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Much of Nova Scotia paralyzed following snowstorm News AdjustersBrokersCatastrophesClaimsClimate ChangeInsuranceRisk

How winter storms tally this year compared to last

March 15, 2024 by Alyssa DiSabatino

Maritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February.   The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians…

News CatastrophesInsurance

Quebec lender ending new mortgages in flood zones. Is insurance next?

March 15, 2024 by Morgan Lowrie - The Canadian Press

QUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the latest challenge for cities trying to adapt…

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 by Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing…

Patrick Ballantyne Board Chair, CISRO News AppointmentsBrokersInsuranceLegislation / Regulation

Meet CISRO’s new board chairman

March 14, 2024 by David Gambrill

Patrick Ballantyne, CEO of Ontario’s insurance broker regulator since 2016, is now board chairman at the Canadian Insurance Services Regulatory Organizations (CISRO). CISRO is a national forum of Canadian regulatory authorities dedicated to consistent qualifications and conduct of business standards…

Scenic autumn view of the rural landscape, orchards, vineyards, and wineries of Oliver located in the Okanagan Valley of British Columbia, (B.C.) Canada. News CatastrophesClaimsClimate ChangeCommercial Lines

B.C. orchards and vineyards to get $70M to replant after disastrous weather

March 14, 2024 by The Canadian Press

BRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in…

Three hands holding jigsaw puzzle pieces News AnnouncementsBrokersInsuranceMergers and Aqcuisitions

Navacord expands with third acquisition of the year

March 14, 2024 by Alyssa DiSabatino

All-Risks Insurance Essex has been acquired by Ives Insurance, a Navacord-owned brokerage. The acquisition marks Navacord’s third deal of the year.   Based in Southwestern Ontario, All-Risks Insurance’s Essex branch joins the Navacord fold, effective Mar. 1. The entire All-Risks…

Cargo airplane flying over container ship in the ocean. News BrokersCommercial LinesInsuranceMarkets / CoveragesRisk

One emerging threat to your business clients’ supply chains

March 13, 2024 by Alyssa DiSabatino

Geopolitical conflict is wreaking havoc on your business clients’ supply chains, a new Marsh report finds.   It’s required businesses to find better ways to mitigate or transfer specific risks before they develop into something of concern, according to Marsh…

Close-up Youth asia female wear casual sit front of desk hold smartphone and credit card feel upset online shopping payment declined credit over limit in living room at house. News BrokersInsuranceLegislation / Regulation

Ex-broker suspended for misusing client’s credit card

March 13, 2024 by David Gambrill

A former B.C. broker has been suspended for three years after making unauthorized purchases on a client’s credit card, the Insurance Council of B.C. has ruled. The province’s broker regulator ordered the suspension in February 2024, after finding that Maninder…

Construction site accident News CatastrophesClaimsInsurance

Who’s responsible when construction projects go wrong

March 13, 2024 by By Dr. Yasser Korany, KSI Engineering

Construction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent…

The McDougall Creek wildfire in West Kelowna, BC. News CatastrophesClaimsClimate ChangeInsuranceRestoration

Night once brought firefighting reprieve, but no longer, Canadian study shows

March 13, 2024 by Brenna Owen - The Canadian Press

BRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire…

Hourglass, stopwatch and clock floating in blue water News ClaimsCommercial LinesInsuranceLegalRisk

Paid the claim? No need to re-appraise after limitation period, court says

March 12, 2024 by Alyssa DiSabatino

An insurer that has already paid a claim doesn’t have to do a follow-up appraisal after the limitation period has expired, Ontario’s Superior Court of Justice has ruled.  “An admission of liability to pay on the part of an insurer…

The Fraser Valley in B.C. after flooding on Nov. 21, 2021 News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Federal disaster aid for Fraser Valley floods, landslides taking too long: B.C. MP

March 12, 2024 by Mia Rabson - The Canadian Press

The federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that…