Ontario’s Licence Appeal Tribunal (LAT) erred in law when ruling it had to rely solely on the Statutory Accident Benefits Schedule (SABS) and had no jurisdiction to award equitable remedies under the Insurance Act, a provincial court has found. In…
Litigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%…
Canada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
Four young men travelling home after helping in the battle against wildfires in central British Columbia are dead after a fiery head-on crash, police and provincial officials said Wednesday. RCMP Cpl. James Grandy said emergency crews responded around 2 a.m.…
Summer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023.…
Amanda 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…
Although climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
New Brunswick and Nova Scotia are bracing for flooding and high winds as Hurricane Lee approaches landfall in Atlantic Canada as a Category 1 storm. Currently showing wind speeds of 155 km/h, Lee is expected to become a strong tropical…
Definity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving…
BrokerLink continues its growth in Atlantic Canada with the acquisition of Nova Scotia-based brokerage Roger E. Strum Limited. Headquartered in Windsor, N.S., Strum Insurance has offered professional guidance for home, auto, motorcycle, recreational vehicle, boat and business insurance for more…
Officials with the British Columbia government and the City of Merritt were aware of significant problems with dikes for several years before a series of atmospheric rivers flooded the community, documents released through a freedom of information request show. The…