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IBC
About 10,000 homes were in N.B. flood areas, but damage still unclear
May 19, 2018 The Canadian PressFREDERICTON – New Brunswick’s environment minister has given a new sense of scale to the province’s record-setting floods, saying as many as 10,000 homes and businesses were within flood zones. Andrew Harvey said Thursday that precise figures have yet to…
Province sees flurry of P&C insurance legislation
May 17, 2018 by Jason ContantQuebec is seeing several proposed legislative changes that will – or could – impact property and casualty insurance in the province, the Insurance Bureau of Canada’s (IBC) director of communications and public affairs told Canadian Underwriter Thursday. Pierre Babinsky was…
Two-year deadline for Fort McMurray insurance claims extended
May 17, 2018 The Canadian PressFORT MCMURRAY, Alta. – Deadlines have been extended for hundreds of insurance claims that remain unresolved more than two years after a wildfire dubbed “The Beast” tore through Fort McMurray and surrounding areas in the Regional Municipality of Wood Buffalo.…
CatIQ releases updated toll of April ice storm damage
May 10, 2018 by Jason ContantThe mid-April ice storm in southern Ontario and Quebec cost insurers more than $190 million, Catastrophe Indices and Quantification (CatIQ) said Thursday. CatIQ has reported more than 15,000 insurance claims, including 1,800 car collisions, due to the storm. Strong winds,…
Judges at odds on liability of directors and officers in shareholders’ lawsuit
May 7, 2018 by Greg MeckbachA class-action lawsuit by shareholders against five directors and officers of a Vancouver-based coal mining firm may reach the Supreme Court of Canada. Directors and officers are at risk of being sued by shareholders if the company’s share price drops;…
Ontario Chamber of Commerce joins chorus of calls for electronic pink slips
May 1, 2018 by Jason ContantThe Ontario Chamber of Commerce (OCC) is the latest organization to call on the provincial government to allow insurers to offer an electronic proof of auto insurance (EPAI) and other insurance documents. In a resolution passed during OCC’s annual general…
Early April storm in Ontario, Quebec causes $85 million in insured damage
April 30, 2018 by Jason ContantA windstorm in early April is estimated to have cost insurers more than $85 million, mostly from home insurance claims in Ontario, according to Catastrophe Indices and Quantification Inc. (CatIQ). The April 4-5 storm brought severe rain and freezing rain,…
Simplifying claims involving automated cars
April 26, 2018 by David GambrillCanada’s insurers are developing a framework for insuring automated vehicles that is designed for handling auto claims quickly, regardless of whether tort liability arises from human error or a manufacturing defect in the automated vehicle. “We all know the automated…
B.C. projects big savings from new minor injury cap
April 24, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) is congratulating British Columbia’s proposed legislative changes that would introduce a minor injury cap of $5,500 in the province, a move aimed at reversing the public auto insurer’s skyrocketing legal and administrative costs. The…
Windsor tremor shows quake risk exists anywhere in Canada
April 23, 2018 by Greg MeckbachEarthquakes do hit southern Ontario from time to time but the area hit last week has a low risk of experiencing property damage arising from earthquakes, an Insurance Bureau of Canada official told Canadian Underwriter. Natural Resources Canada reported that…
Bigger floods coming to Canada: Intact Centre head
April 10, 2018 by Greg MeckbachIf you think the most expensive floods in Canadian history were big, you haven’t seen anything yet. “The manifestation of climate change and extreme weather events is still yet to come,” said Blair Feltmate, head of the Intact Centre on…
Ontario budget 2018: What’s in it for the industry
March 29, 2018 by Greg MeckbachThe Ontario government’s 2018-19 budget document provides some comfort for auto insurers because the province is committing to having the new regulator up and running by April 2019. The Financial Services Regulatory Authority, which will effectively replace the Financial Services…