Segment
Claims
Insurer found vicariously liable for adjuster selling client information
August 26, 2022 by David GambrillB.C.’s public auto insurer has been held vicariously liable for a privacy breach, in which one of its claims adjusters sold client information to a third party that ultimately led to arson and shooting attacks. “Between April 2011 and January…
Fire-risk recall may give brokers opportunity to contact auto clients
August 25, 2022 Philip PoradoA recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a…
Trial required to assess Zurich’s right to rescind surety bonds: Appeal Court
August 25, 2022 by David GambrillAs a matter of legal principle, Zurich can rescind performance and payments surety bonds based on fraud or misrepresentation, even if that would affect the rights of innocent third parties in a construction dispute, Ontario’s Court for Appeal has ruled.…
How to bust a car theft ring – a look inside project MYRA
August 24, 2022 Philip PoradoIn late July, charges were announced in a nearly two-year, multi-jurisdictional investigation nicknamed Project MYRA that targeted rings of organized car thieves. The thieves altered vehicle identification numbers (VINs), and then re-registered and sold the cars privately to unsuspecting customers.…
Why insurers risk losing millions in premiums without this tech
August 24, 2022 by Alyssa DiSabatinoMillions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report…
Why B.C’s heat dome puts the industry on alert for wildfires
August 18, 2022 by Alyssa DiSabatinoA heat wave building across western Canada and the Prairies could worsen wildfires, which have already burned more hectares this year over last despite fewer fires to date, one industry expert observes. This week, Alberta, British Columbia and Saskatchewan will…
Before paying a ransom, hacked companies should consider their ethics and values
August 18, 2022 The Canadian PressMichael Parent, Professor, Management Information Systems, Simon Fraser University – THE CONVERSATION The recent cyberattacks in August on Bombardier Recreational Products and the Ontario Cannabis Store highlight the continuing scourge of cyber criminals and ransomware. Ransomware is a piece…
How tech is helping insurers mitigate equipment breakdown losses
August 17, 2022 by Alyssa DiSabatinoThe use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that…
Court orders Travelers to defend “your work” exclusion case in Quebec
August 17, 2022 by David GambrillQuebec’s Court of Appeal has rejected Traveler’s challenge of a Wellington-style motion that requires the insurer to defend a construction contractor in a “your work” exclusion case against Quebec’s attorney general. The appeal court also rejected Tuesday Traveler’s motion to…
Why global reinsurers are high-fiving right now
August 17, 2022 by Jason ContantFor the first time in five years, global reinsurers posted an underwriting profit, albeit a small one. The average combined ratio of the Top 10 global reinsurers was 99.2% in 2021, significantly better than the 104.9% posted in 2020, credit…
Deloitte report: How microeconomic factors will impact claims costs
August 17, 2022 Philip PoradoYes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
Boat sinks with 10,000 litres of fuel near Canada-U.S. marine border
August 17, 2022 The Canadian PressVICTORIA – A fishing boat that sank with nearly 10,000 litres of fuel on board near the Canada-U.S. marine border went down in one of the worst possible places for endangered orcas, an ocean pollutants expert says. Peter Ross, a…