Topic Property
Regulator defends finding that Alberta’s largest earthquake was caused by oilpatch
March 30, 2023 by Bob Weber - THE CANADIAN PRESSEDMONTON – Alberta’s energy regulator has defended its finding that the province’s largest recorded earthquake was caused by oilpatch activity, saying the pattern of temblors since last fall clearly points to a water disposal well even though there’s no suggestion…
Feds commit money for new national flood insurance program
March 29, 2023 by David GambrillCanada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,…
Questions raised about safety of Old Montreal building destroyed by fatal fire
March 27, 2023 by Morgan Lowrie - THE CANADIAN PRESSMONTREAL – More than a week after a fatal fire tore through a building in Old Montreal, accounts from former tenants and victims of the blaze are raising questions about the safety of the heritage property. Five bodies had been…
How insurers can respond to interest rate hikes and market volatility
March 24, 2023 by Philip PoradoHow might high inflation, rising interest rates, and current volatility in stock and bond markets impact future P&C insurance pricing? It’s too early to tell. For insurers, the current environment requires consistent monitoring of profitability and portfolio performance, said Fiona…
Ottawa requests joint ‘working group’ on oilsands contamination with Alberta
March 20, 2023 by Bob Weber - THE CANADIAN PRESSFederal Environment Minister Steven Guilbeault has further spelled out what he wants to see in a new body that would oversee monitoring and communications around pollution problems in the oilsands. In a letter dated March 16 to his Alberta counterpart…
Direct bringing competition to small-business space
March 15, 2023 by Philip PoradoDirect writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according…
Two companies, one shareholder, only one named insured. What happens next?
March 14, 2023 by David GambrillA man who is the sole shareholder of two companies — one that owns a title deed to a building (and the only named insured on the policy), and one a commercial tenant of that same building — has an…
Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show
March 10, 2023 by David GambrillWhen it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s…
New earthquake model considers eastern Canada risk
March 9, 2023 by Jason ContantAon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural…
What might cause the softening D&O market to stall?
March 8, 2023 by Philip PoradoHard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several…
N.W.T. says lack of notice on oilsands tailings spill goes against deal with Alberta
March 7, 2023 by Bob Weber - THE CANADIAN PRESSAlberta didn’t live up to the terms of a deal it has with the Northwest Territories to inform it about threats to its shared watershed after two major oilsands tailings spills, the territory’s environment minister said Friday. Shane Thompson said…
Major winter storm brings snow, thunder and lightning to parts of Ontario
March 6, 2023 by The Canadian PressTORONTO – A fierce winter storm has dumped heavy snow across southern Ontario, where strong winds, thunder and lightning were also reported. Environment Canada meteorologist Haizhen Sun says between 22 and 30 centimetres of snow fell on the Greater Toronto…