Topic Loss Trends
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…
How Intact plans to approach auto pricing in 2024
February 21, 2024 by David GambrillIntact delivered a combined ratio of 94.7% in its auto insurance business in 2023, and the company expects to post a similar auto result in 2024 as well, Intact Financial Corporation CEO Charles Brindamour said today in a virtual fireside…
Why D&O price cuts may not be justified
February 15, 2024 by David GambrillSofter market conditions reported in some professional liability lines are premature and unjustified, a global reinsurer told September’s National Insurance Conference of Canada (NICC) in Montreal. The NICC reinsurance panel followed a presentation on the global economy by Swiss Re’s…
Expect more total losses with electric vehicles: report
February 13, 2024 by David GambrillCanadian auto insurers can expect to write off electric vehicles (EVs) rather than try to repair their expensive, damaged batteries, says a report by Morningstar DBRS. “The most expensive component of an EV is the battery, often embedded in the…
Lax e-scooter insurance spells trouble for Canadian municipalities
February 12, 2024 by Philip PoradoBased on what’s taking place in other jurisdictions, lawsuits over accidents involving e-scooters will likely rise in Canada – particularly in Alberta, British Columbia and Ontario, where some municipalities permit their use on public streets, park trails, or sidewalks. Municipalities…
What high interest rates mean when clients’ cars get totalled
February 9, 2024 by Philip PoradoOngoing economic problems — including rising prices, high interest rates and stagnant wages — are creating problems for some insureds whose cars get totalled. The situation’s most acute for clients who experienced financial problems during the pandemic and bought used…
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…
Home, auto rate increases in 2023 “highest…seen in years.”
January 26, 2024 by David GambrillCanadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023…
Why personal property results should concern insurers
January 26, 2024 by Jason ContantEven though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty…