Topic Property
Brokerage wins limited injunction against regulator’s new rule
July 19, 2023 by David GambrillFS Insurance Brokers (FSIB), a B.C. insurance broker that has common ownership with a strata property management company, has won a limited injunction against a new rule proposed by the province’s broker regulator, pending judicial review of the new rule.…
Wildfires: Where there’s smoke, there’s damage
July 18, 2023 by David GambrillAs smoke from almost 900 of Canada’s wildfires descends upon the United States, resurrecting media reports about air quality, Canadian property and casualty insurers have an eye on a different type of exposure — property damage claims due to wildfire…
Montreal-Barrhaven storm declared a Cat
July 18, 2023 by Alyssa DiSabatinoThe storm that hit Montreal on Thursday, downing trees and power lines and causing localized flooding, has been declared a catastrophe, Laura Twidle, president and CEO of Catastrophe Indices & Quantification Inc. (CatIQ) told Canadian Underwriter. A ‘catastrophe’ is an…
Has COVID-19 changed restaurant insurance forever?
July 13, 2023 by Jason ContantCanada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is…
High building materials and labour costs still slowing home repairs
July 12, 2023 by Philip PoradoWhile inflation’s pace has eased in Canada, it’s still expensive to put homeowners back into their properties after a fire, flood, wind or other event. That’s because lingering supply chain and labour-shortage issues are extending restoration timelines. And that’s increasing…
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…
Fierce blaze damages several businesses, forces evacuation in B.C. city
July 4, 2023 by The Canadian PressVERNON, B.C. – A restaurant, boutique, salon and costume shop are among the businesses believed to have been destroyed in an early morning fire in downtown Vernon, B.C. Flames broke out in the commercial building at about 2:30 a.m., blanketing…
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…
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.…