Topic Personal Home
Fewer brokers in 10 years, insurance exec predicts
March 24, 2021 by Adam MalikBrokers may not disappear over the next 10 years but their ranks will definitely thin out, an insurance brokerage executive predicted during a recent webinar. Commoditization of the insurance industry will cut out transactional procedures that many brokers find themselves…
2020 results: Did Canada’s insurers “outrun the bear” of claims inflation?
March 23, 2021 by David GambrillCanada’s P&C insurance industry survived the pandemic year of 2020 in good financial health, although some insurers wound up with healthier balance sheets than others, according to financial data published in the forthcoming MSA Research Q4-2020 Outlook Report. “The Canadian…
Opinion: This is where insurance companies need to look to be ready for tomorrow’s customers
March 18, 2021 by Anthony Grosso, EISThe acceleration of digital transformation in the pandemic era means insurance companies need to evolve, and that starts with reimagining your core technology systems. Over the insurance industry’s long history, a key hallmark has been its promise of peace-of-mind, trust…
What to tell clients when home insurer asks if property was previously a grow-op
March 18, 2021 by Greg MeckbachHome insurance clients who move to a new property should have the premises inspected and let the insurer know if there are signs it has been used to grow cannabis. “If a home was a former cannabis grow-op, likely pipes…
Why these B.C. strata owners didn’t have to pay the corporation’s $5,000 deductible
March 12, 2021 by Greg MeckbachA British Columbia strata unit owner is not liable for their strata corporation’s $5,000 deductible on a property claim arising from a fire, the province’s civil resolution tribunal has ruled. The strata unit is on the fifth floor of a…
No working smoke alarms at fatal Toronto house fire, investigators say
March 12, 2021 by Liam Casey - THE CANADIAN PRESSTORONTO – There were no working smoke alarms inside a Toronto house where a fire killed four people, investigators said Friday. The Office of the Fire Marshal said an electrical failure in the ceiling of the dining room in the…
Why home insurance was so profitable for Intact in 2020
March 11, 2021 by Greg MeckbachThe hard market in home insurance is helping Canada’s largest P&C insurer make a healthy profit. But insurers need to maintain pricing discipline in personal property because weather catastrophe costs are increasing over time, suggests the chief financial officer at…
Home insurer goes after ventilation unit manufacturers in subrogated fire claim
March 10, 2021 by Greg MeckbachA subrogated claim arising from a Hamilton area home fire is raising the question of which equipment manufacturer, if any, is liable. In 2013, a fire caused extensive damage to the Ancaster, Ont., home of Mary Arlene and Rudolf Dosen.…
What insurers aren’t passing on to their clients
March 9, 2021 by Adam MalikCanadian consumers are still foggy about the purpose and content of their home, auto and business insurance, and the onus is on the industry to help them understand, a pair of industry executives said during a recent webinar. Discussions with…
Advice from the U.S.: Canada needs exit strategy from national flood
March 4, 2021 by Greg MeckbachCanada needs to proceed with caution if it wants to establish a taxpayer-supported program to write flood insurance for high-risk homes, an American speaker warned the Canadian P&C industry during CatIQ Connect. “Be very careful with a federal flood insurance…
Lessons learned from ‘the toughest Cat season’
March 2, 2021 by Adam MalikThe COVID-19 pandemic made it difficult at times for insurers to work through natural catastrophes, said a Wawanesa executive during a recent web conference. But they’ve learned a few lessons because of it. As Cats stormed through Alberta to the…
Condo corporation insurance? Unit insurance? Too many condo owners don’t know the difference
February 24, 2021 by David GambrillBrokers in Quebec have ample opportunity to educate their clients about how condo insurance works, according to the results of a recent survey commissioned by Insurance Bureau of Canada. One key source of confusion may sound familiar to brokers elsewhere…