News
Wildfire forces entire First Nation community to evacuate
July 4, 2019 by Colin Perkel - THE CANADIAN PRESSA raging forest fire in northwestern Ontario has prompted the full evacuation of the First Nation community of Keewaywin, authorities said on Thursday. More than 200 residents considered vulnerable had already been flown this week to Sioux Lookout, Ont., as…
The extent of June 29 Saskatchewan tornado damage
July 3, 2019 by THE CANADIAN PRESSGOODSOIL, Sask. – Cleanup continues at a Saskatchewan campground following two tornadoes that snapped trees and caused severe damage on the Canada Day long weekend. Trevor Finlay, manager of Meadow Lake Provincial Park, says about 90 per cent of boats,…
How this year’s CAT losses are trending
July 3, 2019 by Adam MalikCanada is well on its way to cracking the $1-billion threshold in insured catastrophe losses yet again as we enter the second half of 2019. Catastrophe Indices and Quantification (CatIQ) told Canadian Underwriter Wednesday that the estimated catastrophic insured loss…
How coverage for “idea misappropriation” landed this insurer in court
July 3, 2019 by Greg MeckbachCommercial coverage for advertising liability could be a little broader than some underwriters may think. In a decision rendered on a coverage dispute, British Columbia’s appeal court ruled on June 28 that Lloyd’s Underwriters has a duty to defend Blue…
How to get your views on open banking heard in Ottawa
July 3, 2019 by Greg MeckbachIf open banking is on your radar screen, Senator Colin Deacon would like to hear from you. “I would love to have a conversation within [the property and casualty insurance] sector to talk with your sector leaders at some point,…
How many cyber claims result from human error?
July 3, 2019 by Jason ContantAbout three-quarters of cyber claims notified in 2018 to one specialist insurer involved some kind of “easily preventable” human error. “Theft of funds, ransomware, extortion and non-malicious data breaches usually start with a human error or oversight, such as clicking…
Where do you invest first to grow your business: People or machines?
July 2, 2019 by Adam MalikTo grow their business, broker principals would be wise to zero in on health, happiness and staff harmony as priorities. That’s the strategy going forward for many for Canadian businesses, according to a new study. Naturally, business owners are looking…
How much of your lunch are direct writers really eating?
July 2, 2019 by Greg MeckbachFeeling threatened by insurers who invest in a direct-to-consumer channel? Debate rages on about how much of your lunch directs could possibly eat, with commentators citing limits to the direct model. “I think there is always going to be a…
Tornadoes strike Saskatchewan campground
July 2, 2019 by THE CANADIAN PRESSGOODSOIL, Sask. – Environment Canada confirms winds that flattened a northwest Saskatchewan campground over the weekend were the result of tornadoes. The agency says in a weather summary of the incident that a severe thunderstorm moved through the Murray Doell…
One simple way to avoid a claims dispute
July 2, 2019 by Greg MeckbachSome claims disputes can be prevented entirely with better communication between clients and insurers, suggests an engineer for a firm that investigates property damage. “I couldn’t put a number on it, but I would say a large number of the…
Archway acquires three brokerages in mega-deal
July 2, 2019 by Jason ContantArchway Insurance will nearly double its footprint in New Brunswick following a mega-deal to acquire three brokerages and seven new offices across the province. Amherst, N.S.-headquartered Archway acquired Shaw Insurance Agency Ltd., Solutions Assurances 360° Inc. and J. & N.…
How to make earthquake insurance sexy
June 28, 2019 by Jason ContantQuebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said…