Topic P.E.I.
Briefing Note: Prince Edward Island
July 11, 2020 by Canadian Underwriter StaffSince the insurance industry in P.E.I. tends to mirror the insurance markets in New Brunswick and Nova Scotia, it’s no surprise that Canada’s smallest province is also experiencing a hard commercial market. “One of the biggest things is capacity,” says…
Navacord expands east into three more provinces
July 7, 2020 by Greg MeckbachWith four new partnerships announced July 6, commercial brokerage Navacord now has offices in Prince Edward Island, Nova Scotia and New Brunswick. “We are now coast to coast,” Navacord executive chairman T. Marshall Sadd said Monday in an interview. Cooke…
After Dorian: Will Canada hit $2 billion in insured losses again this year?
October 7, 2019 by Jason ContantCanada has already surpassed $1 billion in insured losses with nearly three months left in 2019, according to Catastrophe Indices and Quantification Inc. (CatIQ). “Last year, insured damage from severe weather across Canada exceeded $2 billion, the fourth-highest amount of…
Did Dorian create a capacity issue for claims adjusters?
September 24, 2019 by Jason ContantEven though post-tropical storm Dorian knocked out power to about 80% of homes and businesses in Nova Scotia, and left thousands more without power in the other Atlantic provinces, claims adjusters were well-equipped to deal with its aftermath. “In the…
Dorian tracking to pack hurricane-force winds when it hits Atlantic Canada
September 5, 2019 by Jason ContantHurricane Dorian will likely pass over Nova Scotia and Prince Edward Island with hurricane force winds, before developing into a post-tropical storm over Newfoundland and Labrador, according to the latest projections from the Canadian Hurricane Centre (CHC). A tropical cyclone…
A new real-time model for predicting urban flood resilience
August 29, 2019 by Jason ContantA newly-proposed flood model can provide a real-time prediction of urban flooding caused by heavy rainfall in a changing climate, but it may not be of particular interest to insurers. “The model can be used not only for real-time flooding…
Flash flooding risk in Maritimes as Storm Erin arrives
August 29, 2019 by THE CANADIAN PRESSHALIFAX – Heavy rain was reported Thursday in parts of the Maritimes as Erin, now a post-tropical weather system, advanced toward the region. Environment Canada issued rainfall warnings for southeastern New Brunswick, parts of western and northern Nova Scotia and…
Extensive fire damage to 29-unit PEI apartment building
July 18, 2019 by THE CANADIAN PRESSCHARLOTTETOWN – A pre-dawn fire has extensively damaged a three-storey apartment building in downtown Charlottetown displacing more than 50 people. The Canadian Red Cross says most of the tenants in the 29-unit complex on 10 Harley Street are seniors. The…
Regulator greenlights Echelon Insurance acquisition
May 31, 2019 by Greg MeckbachA $166-million deal aimed at getting CAA Insurance some new non-standard auto customers is a done deal. CAA Club Group’s acquisition of Echelon Insurance got final regulatory approval, Echelon Financial Holdings Inc. announced Thursday. The deal officially closed on May…
The big concern among commercial clients about cyber policies
March 15, 2019 by Greg MeckbachSome commercial clients are looking for more consistency across the industry in cyber policy wording. Survey data shows cyber is the Number 1 hot topic for members of Risk and Insurance Management Society (RIMS) Inc., said Jennifer Goodwin, chair of…
Sale of Echelon Insurance to CAA gets shareholder approval
January 23, 2019 by Greg MeckbachNon-standard auto insurer Echelon Insurance is a step closer to being acquired by The CAA Club Group of Companies. Shareholders of Echelon Financial Holdings Inc. voted Wednesday in favour of the $175 million deal, Echelon said in a release. In…
CAA Insurance parent agrees to buy Echelon Insurance
November 9, 2018 by Greg MeckbachCAA Club Group has agreed to buy non-standard auto insurer Echelon Insurance for $175 million, the companies said Friday. The deal will allow CAA Insurance to reach new markets and customers, CAA Club Group president Jay Woo wrote in an…