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P&C industry’s Q3 results show signs of recovery
November 30, 2020 by David GambrillIf the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from…
Storm could cause flooding in parts of New Brunswick
November 30, 2020 by The Canadian PressFREDERICTON – Emergency Measures officials in New Brunswick are urging residents to be prepared for a large storm system that has the potential to cause flooding in low-lying areas. The storm, which is expected to hit the province later today,…
Central Labrador snowfall breaks one record, nearly smashes a second
November 25, 2020 by The Canadian PressHAPPY VALLEY-GOOSE BAY, N.L. – A two-day snowstorm that began Monday has buried central Labrador under a record-setting blanket of snow. Environment Canada meteorologist David Neil said today the 75 centimetres of snow covering Happy Valley-Goose Bay is the second-largest…
The Alberta hail cat has not stopped biting
November 23, 2020 by Greg MeckbachInsurers are still receiving new claims from the June 2020 Alberta hail storm that is estimated to have cost the industry more than $1 billion. “We are actually still seeing some new losses reported from the June storm today,” said…
How Intact will decide what becomes of RSA Canada’s brands
November 18, 2020 by Greg MeckbachIf Intact Financial Corp. takes over RSA Canada, the combined firm will go to market with the “strongest” brands, meaning it remains to be seen what happens in Canada to brands such as RSA, Unifund, and Johnson, Intact’s CEO suggested…
How renewal delays are taking a toll on brokers
November 17, 2020 by Adam MalikInsurers are becoming more meticulous around what they deem to be a good risk and that extra scrutiny is giving brokers heavier workloads, broker leaders say, and it could force brokers to limit how much they take on. Interest rates…
Adjusters monitoring Ontario windstorm as a “potential” Cat event
November 16, 2020 by Jason ContantClaims adjusters are watching to see if an overnight Ontario windstorm will meet the $25-million threshold of a natural catastrophe (NatCat). As of September, Canadian P&C companies had paid out $2.1 billion for insured NatCat events this year. For now,…
Westland brokerage moves in an easterly direction
November 13, 2020 by Jason ContantWestland Insurance’s mergers and acquisition strategy continues in an easterly direction from its roots in British Columbia. Just days after closing its first-ever brokerage acquisition in Ontario, Westland Insurance Group Ltd. announced its second acquisition in Manitoba. On Nov. 10,…
Hard market is trickling down to condo unit owners
November 13, 2020 by Greg MeckbachThe hard market in commercial property coverage for condo corporations is having an impact on individual condo and strata unit owners, new data from LowestRates.ca shows. Personal property rates for condo unit owners increased 16% year-over-year in both Alberta and…
Today’s cat losses ‘unimaginable’ even 10 years ago: mutual CEO
November 12, 2020 by Greg MeckbachThe increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire…
Can a strata lot owner launch a subrogated water claim on behalf of its insurer?
November 11, 2020 by David GambrillWe’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently…
One essential thing required for condo premium relief
November 10, 2020 by Adam MalikClients don’t always know the process when they have to report a condo insurance claim, and a number of property and casualty insurance professionals believe education of condo managers and boards is key to turning around the hard market in…