Topic Loss Trends
Brokers: how to advise rideshare drivers on their deductibles
March 15, 2024 by Philip PoradoDrivers working for rideshare and delivery companies must be careful when setting deductibles on personal auto coverage. And they need to make sure their personal insurers know they’re doing rideshare work and carry the appropriate endorsements. A lot of drivers…
One emerging threat to your business clients’ supply chains
March 13, 2024 by Alyssa DiSabatinoGeopolitical conflict is wreaking havoc on your business clients’ supply chains, a new Marsh report finds. It’s required businesses to find better ways to mitigate or transfer specific risks before they develop into something of concern, according to Marsh…
Night once brought firefighting reprieve, but no longer, Canadian study shows
March 13, 2024 by Brenna Owen - The Canadian PressBRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire…
‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes
March 11, 2024 by Brenna Owen - The Canadian PressThe heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat. Wildfires and smoke that repeatedly contaminated grapes. A destructive cold snap…
How Aviva Canada is handling personal lines’ pressures
March 8, 2024 by Jason ContantAviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines. The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up…
How Aviva Canada fared in 2023
March 7, 2024 by Jason ContantAviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
Summit discusses a new national office on auto theft
February 29, 2024 by Alyssa DiSabatinoProperty and casualty insurance industry professionals and a car manufacturing industry representative are endorsing the idea of establishing a national auto theft office, an idea floated at Ottawa’s National Summit on Combatting Auto Theft earlier this month. “Criminals have really…
Why complex cars create costly problems
February 28, 2024 by Philip PoradoAn acute shortage of semiconductors is a big contributor to rising auto claims costs for auto insurers. “That’s had a significant impact in certain types of cars,” says Paul Gilbody, president of ClaimsPro Canada. “A huge amount of electronics now…
Why Co-operators posted an underwriting loss in 2023
February 26, 2024 by Alyssa DiSabatinoCo-operators General Insurance Company reported an annual underwriting loss of $184 million in 2023. This figure, which excludes discounting and risk adjustment, accounts for “a decline of $356.2 million from the underwriting gain of $171.3 million in the same period of 2022.” Discounted estimates…
Will bigger vehicles lead to bigger claims?
February 23, 2024 by Philip PoradoWith accident rates climbing, one growing area of concern is that vehicles are becoming much larger. For example, rapid changes in vehicle specs mean full-size SUVs from 1999 would today meet the gearhead moniker of ‘Cute Ute.’ With sport utility…
Federal government announces $15 million to combat car thefts across Canada
February 22, 2024 by The Canadian PressMONTREAL – The federal government is committing an additional $15 million over three years to fight the rise in vehicle thefts across the country. Minister of Public Safety Dominic LeBlanc made the announcement yesterday in Montreal. LeBlanc said $9 million…
Managing insurer concerns about knob-and-tube wiring
February 21, 2024 by Brian Cook, PowerCheckMost insurers see homes with knob-and-tube wiring, aluminum wiring, and 60-amp service as high-risk, which prevents clients with those systems from easily obtaining home insurance. But are wiring types and service levels really the culprits causing fires? I’ve examined electrical…