Segment
Claims
Will the oil shock slow auto insurers’ post-pandemic loss ratios?
June 21, 2022 by David GambrillInsurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have…
Quebec extends state of emergency in Saguenay because of landslide threat
June 21, 2022 The Canadian PressMONTREAL – Quebec is extending a state of emergency in a city north of Quebec City where a neighbourhood is threatened by landslides. Public Security Minister Genevieve Guilbault tweeted late Monday afternoon that she signed a decree allowing Saguenay to…
How the industry is addressing service level challenges
June 20, 2022 by Alyssa DiSabatinoConsumer behaviour, supply chain issues and staffing shortages are among the reasons why service levels have been challenged in recent months, but revamping outdated technology and insourcing claims may help ease the backlog, say industry executives. Processing claims in-house helps…
Quebec court approves $200.9M settlement against Desjardins over data breach
June 20, 2022 The Canadian PressMONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say…
Sewer back-up or overland flood? Is a sun deck “within” a dwelling?
June 17, 2022 by David GambrillA sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual…
How auto theft can affect your clients’ premiums
June 16, 2022 by Alyssa DiSabatinoAlthough making a car theft claim won’t yield higher premiums, repeated claims may make it difficult for an insured to hold onto their theft coverage, says one insurance expert. Not all auto insurance policies cover car theft, Matt Hands, director of insurance…
How to help your clients prepare for civil unrest
June 16, 2022 Philip PoradoStrikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a…
Why recent Calgary storm is not like 2013 flooding
June 16, 2022 by Jason ContantAlthough home to many of the costliest natural disasters in Canada, Alberta appears to have dodged a bullet with the latest rainfall event in the Calgary area. The City of Calgary declared a local state of emergency earlier this week…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
What the derecho in May cost P&C insurers
June 16, 2022 by David GambrillCentral Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest natural catastrophe loss in Canadian history. “Damage in Ontario is estimated to be over $720 million, while the storm caused an estimated $155…
How do you insure artificial intelligence?
June 15, 2022 Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…