News
Adjudicating claims and setting claims reserves are different, right?
January 21, 2020 by David GambrillAn Ontario court has rejected an attempt by claimants in a bad faith claim against an insurer to blur the line between claims adjudication and setting claims reserves, ruling that the insurer’s “records pertaining to reserves” were irrelevant to how…
When OSFI will reissue proposed draft reinsurance rules
January 21, 2020 by Jason ContantThe Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance industry veteran predicted last week. “I believe OSFI will…
Edmonton fire chief says people must adapt to more wildfires
January 21, 2020 by Bob Weber - THE CANADIAN PRESSEDMONTON – In a few weeks, Ken Block will hang up his uniform as head of Edmonton Fire Rescue and head Down Under to assume command of 5,000 firefighters in Australia. “I’m really looking forward to getting over there,” the…
State of emergency delays adjusters’ response to ‘Snowmageddon’ in Newfoundland
January 20, 2020 by David GambrillBuried under a record-breaking 76 cm of snow over a 48-hour period, and with 15-20 cm more snow in the forecast Monday, it will be a while before claims adjusters will be able to assess the damage of the massive…
Couple sued over basement flooding after selling fixer-upper
January 20, 2020 by Greg MeckbachA Kelowna couple have been sued for $168,000 after a house they sold suffered basement flooding. In Brunning v. Cummings, released Jan. 13, Supreme Court of British Columbia Justice Gordon Weatherill awarded the damages to Cheri and Joel Brunning. The…
The status of ‘silent cyber’ in the insurance industry
January 20, 2020 by Jason ContantSilent cyber has long been a thorn in the side of some insurers, and it doesn’t look like the issue will be resolved any time soon. Part of the issue is that the cyber market doesn’t exist to cater to…
Why green concerns have experts seeing red
January 20, 2020 by Adam MalikThe World Economic Forum is sounding the alarm that the top most-likely global risks are all environment-related. In the group’s 15th annual Global Risk Report, survey respondents listed their Top 5 most-likely top global risks in 2020: extreme weather climate…
Google CEO calls for regulation of artificial intelligence
January 20, 2020 by Kelvin Chan - THE ASSOCIATED PRESSLONDON – Google’s chief executive called Monday for a balanced approach to regulating artificial intelligence, telling a European audience that the technology brings benefits but also “negative consequences.” Sundar Pichai’s comments come as lawmakers and governments seriously consider putting limits…
An MGA can land in “big trouble” if it fails to do this
January 17, 2020 by Greg MeckbachTechnology could make it easier to start up new managing general agents – which is good news for some and bad news for others, panelists suggested during a recent webinar. “If you [as an MGA] are sitting there thinking, ‘Oh…
Why you shouldn’t go outside the industry to find talent
January 17, 2020 by Jason ContantIt’s no secret that there is a war for talent in Canada’s property and casualty insurance industry. But before you look outside your brokerage or insurance company for talent, take a look inside, advises Tomas Chamorro-Premuzic, the chief talent scientist…
How this buried oil tank came back to haunt former homeowners
January 17, 2020 by Greg MeckbachIf your clients are selling their home, should you ask whether prospective buyers want written assurance that any oil tanks are removed and the soil cleaned up? Scott Warren and Antonia Camille Fantillo sold their home in early 2016. They…
What Sonnet hopes to gain from NHLPA partnership
January 17, 2020 by Adam MalikTechnology is making more of an impact in professional sports, and the same can be said for insurance. That makes re-upping the relationship between Sonnet and the National Hockey League Players’ Association a natural decision, said the company’s marketing head.…