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What’s on Dec? | Episode 13 | Auto theft summit

March 18, 2024 by Canadian Underwriter

In February, the federal government heeded auto insurers’ call for a summit to address the rising rates of auto theft across the country. In 2022, Canada’s P&C industry paid out $1.2 billion in auto theft insurance claims, the first time…

Person handing a stack of money toward the camera as a form of insurance salaries News BrokersCommercial LinesEmploymentInsurance

What commercial and personal lines brokers make in 2024

March 18, 2024 by Alyssa DiSabatino

Across the country, commercial lines property and casualty insurance broker executives and commercial lines team leads and managers make more money on average than their personal lines counterparts, Impact Recruitment’s newest data shows.  The second iteration of Impact’s annual Insurance…

A glowing quantum computer News InsuranceTechnology

How quantum computing could impact risk management and claims

March 18, 2024 by Jason Contant

Quantum computing’s impact on P&C insurance operations will be wide-ranging, say several sources who spoke with CU. Almost every sector and department of the industry could be affected, including actuarial, risk management and underwriting teams, data analytics, IT, claims processing,…

A quad on its side after it has been accidentally flipped. News ClaimsInsuranceLegalLegislation / Regulation

‘Negligent operation’ of ATV includes turning it over to inexperienced driver

March 18, 2024 by David Gambrill

If parents permit an adult child to use their all-terrain vehicle (ATV), and the son or daughter then negligently turns over control of that ATV to an inexperienced driver who gets seriously injured in a crash, the parents can be…

Boardwalk trail at One Mile Lake in Pemberton, BC News ClaimsClaims CanadaInsurance

B.C. bridge vulnerable during heavy rain events, mayor says

March 18, 2024 by Roisin Cullen, Local Journalism Initiative Reporter, Pique Newsmagazine – The Canadian Press

Pemberton’s recent heavy flooding highlights the challenges the area faces, according to Mayor Mike Richman.  The Village of Pemberton (VOP) declared a state of local emergency on Jan. 30 due to flooding, and many locals were displaced from their homes…

Rideshare driver calls his insurance company after a minor accident News BrokersClaimsInsurance

Brokers: how to advise rideshare drivers on their deductibles

March 15, 2024 by Philip Porado

Drivers working for rideshare and delivery companies must be careful when setting deductibles on personal auto coverage. And they need to make sure their personal insurers know they’re doing rideshare work and carry the appropriate endorsements. A lot of drivers…

Justice and law symbol statue News ClaimsLegalLegislation / Regulation

Top court clarifies standard for judicial review of LAT decisions

March 15, 2024 by David Gambrill

Canada’s top court has kicked an auto accident benefits dispute back to the Ontario Licence Appeal Tribunal, effectively confirming courts have discretion to review decisions from the LAT, even if claimants only have a limited right to appeal LAT decisions.…

Much of Nova Scotia paralyzed following snowstorm News AdjustersBrokersCatastrophesClaimsClimate ChangeInsuranceRisk

How winter storms tally this year compared to last

March 15, 2024 by Alyssa DiSabatino

Maritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February.   The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians…

News CatastrophesInsurance

Quebec lender ending new mortgages in flood zones. Is insurance next?

March 15, 2024 by Morgan Lowrie - The Canadian Press

QUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the latest challenge for cities trying to adapt…

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 by Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing…

Patrick Ballantyne Board Chair, CISRO News AppointmentsBrokersInsuranceLegislation / Regulation

Meet CISRO’s new board chairman

March 14, 2024 by David Gambrill

Patrick Ballantyne, CEO of Ontario’s insurance broker regulator since 2016, is now board chairman at the Canadian Insurance Services Regulatory Organizations (CISRO). CISRO is a national forum of Canadian regulatory authorities dedicated to consistent qualifications and conduct of business standards…

Scenic autumn view of the rural landscape, orchards, vineyards, and wineries of Oliver located in the Okanagan Valley of British Columbia, (B.C.) Canada. News CatastrophesClaimsClimate ChangeCommercial Lines

B.C. orchards and vineyards to get $70M to replant after disastrous weather

March 14, 2024 by The Canadian Press

BRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in…