Canadian Underwriter

Topic Personal Home

Condo with sunny blue sky background
News AlbertaB.C.ClaimsInsurersLoss TrendsPersonal Home

Signs for optimism in the condo insurance market?

January 18, 2022 by Jason Contant

Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and

Motorist driving on closes Trans-Canada highway in Abbotsford, BC
News B.C.CatastrophesClaimsEnvironmentalInsurersLoss TrendsPersonal Home

Claims costs keep rising for B.C. catastrophes

January 18, 2022 by Jason Contant

British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims

News CatastrophesClaimsEnvironmentalManitobaPersonal Home

Manitoba grand chief says $85.5M settlement for flood damage is fair

January 18, 2022 by The Canadian Press

WINNIPEG – The grand chief of the Assembly of Manitoba Chiefs says the latest court settlement for property owners affected by devastating flooding more than a decade ago is fair. The Manitoba government diverted water from the Assiniboine River to

Miniature wooden houses lined up beside each other and red arrow above them. Represents increasing house premiums.
News OntarioPersonal Home

Why home insurance rates are rising in 2022

January 17, 2022 by Alyssa DiSabatino

Home insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa.   The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a

News Emerging RisksPersonal Home

Assessing the risks of home elevators

January 13, 2022 by Chris Morrison, Morrison Risk and Claims Services

The Canadian Elevator Contractors Association (CECA) recently surveyed the industry and found more than 900 private-residence elevators are installed annually in Ontario. CECA estimates over 2,000 residential elevators are installed annually across Canada. For homeowners, having an elevator can increase

News EnvironmentalNewfoundland & LabradorOntarioPersonal HomeQuebec

The insured damage cost of December’s windstorm in eastern Canada

January 13, 2022 by Alyssa DiSabatino

The windstorm that swept across Ontario, Quebec and the Atlantic provinces between Dec. 11 and 14 caused more than $152 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  The eastern Canada windstorm brought strong

News InsurersPersonal Home

How many Canadian renters lack tenant insurance?

January 11, 2022 by Alyssa DiSabatino

Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs.

News B.C.ClaimsEnvironmentalPersonal Home

Atmospheric river packing several powerful rainstorms heading for southern B.C.

January 10, 2022 by The Canadian Press

VANCOUVER – Power has been restored in two Vancouver Island communities that lost electricity early last week as snow, ice and wind storms pounded parts of British Columbia, but forecasters warn another powerful system is on the way. BC Hydro

News B.C.ClaimsInsurersLegalLiabilityPersonal Home

Insurer cleared in case of hearing aid replacement mix-up

January 7, 2022 by David Gambrill

A home insurer has been cleared of any liability after a hearing aid supplier produced a different brand of ear phones than had been cited in the initial insurance quote, B.C.’s civil resolution tribunal has found. The small claims court

News AlbertaBrokersCommercialCommercial AutoMergers and AqcuisitionsOntarioOperationsPersonal AutoPersonal Home

Westland acquires brokerages in Ontario, Alberta

January 7, 2022 by Jason Contant

Westland Insurance has announced its first brokerage acquisitions of 2022 — Bunnell Hitchon Insurance Brokers in Ontario, and Rigby Insurance in Alberta. Bunnell Hitchon, in Brantford and Milton, Ont., was founded in 1890 and offers a wide range of personal

Office workstation top view with businesspeople working around M&A
News BrokersCommercialOntarioPersonal AutoPersonal Home

Western Financial rings in New Year with acquisition

January 6, 2022 by Jason Contant

Western Financial Group began the New Year with the announcement that it has acquired a full-service brokerage located in southern Ontario. Western Financial’s latest acquisition of Wiesner Insurance Inc. “adds a significant commercial interest in Ontario,” the large brokerage said

News CatastrophesClaimsCyberInsurersLoss TrendsPersonal AutoPersonal Home

What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those