Topic Loss Trends
These socioeconomic factors are driving up property claims
December 7, 2021 by Greg MeckbachUrbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we…
Claims adjusters react to B.C. flooding
December 6, 2021 by Greg MeckbachIt’s too early to tell how much the recent “atmospheric river” in British Columbia will cost the industry, but independent adjusters are observing widespread damage. Environment Canada lifted weather alerts for British Columbia on Thursday as storm conditions eased, floodwaters…
CN looks to reopen tracks in southern B.C. this weekend after second network shutdown
December 3, 2021 by THE CANADIAN PRESSMONTREAL – Canadian National Railway Co. says it aims to reopen its network in southern British Columbia this weekend after another bout of rain and wind prompted a second shutdown. CN said Friday that engineers and construction crews continue to…
Saskatchewan spotlights steep distracted-driving fines
December 2, 2021 by Canadian Underwriter StaffFive hundred and eighty dollars. And … four demerit points. That’s how much a first offence for using a cell phone while behind the wheel will cost a Saskatchewan driver, Saskatchewan Government Insurance (SGI) said as part of an October…
Can we blame climate change for B.C. ‘atmospheric river?’
December 2, 2021 by Greg MeckbachWe can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air…
More flood warnings, watches issued in B.C. as province braces for third rainstorm
November 29, 2021 by THE CANADIAN PRESSVANCOUVER – Flood warnings are posted for a section of British Columbia’s southern Interior and flood watches or high water advisories cover large parts of the province, as it deals with the consequences of a second major rainstorm in as…
Canada’s insurers could face higher costs from distracted driving
November 26, 2021 by Canadian Underwriter StaffCosts to Canadian insurance companies from accidents and injuries caused by distracted driving could reach $159 million by 2030, according to an analysis from financial products comparison site Hellosafe.ca. The analysis explored two scenarios, an optimistic 2% annual increase in…
Prime minister approves request for military help as Newfoundland deals with flooding
November 26, 2021 by THE CANADIAN PRESSCHANNEL-PORT AUX BASQUES, N.L. – Prime Minister Justin Trudeau has approved a request for military assistance for southwestern Newfoundland, where road washouts from a punishing rainstorm have left the region cut off from the rest of the province. Trudeau issued…
Canadian travel insurance quotes surge year-over-year
November 25, 2021 by Jason ContantTravel insurance quotes have surged nearly 300% year-over-year as pandemic restrictions ease and Canadians are eager to travel again, according to a new report from rate comparison site RATESDOTCA. The rate aggregator analyzed data from thousands of quotes from its…
How UBI could empower your client
November 19, 2021 by Jason ContantUsage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference. “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer…
How much Intact has improved its personal property loss ratio
November 15, 2021 by Greg MeckbachAs home insurance prices continue to climb, Intact Financial Corp. reported an underwriting profit in personal property in the latest quarter, despite higher-than-normal weather catastrophe losses. The personal property line “should operate” with combined ratios below 95% “even with severe…
Why Intact is paying out less on total auto losses
November 10, 2021 by Greg MeckbachIntact Financial Corp. is maintaining a mid-80s combined ratio on its Canadian personal auto book of business, with a slight decrease in the severity of total losses. At Intact, the severity of claims on auto physical damage was 5% higher…