Topic New Brunswick
P.E.I. utility seeks rate hike for $37M in post tropical storm Fiona losses
November 29, 2023 by Stephanie Taylor The Canadian PressCHARLOTTETOWN — The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for…
Why more Canadian drivers are using winter tires
November 14, 2023 by Jason ContantWinter tire use in Canada is increasing, with 71% of polled Canadian drivers outside of Quebec now using winter tires, up from 63% in 2022, according to a survey conducted by Leger for the Tire and Rubber Association of Canada…
Coastal storms: Could U.S. scenario happen here?
November 1, 2023 by Philip PoradoIncreasing intensity of hurricanes making landfall along the U.S. coastline, sparked largely by climate change, has resulted in significant insured losses for several years. And storms seem to be getting worse. That trend impacts insurability and, going forward, “property values…
Why auto insurance concerns might hinder electric vehicle adoption
October 26, 2023 by Alyssa DiSabatinoAs governments gear up for a national push toward electric vehicles (EVs), Canadians are harbouring anxieties about their auto insurance policies. Seventy eight per cent of Canadians are concerned about the cost of their insurance premiums on an electric vehicle,…
Where auto and home insurance rates are headed
October 24, 2023 by Jason ContantHard market conditions in personal lines across Canada are not slowing down in 2023 Q3, according to data from tech vendor Applied Systems. Auto and homeowner premiums are rising year-over-year in all provinces. In 2023 Q3, personal auto premiums in…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
New president for national brokers’ association
October 18, 2023 by Alyssa DiSabatinoTraci Boland is the new president of the Insurance Brokers Association of Canada (IBAC). Boland is partner and manager at Ontario West Insurance Brokers and Bill Blaney Insurance Brokers. She holds more than over 20 years’ experience in the industry…
Tropical storm Philippe bringing heavy rain to the Maritimes this weekend
October 5, 2023 by The Canadian PressHALIFAX – Heavy rain and strong winds are in the forecast for the three Maritime provinces this weekend. Environment Canada has issued special weather statements for New Brunswick, Nova Scotia and Prince Edward Island, saying 50 millimetres of rain or…
Weather-related home repairs highest in Atlantic Canada: HomeStars survey
September 26, 2023 by The Canadian PressTORONTO – Homeowners in Atlantic Canada completed the highest number of emergency repairs due to weather-related events in the past year, according to HomeStars’ latest renovation report. One-third of homeowners across Canada who renovated or repaired their properties in the…
New Brunswick premier vows comprehensive review after massive Port Saint John fire
September 19, 2023 by The Canadian PressSAINT JOHN, N.B. – A joint task force investigation into last week’s major fire at a scrapyard in Saint John, N.B., will consider whether the recycling plant should continue operating at the city’s port, says Premier Blaine Higgs. Higgs made…
Behind IBC’s recent executive shuffle
September 18, 2023 by Jason ContantAmanda Dean is now interim vice president of Insurance Bureau of Canada’s (IBC) Ontario region, temporarily moving over from her role as IBC’s vice president of Atlantic Canada following a decision by IBC’s former Ontario vice president, Kim Donaldson, to…
Will Hurricane Lee cost as much as Fiona?
September 18, 2023 by Alyssa DiSabatinoDamage stemming from Hurricane Lee won’t be as major as last September’s Hurricane Fiona, insurance experts tell Canadian Underwriter. “At more than $800 million in insured damage, Hurricane Fiona goes down as the costliest natural hazard-related insured loss event…