Topic Personal Home
Clients likely unaware of criminal websites pretending to sell P&C coverage
January 21, 2022 by Greg MeckbachScam artists who set up websites impersonating home and auto insurance brokerages could be taking advantage of uninsured motorists, a former brokerage owner says. In theory, the industry can try to block access to websites operated by unlicensed miscreants purporting…
Utility says B.C.’s heat, rain and cold in 2021 underscore changing demand for power
January 21, 2022 by Jason ContantVANCOUVER – British Columbia endured sizzling summer heat and bone-numbing cold to end 2021 and the province’s electrical utility says the result was a record-breaking, year-round demand for power, launching a trend that’s not expected to end soon. In a…
Behind the hard-hit condo insurance market in B.C. and Alberta
January 20, 2022 by Jason ContantWood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more…
Signs for optimism in the condo insurance market?
January 18, 2022 by Jason ContantCondo 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…
Claims costs keep rising for B.C. catastrophes
January 18, 2022 by Jason ContantBritish 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…
Manitoba grand chief says $85.5M settlement for flood damage is fair
January 18, 2022 by The Canadian PressWINNIPEG – 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…
Why home insurance rates are rising in 2022
January 17, 2022 by Alyssa DiSabatinoHome 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…
Assessing the risks of home elevators
January 13, 2022 by Chris Morrison, Morrison Risk and Claims ServicesThe 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…
The insured damage cost of December’s windstorm in eastern Canada
January 13, 2022 by Alyssa DiSabatinoThe 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…
How many Canadian renters lack tenant insurance?
January 11, 2022 by Alyssa DiSabatinoCorrection: 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.…
Atmospheric river packing several powerful rainstorms heading for southern B.C.
January 10, 2022 by The Canadian PressVANCOUVER – 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…
Insurer cleared in case of hearing aid replacement mix-up
January 7, 2022 by David GambrillA 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…