Both data and technology are having an impact on the development of flood insurance products. With recent breakthroughs that advance the ability to perform stochastic modelling, more insurers appear open to writing flood insurance, a move that could help shrink the coverage gap for homeowners.
Ontario’s auto insurance system is unrecognizable, and it is time to stop tinkering. The concept of using an insurance system to provide a social safety net is flawed, perhaps requiring in its place a system where private insurance companies provide both third-party liability and physical damage coverage while a Crown corporation delivers accident benefits.
Vehicle-buying preferences in Canada and the United States differ, with the former favouring compact over the latter’s love of mid-size. Preferences related to model year and vehicle size, however, can have a big impact on claims cost, total loss rate and alternate parts use.
There is no getting around it: claims adjusters will encounter difficult and demanding claimants. But when a claimant grows unreasonable and combative, demanding too much, what is the best course of action for an adjuster wanting to advance a truly fair settlement and meet fiduciary duties to his or her employer?
Directors and officers at Canada’s publicly listed companies face personal liability as a result of unfolding trends related to securities, environmental and cyber issues. But a well-conceived mix of risk management processes and risk transfer tools can help protect both companies and their directors and officers.
Criminals are getting more sophisticated at cloning vehicle identification numbers. But because there is no single tool specifically designed to detect cloning, some consumers who buy vehicles do not realize they are actually stolen or declared irrepairable, often leaving insurers on the hook.
A new report by the Insurance Institute of Canada takes a broad look at cyber risk and suggests how Canadian property and casualty insurance organizations can bolster their own cyber security and protect themselves in cyberspace.
A clear commitment to using sustainable practices is something insurers are looking for in their collision repair partners, who themselves can benefit by being ready to meet consumer needs in the unfolding low-carbon economy and investing in an approach that could translate into a long-term competitive advantage.
As a bread delivery driver in the 1950s, Larry Gilbertson’s career choices were wide open. Interested in many things, the six-decades insurance veteran availed himself of quite a few of those choices.
1 Liberty International Underwriters Canada announced in April the appointment of Garth Pepper [1a] as president, replacing Mike Molony [1b], who is retiring and has served as LIU Canada president since 1999. Pepper most recently was senior vice president of…
With the increase in water-related events, insurers have responded in a number of ways, including by introducing higher premiums and exclusions. Consumers must take steps to ensure they are prepared and to seek out advice that will help them mitigate losses should an adverse event occur.
The “car accident business” is not only big and expensive, it is ever-changing and ever-evolving. A co-ordinated campaign by all players in the property and casualty industry is critically important to gain ground and drive back auto insurance fraud estimated to cost more than $1 billion a year in Ontario.