News
What claims Crawford expects to see from New Brunswick flooding
May 10, 2018 by Jason ContantClaims adjuster Crawford & Company (Canada) Inc. is anticipating “numerous water damage claims to homes, business and automobiles” as a result of the flooding in New Brunswick. Shelley Landry, director of operations of Crawford Canada’s Atlantic region, told Canadian Underwriter…
Insurers investing in AI can boost revenues by double digits: Accenture study
May 10, 2018 by Jason ContantInsurers that invest in artificial intelligence (AI) and human-machine collaboration at the same rate as “top-performing” businesses could, over the next five years, boost their revenues 17% and their employment 7% on average, according to new research by professional services…
Economical set to roll out ‘full training’ to brokers on Vyne
May 10, 2018 by Greg MeckbachBrokers will soon be able to learn Vyne, Economical Insurance’s Guidewire-based computer system, touted as a way of administering insurance policies with less manual intervention. “Soon we will roll be rolling out full training to 22,000 brokers across the country,”…
Claimant makes incorrect proof of loss statement: Error? or “Wilfully false”?
May 10, 2018 by David GambrillA claimant does not have to intend to deceive an insurance company in order to make a “willfully false statement” on a proof of loss, thus voiding the insurance policy, an Ontario court has ruled. In Pinder v. Farmers’ Mutual…
CatIQ releases updated toll of April ice storm damage
May 10, 2018 by Jason ContantThe mid-April ice storm in southern Ontario and Quebec cost insurers more than $190 million, Catastrophe Indices and Quantification (CatIQ) said Thursday. CatIQ has reported more than 15,000 insurance claims, including 1,800 car collisions, due to the storm. Strong winds,…
Data-harvesting firms are exploiting gaps in Canadian law, MPs hear
May 10, 2018 by The Canadian PressOTTAWA – Lawmakers delving into the Facebook data scandal are hearing experts call for substantial regulatory upgrades to protect the privacy of Canadians – as well as warn of democratic and economic risks posed by foreign companies motivated by “surveillance…
How Economical plans to remain independent after demutualization
May 9, 2018 by Greg MeckbachIf Economical Insurance becomes publicly-traded on the stock exchange, it could eventually be acquired, but company officials have no intention of making Economical an easy acquisition target. “We certainly made a determination a long time ago that we were not…
Economical exposed to Ontario’s auto market cycles
May 9, 2018 by Greg MeckbachExposure to Ontario’s regulated auto market is one factor leading to the “unsatisfactory” financial performance at Economical Insurance, CEO Rowan Saunders suggested to mutual policyholders attending the company’s annual general meeting, held Monday at the Bingemans Centre in Kitchener, Ont.…
Belair court victory exposes how clinics can abuse auto claims system
May 9, 2018 by David GambrillBelair Direct has succeeded in quashing an auto insurance claim that illustrates how rehab and assessment clinics can potentially abuse Ontario’s accident benefits law. In its ruling in Belair Direct Insurance Company v. Green, an accident benefits case, the Ontario…
Hub acquires Quebec benefits brokerage
May 9, 2018 by Jason ContantHub International has acquired the shares of a Quebec benefits brokerage, a move designed to strengthen benefits and retirement offerings throughout Canada. The Chicago-based global insurance brokerage reported on May 7 that it acquired the shares of Les Avantages Sociaux…
Trains suspected as starting grass fires in Prairies
May 9, 2018 by Steve Lambert - THE CANADIAN PRESSWINNIPEG – An extremely dry spring in the eastern Prairies has meant an early start to fire season and in some cases trains are being suspected as the cause. “It is tinder dry,” said David Phillips, senior climatologist for Environment…
How Canadian insurance regulators have aligned with their international counterparts
May 8, 2018 by David GambrillPrompted by a growing focus on fair treatment of consumers by international regulators, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have invited Canada’s property and casualty insurance industry to comment on a…