Topic Property
5 key trends in the Canadian P&C market, according to Aon
May 18, 2022 by Canadian Underwriter StaffP&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively…
What cottagers may overlook when it comes to seasonal insurance
May 17, 2022 by Alyssa DiSabatinoWith the May long weekend just around the corner, many Canadians will be packing their bags and heading up to the cottage, but a post-pandemic surge of demand may mean a lot of cottage rentals, and some important points of…
Rising lumber, materials costs lead claims professionals to tweak their approach
May 16, 2022 by Philip PoradoWith the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…
Ontario Liberals eye auto insurance rates and towing sector
May 13, 2022 by Philip PoradoOntario Liberals want to bring down auto insurance rates but not via percentage targets, as envisioned by the New Democrats. “We will also work tirelessly to bring down auto insurance rates,” said Ontario Liberal Party press secretary Andrea Ernesaks. She noted that will…
Where have all the good underwriters gone?
May 12, 2022 by Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
4 insurance industry trends to watch
May 11, 2022 by Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
Don’t investigate fraud suspicions indefinitely, court tells insurer
May 6, 2022 by David GambrillIf an insurer suspects fraud in a house fire contents claim, it might be better to deny the claim within 60 days, alleging fraud, rather than to prolong the claims investigation indefinitely while asking for documentation from the insured that…
3 lessons about brokers’ obligations to insureds
May 6, 2022 by Harmon C. HaydenA broker has an obligation to help clients understand policy specifics and avoid coverage gaps, and it’s not necessarily going to save them if the client hasn’t reviewed the policy, the British Columbia Court of Appeal found recently in Alvaro…
Why Barrie’s 2021 tornado damage was “largely preventable”
May 4, 2022 by Jason ContantMore than 35 years after a deadly tornado in Barrie, Ont. – the site of another strong tornado last year – the industry is still looking for modernizations to the Ontario Building Code and tornado protection construction practices. “Since before…
Officials advocate for federal funding to upgrade dikes after floods
April 29, 2022 by The Canadian PressOTTAWA – The mayor of Abbotsford, B.C., says expecting local governments to shoulder the cost of infrastructure upgrades to protect their communities from flooding has been a “monumental mistake.” Henry Braun made the comment to a Senate standing committee on…
Fraud risk management at B.C.’s $16 billion Site C dam project can improve: auditor
April 27, 2022 by Jason ContantVICTORIA – British Columbia’s auditor general says Crown-owned BC Hydro can improve its management of potential fraud risks at the $16 billion Site C dam project. Michael Pickup says an audit found the Crown corporation has some elements of fraud…
How guaranteed replacement fits within a world of rising home costs
April 26, 2022 by Philip PoradoWhile federal budget proposals aimed at dampening home-price escalation may modestly help insurers control reconstruction costs for insureds, there’s another side to the conversation. What if it doesn’t work? Beyond price appreciation, lots of factors — like updates to building…