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Flooding prompts state of emergency and evacuations in Brantford, Ont.

February 21, 2018 by The Canadian Press

BRANTFORD, Ont. – Residents of a southern Ontario city were forced from their homes and businesses on Wednesday as rising flood waters from a local river prompted a state of emergency. Days of mild temperatures and torrential rain caused an…

News InsuranceMarkets / Coverages

Broker fined for unorthodox method of storing client documents

February 20, 2018 by David Gambrill

A B.C. broker has been fined $2,500 and ordered to complete a privacy compliance course after it was discovered that she was storing client documents in the locked garage of her home. Her time-honoured, paper-based method of storing documents came…

News InsuranceMarkets / CoveragesTechnology

Why it costs more to fix your insured’s car (Hint: it’s not just the gadgets)

February 20, 2018 by Jason Contant

Addressing the entire vehicle safety system after an auto collision, and not just one component like a sensor, may be contributing to longer auto repair times and higher costs for insurers, Mitchell International said Thursday. Jerry Gastineau, content manager with…

News Earnings / RatingsInsuranceMarkets / Coverages

“No question” that Aviva Canada plans to hike auto rates: CEO

February 20, 2018 by Greg Meckbach, Associate Editor

There is “no question” that Canada’s second-largest insurer, Aviva Canada, is contemplating country-wide rate increases in personal auto, Greg Somerville, the company’s president and CEO, told Canadian Underwriter Thursday. The cost of repairing vehicles with advanced technologies is one factor…

News ClaimsInsuranceMarkets / Coverages

How ICBC can cut auto injury claims costs by more than $20 million

February 20, 2018 by Greg Meckbach

British Columbia’s government monopoly auto insurer could save up to $27 million a year on claims costs and reduce the risk of legal disputes by taking on a “larger role” in designing plans to treat auto collision injuries, PriceWaterhouse Coopers…

News ClaimsInsuranceMarkets / CoveragesTechnology

One way car repairs may become cheaper

February 20, 2018 by Jason Contant

Vehicles with special materials such as high-strength steels, aluminum and carbon fibres are now contributing to an increase in severity potential and repair costs, but these costs may eventually decrease, Mitchell International said on Thursday. Preliminary data is showing the…

News Markets / Coverages

‘Behind in our preparation:’ Nunavut rushing to meet pot deadline

February 20, 2018 by The Canadian Press

IQALUIT, Nunavut – With marijuana legalization only months away, members of Nunavut’s new government are finally discussing how the territory will handle the change. “We do feel behind in our preparation,” said Dan Carlson, Nunavut’s deputy minister of finance. The…

News InsuranceLegalMarkets / CoveragesTechnology

How Internet of Things will change product liability

February 19, 2018 by David Gambrill

Product liability could look very different in the future once the Internet of Things (IoT) connects a variety of insured household and business products, Clyde and Co. litigator Prachi Shah told Canadian Underwriter Friday. In existing IoT literature, we hear…

News ClaimsInsuranceMarkets / CoveragesTechnology

Want to offer real-time claims payments? Start planning now

February 19, 2018 by Jason Contant

Canadian insurance companies should start to plan now how they will implement ISO 20022, an international standard that supports electronic payments, the chief operating officer of Payments Canada told Canadian Underwriter Wednesday. “Your large insurance companies… ought to be thinking…

News ClaimsInsuranceTechnology

Why driving safety tech doesn’t cut claims costs – yet

February 19, 2018 by Greg Meckbach

Sensor and computer technologies are supposed to make traffic safer but are indirectly increasing insurance claims costs, the head of Canada’s Number 2 insurer warns. Aviva Canada has observed a “double-digit” increase (meaning more than 10%) in property damage costs…

News InsuranceMarkets / CoveragesTechnology

Artificial Intelligence, the latest cybersecurity threat

February 19, 2018 by Jason Contant

Artificial intelligence (AI) could be a double-edged sword for Canada’s property and casualty insurance industry, offering several potentially positive outcomes, but at the same time a new cybersecurity threat. AI is consistently touted by the insurance industry for its potential…

News ConstructionInsuranceLegal

Surety providers’ argument rejected by Supreme Court of Canada

February 19, 2018 by Greg Meckbach

An argument from a group of insurers and brokers – that construction contractors should not have a duty to inform subcontractors of the existence of a surety bond – has been rejected by the Supreme Court of Canada. In Valard…