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Government-backed home flood insurance coming to Canada?

June 3, 2018 by Greg Meckbach

Federal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations

News CatastrophesClaimsClimate ChangeInsurance

May windstorm largest insured event in Ontario in five years: CatIQ

June 1, 2018 by Jason Contant

The early May windstorm that struck Ontario and parts of Quebec topped $410 million, the costliest insured event since the 2013 Toronto floods, Catastrophe Indices and Quantification Inc. (CatIQ) said Friday. The majority of the damage from the windstorm –

News ConstructionInsuranceMarkets / Coverages

Kinder Morgan begs the question: Is civil disobedience an insured risk?

May 27, 2018 by Jason Contant

With continued legal challenges and protests surrounding construction of the proposed new Kinder Morgan pipeline, potential insurance repercussions could be just around the corner. An Insights West opinion poll released last month found that more than one in 10 British

News ClaimsInsurance

About 10,000 homes were in N.B. flood areas, but damage still unclear

May 19, 2018 The Canadian Press

FREDERICTON – 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

News InsuranceLegislation / RegulationMarkets / Coverages

Province sees flurry of P&C insurance legislation

May 17, 2018 by Jason Contant

Quebec 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

News CatastrophesClaims

Two-year deadline for Fort McMurray insurance claims extended

May 17, 2018 The Canadian Press

FORT 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.

News CatastrophesClaims

CatIQ releases updated toll of April ice storm damage

May 10, 2018 by Jason Contant

The 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,

News InsuranceLegal

Judges at odds on liability of directors and officers in shareholders’ lawsuit

May 7, 2018 by Greg Meckbach

A 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;

News AssociationsInsuranceTechnology

Ontario Chamber of Commerce joins chorus of calls for electronic pink slips

May 1, 2018 by Jason Contant

The 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

News CatastrophesClaimsInsurance

Early April storm in Ontario, Quebec causes $85 million in insured damage

April 30, 2018 by Jason Contant

A 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,

News InsuranceTechnology

Simplifying claims involving automated cars

April 26, 2018 by David Gambrill

Canada’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

News AssociationsClaimsInsuranceLegislation / RegulationMarkets / Coverages

B.C. projects big savings from new minor injury cap

April 24, 2018 by Jason Contant

The 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