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Courts should not use ‘second-hand lay evidence’ to support damage awards for psychological harm: IBC

January 4, 2017 by Canadian Underwriter

The question of whether a court can award compensation for psychological injuries in the absence of a medical diagnosis will be considered this month when the Supreme Court of Canada hears an appeal arising from an auto collision near Vancouver.

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Fort McMurray wildfire tops annual meteorologist list of weather stories

January 3, 2017 The Canadian Press

TORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea

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Flood insurance ‘must be affordable:’ IBAC

December 16, 2016 by Canadian Underwriter

Residential flood insurance should be available and affordable and the government should provide a backstop without being an “insurer of first resort,” the Insurance Brokers Association of Canada said in a document released this week. Personal flood insurance “must be

News InsuranceLegalLegislation / RegulationMergers and Aqcuisitions

Ontario court upholds 20-year driving ban for repeat impaired driver

December 6, 2016 by Canadian Underwriter

A 20-year driving ban, on an Ontario man with more than 10 drunk driving convictions, was recently upheld by the province’s Summary Conviction Appeal Court. In February, 2009, Victor Freeborn-Mejia was sentenced to six months in jail plus a 20-year

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IBC’s top 10 stolen vehicles list for 2016 shows 6% increase in auto theft over 2015

December 6, 2016 by Canadian Underwriter

The road to improving auto theft numbers has taken a negative turn for the second year in a row, increasing 6% nationally in 2016 over 2015, Insurance Bureau of Canada (IBC) reports in its newly released Top 10 Most Frequently

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Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron

November 22, 2016 by Canadian Underwriter

Preparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to

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Thanksgiving floods in Atlantic Canada caused more than $100 million in insured damage: CatIQ

November 18, 2016 by Canadian Underwriter

A tropical moisture system resulting from Hurricane Matthew that swept through Atlantic Canada last month has resulted in over $100 million in insured damage, according to Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting with Matthew’s tropical

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PCS estimates $3.98 billion in insured damage from Fort McMurray wildfire in final re-survey

November 17, 2016 by Canadian Underwriter

Property Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with

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$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report

November 15, 2016 by Canadian Underwriter

About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural

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IBC applauds Ontario government’s decision to move forward with creation of new financial services regulator

November 15, 2016 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is applauding the Ontario government’s decision to move forward with the creation of a new financial services regulator. On Monday, the government of Ontario announced in its 2016 Ontario Economic Outlook and Fiscal Review

News Earnings / RatingsInsuranceLegislation / RegulationMergers and Aqcuisitions

Impact of June Ontario auto changes ‘will be something to see going forward:’ A.M. Best

November 13, 2016 Greg Meckbach, Associate Editor

It is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios,

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn

November 10, 2016 Greg Meckbach, Associate Editor

The insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers