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Aon Benfield suggests Brantford flooding will cost “tens of millions”

March 9, 2018 by Jason Contant

Aon Benfield’s catastrophe model development team, Impact Forecasting, is estimating total economic and insured losses in the tens of millions (U.S. dollars) for the recent flooding in southern Ontario. Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter in late

News CatastrophesClaimsInsurance

January winter storm largely battered one province

March 8, 2018 by Jason Contant

A winter storm in central and eastern Canada at the beginning of the year caused more than $54 million in insured damage, with the majority of damage being in Quebec, Catastrophe Indices and Quantification Inc. (CatIQ) reported Thursday. Of the

News InsuranceLegislation / Regulation

No push from brokers to end B.C. government monopoly on auto insurance

March 7, 2018 Greg Meckbach, Associate Editor

Despite the fact that British Columbia’s government monopoly auto insurer lost almost $1 billion in the first nine months of last year alone, brokers in the province are not seeing a push from motorists to open the market to competition.

News CatastrophesClaims

Ontario flooding a “wakeup call” for homeowners to check their policies: IBC

February 27, 2018 by Greg Meckbach

Ongoing flooding issues in southern Ontario are a “wakeup call” that homeowners should be reviewing their water damage coverage, Insurance Bureau of Canada (IBC) cautions. Several communities, including Brantford, Chatham and London, experienced flooding due to mild temperatures and several

News InsuranceLegislation / Regulation

Insurers applaud Quebec’s tougher stance on distracted driving

February 21, 2018 by David Gambrill

Canadian property and casualty insurers are pleased that Quebec is proposing new distracted driving rules, including stronger penalties as a deterrent, as part of a larger package of proposals to beef up the province’s Highway Safety Act. Insurance Bureau of

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

How red tape is bringing telematics to a standstill

February 14, 2018 by Jason Contant

Restrictions imposed on how insurers price usage-based insurance pricing (UBIP) are hampering innovation in the insurance industry, the Insurance Bureau of Canada (IBC) told Canadian Underwriter Monday. Canadian Underwriter asked IBC on Monday for examples of red tape that could

News InsuranceLegislation / Regulation

Outdated laws disallow insurers from offering digital insurance solutions: IBC

February 13, 2018 by Jason Contant

Ontario’s Insurance Act and its regulations prevent insurers from doing business and communicating with their customers through digital or mobile platforms, the Insurance Bureau of Canada (IBC) noted on Monday. Canadian Underwriter asked IBC about some of the red tape

News ClaimsInsuranceMarkets / Coverages

Look for ICBC to ‘behave more like a private sector company’: IBC

February 9, 2018 by Greg Meckbach

With its cap on minor injury awards announced Tuesday, British Columbia’s government monopoly auto insurer is moving towards a model used by other provinces that have private auto insurance systems, Insurance Bureau of Canada says. Awards for pain and suffering

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Insurers pushing for regulatory approval of electronic pink slips

February 6, 2018 by Jason Contant

Insurers understand the need for electronic proof of auto insurance, but don’t yet have the ability to share this information electronically, Steve Kee, director of media and digital communications with the Insurance Bureau of Canada (IBC), said in an interview

News Climate ChangeInsurance

Canada starting to build a “culture of climate resilience,” insurers say

January 24, 2018 by David Gambrill

Canada is starting to create a culture of climate resilience, particularly around overland flood risk, says the Insurance Bureau of Canada (IBC), an association of Canada’s home, auto and business insurers. “We’re encouraged and fairly optimistic that the wheels are

News InsuranceMarkets / Coverages

What if the Alaskan earthquake happened in Canada?

January 24, 2018 by Jason Contant

A recent earthquake off the coast of Alaska, which prompted a brief tsunami warning for British Columbia, resulted in no immediate reports of damage — but what if it did strike Canada’s westernmost province? A 2013 study by catastrophe modelling

News CatastrophesInsuranceMarkets / Coverages

Was Atlantic winter storm 2018’s first cat event?

January 16, 2018 by Jason Contant

A winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ