Topic Property
New Canadian P&C broking head for Willis Towers Watson
August 20, 2021 by Greg MeckbachDublin-based brokerage Willis Towers Watson PLC has appointed Kate Mead as head of its Canadian property and casualty broking team. Mead was previously Willis Towers Watson’s practice leader for the midwest, northeast United States and Canadian environmental business, the brokerage…
Lawsuit claims CN, CP railways at fault for sparking fire that wiped out B.C. town
August 19, 2021 by THE CANADIAN PRESSVANCOUVER – A proposed class-action lawsuit alleges Canadian Pacific and Canadian National railways caused or contributed to the wildfire that destroyed the Village of Lytton, B.C. The B.C. Supreme Court statement of claim filed Wednesday alleges the fire was set…
How much the Barrie tornado cost insurers
August 18, 2021 by Jason ContantSix tornadoes that hit Barrie and other communities in Ontario last month caused $75 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The EF-2 strength tornadoes impacted the communities of Barrie, Innisfil, Kawartha…
Maritime farmers ship hay to drought-stricken Prairies
August 18, 2021 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – Farmers in the Maritimes are pitching in to help their drought-stricken Prairie counterparts facing a “devastating” situation. On his farm in the Annapolis valley north of Halifax on Tuesday, Tim Marsh was busy baling hay that will ship…
How to help clients mitigate water damage risk
August 17, 2021 by Canadian Underwriter StaffWith water damage claims due to infrastructure failures costing the industry much more per year than natural catastrophes, brokers need to be more proactive in helping clients understand coverages and risk mitigation strategies. Infrastructure and plumbing related water damage is…
How insurers plan to advocate for climate adaptation in federal election
August 17, 2021 by Greg MeckbachAdapting properties and communities to be more resilient to climate-related disasters should be a federal election issue, an Insurance Bureau of Canada official told Canadian Underwriter Monday. “We will be very active throughout the federal election in advocating for adaptation…
Forest fire in northern New Brunswick still burning but now considered contained
August 17, 2021 by THE CANADIAN PRESSFREDERICTON – Fire officials in New Brunswick say a forest fire in the north of the province is now contained. The blaze has burned about 64 hectares east of Mount Carleton Provincial Park. The provincial forest fire report says 60…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
Hundreds of properties evacuated as wind prompts growth in B.C. wildfires
August 16, 2021 by Hina Alam - THE CANADIAN PRESSHigh winds intensified numerous wildfires burning in British Columbia, forcing more evacuation orders for residents in hundreds of homes late Sunday, says the BC Wildfire Service. Some of the largest and most dangerous fires are burning in the southern Interior…
All major commercial lines seeing average premium renewal increases, report says
August 11, 2021 by Jason ContantCanada’s hard market in commercial P&C is showing no signs of letting up, with all major lines seeing average premium renewal rate increases in the second quarter of 2021. “Overall, the magnitude of rate increases across all segments included in…
July hailstorm in Calgary caused $247 million in insured damage: CatIQ
August 6, 2021 by Canadian Underwriter StaffA massive hailstorm that hit Calgary on July 2 caused $247 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hail, rain and wind damage from the severe storm resulted in extensive flooding of…
Why your clients should do an inspection before buying a home
July 21, 2021 by Greg MeckbachA couple who discovered a leaking bathtub after moving into their new home cannot get compensation from the sellers. A “reasonable inspection” would have revealed a water problem before Tyler and Keva Luscombe bought their home in 2020, the British…