News
What’s making it harder to estimate property Cat claims
February 17, 2021 by Greg MeckbachRecent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in…
Audit finds ‘no formal tracking’ of IT security incidents at Public Safety Canada
February 17, 2021 by Jim Bronskill - THE CANADIAN PRESSOTTAWA – An internal review has uncovered weak security practices when it comes to information technology at Public Safety Canada – from lax controls on the use of portable flash drives to inadequate awareness and training. The review found employees…
How brokers can help personal cyber go mainstream
February 16, 2021 by Adam MalikAlthough it will take some time, selling personal cyber insurance will come as naturally to brokers as selling home and auto insurance to customers, an expert predicts. Until that happens, however, it’s up to brokers to make sure that personal…
Broker suspended for his role in “grey market” luxury vehicle sales
February 16, 2021 by David GambrillA B.C. broker has been fined $7,000 and had his licence suspended for a year for his role in a “grey market” scheme to circumvent a ban on selling new luxury cars directly to used vehicle dealerships. Anthony Bryan Chua…
One knock-off effect of rising condo deductibles
February 16, 2021 by Greg MeckbachA large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000…
Insurers beware: Why your settlements may not be secure
February 16, 2021 by Canadian UnderwriterA record-keeping blunder more than 50 years ago means London, Ont.’s Catholic diocese faces a new multi-million-dollar lawsuit over sexual abuse during the early 1970s of an elementary school student by a priest. The Supreme Court of Canada announced Feb.…
Next round of funding available to clean up inactive Alberta oil and gas sites
February 16, 2021 by The Canadian PressEDMONTON – Alberta and the federal government say another $400 million in funding is available to help clean up inactive oil and gas sites in the province. The money includes $100 million for clean up in Indigenous communities. The rest…
How COVID-19 has affected repair of vehicles from hail
February 12, 2021 by Greg MeckbachThe COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work,…
The critical piece that made remote work successful for Travelers
February 12, 2021 by Adam MalikProperty and casualty insurance industry employers need to work with staff to set clear expectations when it comes to setting up a working-from-home policy, says an insurer executive. Done correctly, P&C employers can see a boost in productivity and employee…
Final outcome of The Co-operators’ surface water commercial property coverage dispute
February 12, 2021 by Greg MeckbachA Supreme Court of Canada decision released Thursday means The Co-operators cannot appeal a $429,000 court decision against it over “surface water” coverage on a commercial property policy. In Co-operators General Insurance Company v. Le Treport Wedding & Convention Centre…
What brokers are asking of their underwriters
February 12, 2021 by David GambrillIn the midst of a hard market in several Canadian commercial insurance lines, several senior Canadian broker executives are urging underwriters not to substitute data and analytics entirely for their own good judgment about what constitutes a good or a…
Two dozen vehicles, including a bus, involved in chain-reaction collision east of Vancouver
February 12, 2021 by The Canadian PressHOPE, B.C. – Police say a crash that killed one person and injured dozens more east of Vancouver on Wednesday began with a semi-truck stopped in the S-curves on a mountainous highway that was covered in glare ice. The RCMP…