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B.C. mayors dealing with flooding and wildfire damage call on feds to deliver funds
April 12, 2022 by Camille Bains - THE CANADIAN PRESSVANCOUVER – British Columbia mayors whose communities were devastated by last year’s flooding and wildfires want the federal government to deliver billions of dollars in promised funding as soon as possible. Abbotsford Mayor Henry Braun said he was among 28…
How the federal budget impacts P&C insurers
April 8, 2022 by Philip Porado, with files from Melissa Shin and Rudy MezzettaAs expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
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…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
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…
Why these four P&C rating factors may be racially biased
April 5, 2022 by Alyssa DiSabatinoFour commonly used rating factors in personal lines insurance — credit-based insurance scores, geographic location, homeownership, and motor vehicle records — may be affected by racially biased policies and practices, a new research paper finds. Research by the Casualty Actuarial…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 by Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Curious case of a condo water leak shows importance of complete evidence
April 1, 2022 by Jason ContantBritish Columbia’s Civil Resolution Tribunal (CRT) has ordered a strata corporation to immediately reverse a charge of nearly $10,000 to a strata lot owner after finding the unit’s owner was not responsible for a water leak and resulting expenses. In…
How to reduce hail damage costs
March 28, 2022 by Alyssa DiSabatinoOne way homeowners and insurers can reduce annual hail damage is to use impact-resistant asphalt shingle roofs instead of standard shingles, finds a new report. A new Institute for Catastrophic Loss Reduction benefit-cost analysis report shows annual hail…
Top 5 wild and wacky insurance fraud claims
March 22, 2022 by Jason ContantSaskatchewan Government Insurance (SGI) saved approximately $6 million in 2021 from “hundreds of people” attempting to make fraudulent claims, the public insurer reported last week. “SGI’s Special Investigations Unit (SIU) investigates wild and wacky insurance claims, many of which turn…
Top 3 concerns of Canadian brokers
March 21, 2022 by David GambrillCanada’s hard market continues to be the Number 1 concern of brokers right now, but with the end of many COVID restrictions, brokers are starting to worry more about the growth of direct-to-consumer distribution models. Market consolidation is slowly but…
Why this home insurer wasn’t allowed to use a replacement cost overpayment to set off a contents claim
March 17, 2022 by David GambrillA home insurer lost its bid to set off a contents claim using the difference between the Guaranteed Replacement Cost (GRC) and the depreciated value of a home that was rebuilt after a fire. The Ontario Superior Court allowed this…