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Yes, COVID-19 really did boost broker workloads
June 20, 2022 by David GambrillWhile the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…
What Millennials and Gen Z want when they buy insurance
June 17, 2022 by Alyssa DiSabatinoYounger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be…
Sewer back-up or overland flood? Is a sun deck “within” a dwelling?
June 17, 2022 by David GambrillA sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual…
The cheaper we build our buildings, the more they cost after an earthquake, wildfire or tornado
June 17, 2022 by Keith PorterBy Keith Porter, adjunct research professor, civil and environmental engineering, Western University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original…
Why recent Calgary storm is not like 2013 flooding
June 16, 2022 by Jason ContantAlthough home to many of the costliest natural disasters in Canada, Alberta appears to have dodged a bullet with the latest rainfall event in the Calgary area. The City of Calgary declared a local state of emergency earlier this week…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 by The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
The latest insolvency risk: climate change
June 15, 2022 by Jason ContantA single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”…
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…
Travel selfie spike could prove stressful for contents insurers
June 13, 2022 by Canadian Underwriter StaffSocial media savvy Canadians may find their tendency to post vacation selfies resulting in the wrong kind of house cleaning. With COVID-19 restrictions easing, summer is once again travel time and 62% of Canadians who are active on social media…
Vacancy permit doesn’t require daily attendance for eight months during repairs
June 10, 2022 by David GambrillBelair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned…
Bank of Canada says economy can handle higher interest rates
June 10, 2022 by Ian Bickis - THE CANADIAN PRESSHigh household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday. “We think the…
Which model will Canada’s national flood insurance program follow?
June 9, 2022 by Alyssa DiSabatinoAfter undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests. One model is based on a pool for high-risk homeowners, among…