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Will powerful Alberta tornado be declared a Cat?
July 7, 2023 by Jason ContantA powerful Canada Day tornado that swept through a section of rural Alberta likely won’t result in much insured damage despite strong winds that reached an estimated 275 km/h. The EF4 tornado tore through an area south of Didsbury, Alta.…
Record-breaking wildfire season will continue to burn hot for months: officials
July 6, 2023 by The Canadian PressOTTAWA – Natural Resources Canada says the country’s record-breaking wildfire season will continue to be abnormally intense throughout July and into August. The projections are based on anticipated high temperatures, dry conditions and historical comparisons. The risk is expected to…
Brokers, insurers differ on the value of numerous flood products for home owners
July 4, 2023 by Alyssa DiSabatinoCanada’s property and casualty insurance brokers have long maintained the need for a unified flood map, but insurers want to compete on their proprietary flood maps, and the ongoing differences between brokers and their insurance partners on this point became…
Two insurance agencies rebrand as belairdirect
July 4, 2023 by Jason ContantIntact Financial Corporation subsidiary belairdirect has announced that agencies Johnson Insurance and Anthony Insurance will both rebrand as belairdirect. Beginning this fall, the car and home division of Johnson Insurance will gradually rebrand to belairdirect, with the group benefits and…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 by Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
Brokers, not insurers, advise clients of valuation changes
June 29, 2023 by David GambrillAn insurer does not displace the role of the broker if the insurer conducts its own independent replacement cost valuation (RCV) and comes up with a different number than the broker submits, the Ontario Superior Court confirmed Tuesday. It remains…
What the court said about a condo owner using his unit for Airbnb
June 29, 2023 by Jason ContantBritish Columbia’s Civil Resolution Tribunal has ordered a strata corporation to direct one of its council members to stop using a unit for short-term accommodations (STAs) after finding the council member violated a strata bylaw. The case centred around Bylaw…
Home-sharing app specifically for insurance to go national
June 28, 2023 by David GambrillTens of thousands of Canadians have been forced to evacuate because of an active wildfire season, and a new home-sharing digital platform dedicated to insurance is expanding nationally to help adjusters find temporary accommodations for insureds whose homes have been…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 by Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
Large Canadian brokerage now operating coast to coast
June 28, 2023 by Jason ContantEditor’s Note: An original version of this article incorrectly identified Western Financial Group as Westland. Canadian Underwriter apologizes for the error. Western Financial Group now operates coast to coast following its full acquisition of Huestis Insurance and Associates Ltd.…
Despite easing inflation, P&C insurers face challenges
June 27, 2023 by Philip PoradoCanada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts…
Meet CBN’s latest member brokerage
June 27, 2023 by Jason ContantOntario-based My Insurance Broker (MIB) has joined the Canadian Broker Network (CBN). Based in Richmond Hill, MIB offers a variety of insurance products including home (as well as cottage and condo insurance), auto (Uber insurance, online auto quotes, motorcycle and…