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Home, auto rate increases in 2023 “highest…seen in years.”

January 26, 2024 by David Gambrill

Canadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023

Aerial view of homes flooded by rainfall
News CatastrophesClaimsClaims CanadaInsuranceMarkets / Coverages

Why personal property results should concern insurers

January 26, 2024 by Jason Contant

Even though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty

Burst pipe during freezing weather
News BrokersClaimsClaims CanadaInsurance

Brokerage sees nearly 200% increase in cold weather claims

January 18, 2024 by Jason Contant

With temperatures plummeting across Canada recently, one insurance brokerage has seen a 191% increase in cold weather-related claims in the early days of 2024 compared to 2023. “Over the past couple of weeks, we’ve seen almost three times as many

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News InsuranceLegalLegislation / RegulationRisk

What the short-term rental crackdown means for home insurance

December 15, 2023 by David Gambrill

With the federal government cracking down on short-term rentals, property and casualty insurance providers are urging clients who rent their properties short-term to contact them to verify whether or not they are covered for property damage or liability for third-party

Cardboard Boxes at new apartment
News ClaimsInsuranceLegal

‘Vacancy’ confusion in a home insurance policy: what the court said

November 29, 2023 by David Gambrill

A Nova Scotia court awarded more than $225,000 against a home insurer after its telephone agent placed coverage for a couple’s newly purchased house, when in fact it was unclear if the property was vacant, thus triggering a policy exclusion

Building maintenance, repairs, and compliance with legal regulations.
News ClaimsInsuranceLegalLegislation / Regulation

GRC policies do not cover increased compliance costs: Appeal Court

November 7, 2023 by David Gambrill

A Guaranteed Replacement Cost (GRC) home insurance policy does not provide coverage for increased regulatory compliance costs required for the rebuild, the Court of Appeal for Ontario has ruled, thus reversing a lower court decision last October that found otherwise.

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Brokers: Is your client’s dog “friendly?”

September 25, 2023 by David Gambrill

When two dog owners pass each other while walking their dogs, it is common to hear one ask of the other’s dog, “Friendly?” Perhaps that’s what personal lines home insurance brokers should be asking their dog-owning clients, since lawsuits against

Agent with couple shaking hands closing a deal
News BrokersClaimsInsuranceLegal

Brokers, not insurers, advise clients of valuation changes

June 29, 2023 by David Gambrill

An insurer does not displace the role of the broker if the insurer conducts its own independent replacement cost valuation (RCV) and comes up with a different number than the broker submits, the Ontario Superior Court confirmed Tuesday. It remains

Bad extreme heavy rain storm weather. Flooded streets of the neighborhood. A flooded road junction with a drowned car. Heavy rains from tropical storm caused many flooded areas.
News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesReinsuranceRisk

Feds commit money for new national flood insurance program

March 29, 2023 by David Gambrill

Canada’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,

House fire destroys building
News ClaimsInsuranceRisk

Where Ontario’s 2022 fire-related deaths ranked

January 13, 2023 Philip Porado

Ontario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020

Man hand stopping the dominos falling
News ClaimsInsuranceLegal

Insurer has no duty to defend parents named in negligence lawsuit

January 9, 2023 by David Gambrill

B.C.’s Supreme Court has upheld that an insurer is not obligated to defend parents in a lawsuit alleging negligence for failing to stop their child from inflicting harm on others. In Reeves v Co-Operators General Insurance Company, Bentley Reeves and

Recession's impact on car insurance
News ClaimsInsuranceMarkets / Coverages

How the upcoming recession will affect your home and auto clients

January 3, 2023 by Jason Contant

With a potential recession on the horizon, consumers will likely purchase fewer big-ticket items such as cars and homes. Of course, this also means a decrease in demand for the Canadian P&C insurance industry.  “Cars can be seen as a