Topic Loss Control
What brokers need to discuss with hospitality clients
February 16, 2024 by Philip PoradoHospitality providers are gradually emerging from a pandemic-era slump that nearly scuppered the industry in 2020 and 2021. The new normal, though, means restaurateurs, venue owners and other businesses likely need to review their insurance coverages and consider some very specific…
Should the industry incentivize wildfire mitigation?
February 8, 2024 by Alyssa DiSabatinoFor the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live? Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire…
What needs to happen for a smooth 2025 reinsurance renewal season
February 7, 2024 by Alyssa DiSabatinoMomentum from this year’s favourable reinsurance renewal can continue into 2025 if outlying conditions and losses don’t exceed expectations, panellists said during Cat IQ Connect in Toronto. Although it’s too early to make assertions about how the next 1.1 renewal…
Insurers bring Cat claims in-house: How independent adjusters adapt
February 7, 2024 by Jason ContantSome major Canadian P&C insurers are bringing claims processes in-house, arguing it results in a better customer experience, cost efficiencies and consistent claims-handling. But that doesn’t mean the end is near for independent adjusters (IAs). They see a bright future…
How one brokerage is making good risks out of its urban taxi clients
January 31, 2024 by Alyssa DiSabatinoWith its taxi clients left in the lurch from insurer market withdrawals, one regional brokerage ventured to improve taxi fleet safety. After conducting research and leveraging data, CMB Insurance Brokers developed a loss program using telematics to ensure its clients…
Why systemic cyber remains an industry risk
January 30, 2024 by Jason ContantEditor’s Note: An earlier version of this article said that CFC established the cyber monitoring centre when in fact they were the driving force behind its establishment. As well, the article implied that the centre has a link to insurance…
Regulator revokes healthcare provider licence for insurance fraud
January 29, 2024 by Jason ContantOntario’s financial services regulator has revoked the healthcare service provider licence of a Markham clinic and imposed administrative penalties against the clinic and two individuals in connection with fraudulent billing practices. The Financial Services Regulatory Authority of Ontario (FSRA) revoked…
Roof collapses feared if freezing rain follows heavy snowfall
January 16, 2024 by David GambrillFearing a wave of roof collapses could occur in the short term, Toitures Hogue, a large Quebec roofer, is urging owners of commercial, industrial and/or institutional buildings to be cautious and proactive in advance of a freezing rain forecast over…
How brokerage mergers could create tax benefits
January 15, 2024 by Philip PoradoTax filing season is on the horizon, which means it’s time for Canadian brokerages and insurance companies to consider how they’ll treat GST, HST or QST payments, Yakoob Vayani, a partner at KPMG in Canada in Indirect Tax, Advisory, told…
Can higher lodging costs cut restoration losses?
January 12, 2024 by Philip PoradoInsurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%…
What the industry learned from a 20-year-old wildfire
January 11, 2024 by Jason ContantThe devastation of British Columbia’s Okanagan Mountain Park wildfire in 2003 was unlike anything Janna Smart had adjusted before. “It was full of raw emotion, chaos, destruction, and limited experience in handling a wildfire in a densely populated area. It…
What’s at risk if the national flood insurance program stalls
January 10, 2024 by Alyssa DiSabatinoInsurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter. The…