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Topic Property

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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“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests.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,”

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Hundreds of properties evacuated as wind prompts growth in B.C. wildfires

August 16, 2021 by Hina Alam - THE CANADIAN PRESS

High 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

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All major commercial lines seeing average premium renewal increases, report says

August 11, 2021 by Jason Contant

Canada’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

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July hailstorm in Calgary caused $247 million in insured damage: CatIQ

August 6, 2021 by Canadian Underwriter Staff

A 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

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Why your clients should do an inspection before buying a home

July 21, 2021 by Greg Meckbach

A 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

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Get ready for hundreds of claims from Barrie twister

July 21, 2021 by Greg Meckbach

The industry will probably see well over 200 claims from the July 15 tornado that hit Barrie, Ont., says a wind damage expert who has looked at the affected area. “I expect the total number of damaged houses was about

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The legal pitfalls of online and over-the-phone insurance applications

July 20, 2021 by Greg Meckbach

A property insurer can be stuck paying out on a claim even though the client made a “material omission” on their insurance application, but the industry can mitigate this risk by being especially careful when taking applications over the phone

The small town of Okotoks was hit hard by the June floods of 2013, with the river valley rushing and raging through wiping out pedestrian bridges, campgrounds, river banks and pathways.
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Why your clients may not have the high ground on overland flood risk

July 19, 2021 by Greg Meckbach

Many homeowners opt not to buy overland flood coverage and this could leave them uninsured in the event of a severe rain storm. “Overland flooding is any water that comes into your house through the windows or door or anything

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Why insured losses from Barrie twister may be higher than you think

July 16, 2021 by Greg Meckbach

The number of Barrie, Ont. clients whose homes are damaged beyond repair by Thursday’s tornado may be more than initially reported, an industry expert predicted Friday. The tornado touched down at about 2:30 p.m. July 15, the Canadian Press reported.

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Why construction projects are causing headaches for insurers

July 15, 2021 by Adam Malik

Bigger and more complex construction projects — especially those in established communities — are giving property and casualty insurance industry professionals in Canada a collective headache, says an industry expert. Construction projects have increased in complexity in recent times due

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Temple Insurance wins appeal in construction wrap-up dispute

July 12, 2021 by Greg Meckbach

Temple Insurance Company has won its appeal of a 2020 Court of Queen’s Bench of Saskatchewan ruling in a disputed construction wrap-up liability claim. Temple now has to pay some (but not all) of the legal defence costs incurred by

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Former Aviva Canada VP now CEO of TD Insurance

July 7, 2021 by Greg Meckbach

James Russell, a former senior executive with The Dominion of Canada General Insurance Company and Aviva Canada, is now leading The Toronto-Dominion Bank’s property and casualty insurers. Russell’s appointment results from a re-assignment of several TD senior managers. Russell has