Segment
Claims
Why claims adjusters face a labour force double whammy
December 14, 2022 Philip PoradoSolving the P&C industry’s talent recruitment difficulties will be a key focus for 2023, according to industry respondents to Canadian Underwriter’s annual Executive Outlook survey. While respondents focused mainly on the needs of the broking and underwriting business segments, the…
Quebec bus crash kills two people, leaves many in hospital
December 14, 2022 The Canadian PressSAINT-FABIEN, Que. – Health officials say eight people remain in hospital after a collision between a car and a bus Tuesday evening that killed two people in St-Fabien, Que. Dr. Pascal Ducharme of the Bas-Saint-Laurent regional health authority told reporters…
Are product liability insurers ready to face mass torts?
December 13, 2022 Philip PoradoClass action lawsuits have long been drivers of social inflation for insurers that provide product liability overage. But now a new legal vehicle, the ‘mass tort,’ looks to be waiting in the wings. Unlike class actions, in which one plaintiff…
P.E.I. utility Maritime Electric estimates cost of Hurricane Fiona
December 13, 2022 The Canadian PressCHARLOTTETOWN – Prince Edward Island’s electric utility says it will cost about $35 million to repair damage to the company’s distribution system caused by post-tropical storm Fiona. A spokesperson for Maritime Electric said that estimate is based on invoices received…
What’s the better parametric insurance trigger for Canadian hurricanes?
December 12, 2022 by Alyssa DiSabatinoHurricane risk differs in Canada, which is why parametric insurance triggers that work in the U.S. may not be as effective in Canada, said a panellist in a Canadian Underwriter webinar. Barometric pressure may be a better parametric trigger…
Information of 360,000 people affected in Ontario COVID-19 vaccine data breach
December 12, 2022 The Canadian PressTORONTO – The Ontario government began notifying about 360,000 people on Friday that their personal information had been part of a COVID-19 vaccine database breach that took place more than a year ago. The breach happened on Nov. 16, 2021…
How insurance coverage will change as Canadian hurricane risk expands
December 9, 2022 by Alyssa DiSabatinoParametric insurance is a relatively new product in Canada, and thus is not a big buy for commercial clients, but as climate change is expected to cause more hurricane events in Canada, expect this solution to get more popular north…
Cargo from 2021 spill still washes up on B.C. shores
December 8, 2022 Ashley Joannou - THE CANADIAN PRESSWhen Jill Laviolette started picking debris off Cape Palmerston beach on Vancouver Island following the container spill from the MV Zim Kingston freighter, the inflatable dinosaur and unicorn toys she pulled from the sand looked nearly pristine. More than a…
Why this insurer saw double the amount of auto claims. Could it happen again?
December 7, 2022 by Alyssa DiSabatinoA major snowfall in southern British Columbia last week led to a 94% increase in claims compared to the week prior, Insurance Corporation of British Columbia (ICBC) reported. And with more snow being forecast today, drivers should prepare for more…
How inflation, and possible recession, may create D&O headaches
December 6, 2022 Philip PoradoFaced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
ICBC’s new approach to claims interactions with injured drivers
December 5, 2022 Dr. Donna BainThe new Enhanced Care model put in place by the Insurance Corporation of British Columbia (ICBC) in Spring 2021 emphasizes proactive outreach to injured customers to help them recover, while also communicating about insurance benefits and processes. Enhanced Care changed…