Topic Nova Scotia
Canada’s most-exposed flood regions
June 10, 2022 by Alyssa DiSabatinoQuebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.…
Facility’s new approach to prevent truckers from “gaming the system”
June 6, 2022 by David GambrillNova Scotia has approved Facility Association’s approach to rating commercial auto in a way that trucking operators cannot “game the system” and get Nova Scotia’s lower premium rates when they drive more extensively in other Canadian provinces. Essentially, a “surcharge…
Could hurricanes in Canada worsen?
June 1, 2022 by Alyssa DiSabatinoThe trend of above-average hurricane seasons is expected to continue this year and Canadian insurers should heed this warning by preparing Atlantic businesses for more severe hurricanes, according to Allianz Global Corporate & Specialty’s Atlantic Hurricane Season Outlook 2022. “Although Canada…
How to speed up claims response for NatCats
May 25, 2022 by Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
What cottagers may overlook when it comes to seasonal insurance
May 17, 2022 by Alyssa DiSabatinoWith the May long weekend just around the corner, many Canadians will be packing their bags and heading up to the cottage, but a post-pandemic surge of demand may mean a lot of cottage rentals, and some important points of…
Beware the tax implications of unlicensed insurance
May 3, 2022 by Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
Kilometres driven: TD’s non-UBI approach
April 20, 2022 by David GambrillWhile many insurers tout usage-based insurance as the most accurate way to rate kilometres driven, TD Insurance is offering a new twist on an old ratings variable. To offer consumers choice, and a more accurate assessment of their driving risk,…
By how much UBI use increased during the pandemic
April 20, 2022 by Jason ContantCanadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car…
A car crashes in Ontario: Why Canadian auto insurers pay attention
April 13, 2022 by Daniel StrigbergerPeople love to visit Ontario. Unfortunately, some of them get into car accidents. Why should a visitor’s auto insurer care about accidents in Ontario? Because when a non-resident is involved in an auto accident in the province, their insurers will…
What Canadians can expect of future hurricane seasons
April 7, 2022 by David GambrillAtlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
P&C industry’s input on coastal protection
April 6, 2022 by Alyssa DiSabatinoNova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…
How to deal with loss trends in new DCPD auto insurance scheme
March 23, 2022 by Jason ContantNova Scotia Utility and Review Board (NSURB) has approved Facility Association’s (FA) overall rate increase of 11.1% as well as a proposed revision of its risk classification system for taxis. In doing so, the board had some words of advice…