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Topic Loss Control

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How to detect insurance fraud before the tow truck turf wars start

March 26, 2021 by Jason Contant

Early 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

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Ontario budget highlights property flood risk

March 25, 2021 by Greg Meckbach

Insurers 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

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COVID’s impact on insurance fraud

March 25, 2021 by Jason Contant

Fraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday. For example, some body shops are charging drivers extra cleaning

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B.C. eases requirements, extends deadline for small business recovery grants

March 5, 2021 by The Canadian Press

VICTORIA – The B.C. government has eased the eligibility requirements and extended the deadline for small and medium-sized businesses applying for funds under its $345-million pandemic recovery grant program.   Businesses with up to 149 employees must now show a 30

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How much the second COVID wave will probably add to Intact’s claims costs

February 10, 2021 by Greg Meckbach

Intact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three

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What the P&C industry is telling Wall Street about cyber risk

February 9, 2021 by Greg Meckbach

Commercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks

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Business interruption insurer could be sued by this Canadian restaurant owner

February 9, 2021 by Greg Meckbach

An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19

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2020 NatCats underscore need for insurers to collaborate with public sector: Aon exec

February 4, 2021 by David Gambrill

Globally, the COVID-19 pandemic may not have affected insurers’ balance sheets in the same way that weather-related disasters did in 2020, but the industry is now much more aware of the impact of multiple catastrophe scenarios unfolding at once, an

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Cyber’s hard market separating insurer wheat from chaff

January 29, 2021 by Adam Malik

The global COVID-19 pandemic has distinguished between cyber insurers who are serious about offering coverage, and those who were just hoping to ride the gravy train while times were profitable, according to one industry analyst. Cyberattacks have skyrocketed, in part

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Six reasons why commercial prices will probably continue rising

January 25, 2021 by Greg Meckbach

Don’t expect a soft market for your commercial clients any time soon, executives with The Travelers Companies Inc. warn. Rates on renewal for business insurance were up 8.4% while rates in bond and specialty insurance increased by 12%, Travelers said

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What can go wrong when do-it-yourself clients try to replace home water heaters

January 19, 2021 by Greg Meckbach

Some homeowner clients could get in trouble if they try to replace water heaters themselves, by following do-it-yourself handyman advice they find somewhere on the Internet. Many home insurance policies specifically require that water heater installation be done by a

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How ‘take-home COVID’ can impact employers’ liability

January 13, 2021 by Greg Meckbach

COVID-19 can cause a commercial general liability claim if a commercial client is sued by the family member of a worker who has caught the disease at work and then infected family members, insurance law experts suggest. “Take-home COVID” is