriter recently. “We know the majority of customers aren’t looking…
Review hears closing arguments into proposed reservoir to protect Calgary from floods
April 7, 2021 by Colette Derworiz - THE CANADIAN PRESSEDMONTON – A lawyer for Alberta Transportation says there’s a serious and urgent need for a proposed reservoir that could protect Calgary from future flooding. Ron Kruhlak made the comment during his closing argument Tuesday before the Natural Resources Conservation…
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
B.C. applying for stay in court ruling on auto injury claims: Attorney General
April 6, 2021 by The Canadian PressVICTORIA – British Columbia is applying for a partial stay in a recent B.C. Supreme Court ruling about jurisdiction over motor vehicle injury disputes, pending its appeal of the same decision, Attorney General David Eby said this week. The March…
Why Intact says an upward correction in auto rates could be imminent
April 1, 2021 by Greg MeckbachMotorists could be hit with more premium increases once driving levels return to pre-pandemic levels, Intact Financial Corp. CEO Charles Brindamour suggests. During the early part of 2020, Canada’s auto insurers had a collective combined ratio in auto more than…
How to detect insurance fraud before the tow truck turf wars start
March 26, 2021 by Jason ContantEarly identification of potential insurance fraud schemes through automation can help prevent scenarios like the towing turf wars in Ontario from spiralling out of control, the CEO and co-founder of FRISS said Wednesday. “I think it is crucial for the…
Ontario budget highlights property flood risk
March 25, 2021 by Greg MeckbachInsurers are applauding the Ontario government for its commitment to improve flood mapping and to provide more money for municipal water infrastructure, measures that the industry hopes will reduce the risk of water damage to insured properties. In a press…