Topic Property
Western broker: Don’t chop off the head of oil industry
December 9, 2020 by Greg MeckbachAlthough the impact of carbon emissions on climate is a major concern for carriers, western Canadian brokers are concerned about efforts to reduce Canada’s reliance on oil and gas. “Oil and gas is not going away any time soon, and…
Will Ontario’s new law result in a flurry of snow removal capacity?
December 9, 2020 by David GambrillOn the day before heavy, wet snow and slush graced the streets of southern Ontario, the provincial government passed a law Tuesday that brokers believe will make it easier for them to find insurance coverage for snow removal contractors. The…
What four home insurers told the auditor general about illegal electrical work
December 8, 2020 by Greg MeckbachSome Ontario homeowners could collect insurance money on property claims even if the damage was caused by illegal electrical work, the auditor general suggests in her report released Monday. Staff with the province’s Office of the Auditor General contacted four…
Fort McMurray residents still cleaning, considering options after spring flooding
December 8, 2020 by The Canadian PressFORT MCMURRAY, Alta. – More than seven months ago, Cora Dion and her husband fled Fort McMurray for the second time in four years as a spring flood threatened their home in northern Alberta. They returned to a soggy mess…
How Ottawa is trying to lower earthquake related property losses
December 7, 2020 by Greg MeckbachNatural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,…
Wildfire damage is not like a Godzilla attack. Why that matters to Cat modellers
December 7, 2020 by Greg MeckbachA client’s structure can remain standing after a wildfire, even when other buildings in the same neighbourhood burn down, because dozens of factors affect a property’s risk, experts said Thursday during a webinar. “The interesting thing about wildfire is [that]…
Mother Nature’s wrath
December 7, 2020 by Derek ClouthierAlberta continues to endure the most expensive insured weather events in Canada. What’s happening and what can be done about it?
Industry urged to get high-quality data into the hands of decision-makers
December 4, 2020 by Adam MalikGetting consistent, high-quality scientific data into the hands of decision makers can protect people from the fallout of bad choices leading up to a catastrophe, such as what’s happened in Fort McMurray, Alta., a catastrophic data expert says. But it…
OSFI releases new (and softer) proposed rule on high-limit policies
December 3, 2020 by David GambrillCanada’s solvency regulator has come out with a softer version of its proposed rule regarding the property and casualty insurance industry’s issuance of high-limit policies. The new version is in response to the industry’s previous concerns about the massive $21-billion…
$5-million cyber claim for phishing scam heads to top court
November 30, 2020 by Greg MeckbachA $5-million coverage dispute with The Co-operators that arose from a phishing attack is headed to the Supreme Court of Canada. Canada’s top court is booked Dec. 7 to hear arguments in Co-operators General Insurance Company v. Sollio Groupe Coopératif.…
P&C industry’s Q3 results show signs of recovery
November 30, 2020 by David GambrillIf the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from…
Storm could cause flooding in parts of New Brunswick
November 30, 2020 by The Canadian PressFREDERICTON – Emergency Measures officials in New Brunswick are urging residents to be prepared for a large storm system that has the potential to cause flooding in low-lying areas. The storm, which is expected to hit the province later today,…