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With the pandemic abated, OSFI restarts work on IFRS 17

August 17, 2020 by David Gambrill

Three things in life are inevitable — death, taxes, and the transition to IFRS 17. With the country now over what appears to be the worst of the COVID-19 pandemic thus far, Canada’s solvency regulator, the Office of the Superintendent

News InsuranceTechnology

Why it’s hard to make telematics ‘commercially viable’ in Canada

August 13, 2020 by Greg Meckbach

If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good

News BrokersMarkets / Coverages

Brokers urged to remind clients: Home policies won’t cover ‘pandemic pods’

August 13, 2020 by David Gambrill

As schools across the country prepare for re-opening in September, skittish parents who are not in favour of in-class learning for their children are setting up so-called “pandemic pods” to home-school small groups of children in the home. But brokers

Feature BrokersLegislation / RegulationProfessional Development

Balancing Act

August 8, 2020 CIP Society

What happens when an agreement is breached due to COVID-19? Experts share their thoughts

News Insurance

Wildfire risk is elevated this year. Why the pandemic made it worse

August 7, 2020 by Adam Malik

The central and Pacific coast of British Columbia could see an increased risk of wildfires this year, a new report predicts. And COVID-19 restrictions could make the risk higher, Allianz Global Corporate & Specialty warned in its 2020 Wildfire Report,

News Insurance

The Herculean task required to reduce liability claims involving autonomous vehicles

July 30, 2020 by Adam Malik

Autonomous vehicles need their own space to operate, a report says, and auto executives agree that putting them on the same roads as human-driven cars in a mixed-use environment will only increase liability claims. “As autonomous technology develops and matures,

News Insurance

The other financial hit your commercial client takes after a flood

July 29, 2020 by Adam Malik

FM Global is raising concerns about companies that don’t practice flood mitigation on their properties, warning that flooding perils decrease an organization’s value by 5% a year after the event. Investors will have their confidence shaken regarding the company’s decision-making

News AdjustersClaimsInsuranceLegal

Claimant learns the difference between “hit-and-run” and collision damage

July 28, 2020 by David Gambrill

A driver in B.C. is out $1,777 for incorrectly telling the public auto insurer that damage to his parked vehicle was the result of a “hit-and-run,” as opposed to collision damage. Jiameng Wang took Insurance Corporation of British Columbia (ICBC)

News Insurance

P&C insurers can handle severe weather events, but for how long?

July 27, 2020 by Adam Malik

Canadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,

News Insurance

Insurer working on future pandemic coverage for school boards, post-COVID

July 27, 2020 by Greg Meckbach

As the Ontario government prepares its school re-opening plan, the insurer for the majority of the province’s boards is working on a plan to provide pandemic coverage, albeit for future pandemics and not for COVID-19. Within the next six to

News Insurance

Why it’s difficult for insurers to forecast future COVID-related losses

July 27, 2020 by Greg Meckbach

Commercial insured losses caused by the ongoing pandemic cost The Travelers Companies Inc. more than $100 million during the three months ending June 30, but it’s difficult to predict how much more it will cost the insurer in the long

News ClaimsCommercial LinesLegal

Hotels sue Aviva Canada for $150 million in proposed BI class action

July 27, 2020 by David Gambrill

Lerners LLP has filed a proposed $150-million class-action lawsuit against Aviva Canada on behalf of hotels across the country, claiming that the hotels are entitled to coverage for loss of business income relating to COVID-19. “We know these are challenging