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IBC welcomes province’s climate change efforts
November 28, 2017 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is welcoming the climate change provisions in the Government of Ontario’s newly released Long-Term Infrastructure Plan (LTIP). The provincial government released LTIP on Tuesday. The plan includes investment in public infrastructure, such as hospitals,…
MPP seeks “accident forgiveness” for public emergency claims
November 27, 2017 Greg Meckbach, Associate EditorAn effort to forbid Ontario insurers from terminating a policyowner’s contract on the basis of a claim arising from a declared public emergency highlights concerns over the lack of a government backstop for home flood coverage, an Insurance Bureau of…
What’s the hourly wage of an insurance professional?
November 25, 2017 David Gambrill, Editor-in-ChiefOntario’s recent minimum wage hike up to $15 per hour ruffled a few feathers within the business community, but the new legislation didn’t raise much of a fuss within the property and casualty (P&C) insurance sector. “On this particular issue,…
More Windsor residents eligible for Ontario government flood relief
November 20, 2017 Greg Meckbach, Associate EditorNearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original…
Minor injury caps coming to Newfoundland?
November 17, 2017 Greg Meckbach, Associate EditorBrokers placing auto insurance in Newfoundland and Labrador should get in touch with politicians to put an ongoing review on their radar screen, and to let Insurance Bureau of Canada know whether they have any ideas on how to fix…
Will feds get involved in flood coverage for high-risk homes?
November 16, 2017 Greg Meckbach, Associate EditorDespite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public…
‘Different financial model’ needed for flood coverage: IBC
November 14, 2017 Greg Meckbach, Associate EditorThe National Roundtable on Flood Risk, scheduled Thursday in Regina, presents a “terrific opportunity launch a national conversation on flood risk,” said Craig Stewart, vice president of federal affairs for Insurance Bureau of Canada. Along with IBC president and CEO…
Insurers’ advice to brokers about overland flood policies
November 14, 2017 Greg Meckbach, Associate EditorAmid concerns about the frequency and severity of flooding in Canada, insurers are advising brokers to “stay on top” of the various water coverage products in the market, as well as to bear in mind that different carriers are taking…
New Brunswick to impose new measures for impaired drivers starting Nov. 1
October 19, 2017 The Canadian Press (CPSTF)FREDERICTON – New Brunswick will seize drunk drivers’ cars for up to two months under a law that comes into force Nov. 1 Public Safety Minister Denis Landry says the new law will make the province one of the country’s…
B.C. wildfires cause more than $127 million in insured damage: CatIQ
September 27, 2017 by Canadian UnderwriterThe “two most significant wildfires in British Columbia this summer” caused more than $127 million in insured damage, the Insurance Bureau of Canada (IBC) said, quoting Catastrophe Indices and Quantification Inc. (CatIQ). The wildfires around Williams Lake caused close to…
Insured damages exceeds $124 million from Windsor August floods: CatIQ, IBC
September 25, 2017 by Canadian UnderwriterFloods in late August in Windsor, Ont. resulted in more than $124 million in losses to the industry, Insurance Bureau of Canada suggested Monday. “From August 28 – 29, a slow-moving area of low pressure produced significant rainfall over areas…
IBC launches ‘Know Your Policy’ consumer awareness campaign
September 14, 2017 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has launched ‘Know Your Policy,’ an online campaign designed to promote insurance literacy among Canadian consumers. “A car collision, a home damaged by wind or hail and a business interrupted by vandalism or floods…