Topic Loss Trends
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…
Three reasons Fairfax predicts a continuing hard market
November 5, 2021 by Greg MeckbachAs carriers continue taking a good hard look at their risk appetites, price increases could continue well into 2022. “We expect market conditions to remain strong throughout 2021 and well into 2022,” said Peter Clarke, chief operating officer of Toronto-based…
Homeowners loss ratio drops to 49.1% for this Top 10 insurer
November 3, 2021 by Greg MeckbachCanada’s sixth-largest property and casualty insurer has a loss ratio in home insurance of under 50% so far this year, but large losses in Western Canada had an adverse impact on the quarter ending Sept. 30. The Co-operators General Insurance…
Four uninsurable cyber risks
November 2, 2021 by Greg MeckbachLosses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and…
Barrie tornado will cost more than originally estimated
October 28, 2021 by Greg MeckbachA bad storm system this past July will probably cost the industry about $100 million. On July 15, several tornadoes touched down in central Ontario. One caused irreparable damage to dozens of homes in Barrie, about 100 kilometres north of…
Hurricane Larry will probably cost the industry this much
October 27, 2021 by Greg MeckbachInsurers will probably pay out $25 million towards claims from Hurricane Larry. That is the initial estimate from Catastrophe Indices and Quantification Inc. (CatIQ), the Insurance Bureau of Canada said Wednesday in a press release. Hurricane Larry made landfall on…
Ontario auto claim reduces employment insurance sickness benefits: federal judge
October 20, 2021 by Greg MeckbachAn Ontario auto claimant is facing a reduction in federal employment insurance (EI) benefits because she was getting income replacement benefits with her auto insurer. In 2019, Antonina Sennikova was involved in a motor vehicle accident that prevented her from…
The shifting trends in cargo theft
October 13, 2021 by Jason ContantThe COVID-19 pandemic has affected a number of P&C insurance industry segments from auto to business interruption, and cargo theft is no exception. Large events such as the pandemic will result in shifts to the methods and types of goods…
Double extortion: The new cyber threat
October 12, 2021 by Jason ContantYour cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge…
How insurers are changing their treatment of distracted driving
October 12, 2021 by Greg MeckbachSome Nova Scotia motorists who are caught using their wireless handheld device while driving could face steeper hikes to their auto insurance premiums. In a decision released Oct. 4 , the Nova Scotia Utility and Review Board approved the Facility…
A fire season like none other
October 6, 2021 by Jason Contant, Online EditorEven as B.C. wildfires continue to burn, investigations begin and claims start rolling in.
Tornado blows change through Ontario bylaws
October 5, 2021 by Jason Contant, Online EditorMunicipalities respond to series of tornadoes with new rules governing building construction.