Insurer involvement urged in the building code process
January 24, 2019 by Jason ContantThe Institute for Catastrophic Loss Reduction (ICLR) and Insurance Bureau of Canada (IBC) want to restore direct insurance industry involvement in the building code process. “At some point in the distant past, perhaps four decades ago or more, the Canadian…
By how much did your clients’ auto rates increase last quarter?
January 24, 2019 by David GambrillOntario auto insurance rates increased by an average of 3.35% in the fourth quarter of 2018, with several companies receiving approval for double-digit rate increases, the province’s regulator reported. Overall, 23 insurers representing approximately 51% of the market based on…
Why the global protection gap is the lowest it’s been in 14 years
January 22, 2019 by David GambrillGlobally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth…
Can’t hear the ambulance? Turn down your radio
January 17, 2019 by David GambrillA B.C. driver has failed in his bid to receive a refund for his insurance premium increase and deductible after B.C.’s public auto insurer found him 100% responsible for failing to clear an intersection for an ambulance. A B.C. ambulance…
What the industry paid out for severe weather in 2018
January 17, 2019 by Greg MeckbachThe industry lost nearly $2 billion last year in Canada alone from the combined effect of several weather catastrophes. “No single event caused the high amount paid out for losses,” the Insurance Bureau of Canada said Wednesday in a release.…
What these brokerages bring to the table in Hub merger
January 15, 2019 by Greg MeckbachA Quebec brokerage recently acquired by Hub International Ltd. brings expertise in construction and auto dealerships to the table. “Hub is already major player, if not one of the biggest brokers in Quebec,” Alain Giroux, executive vice president of Montreal…
One way to bullet-proof your waiver clause: Tribunal
January 14, 2019 by Greg MeckbachThe use of bold lettering and capitalization in a waiver clause helped a storage locker firm defend itself from a claim from a customer. Four storage units were broken into on Aug. 12, 2016. One of those units was rented…
Alberta auto cap leading to broker-carrier contract cancellations
January 14, 2019 by Greg MeckbachAlberta’s ceiling on auto rate increases is causing some brokers to lose their contracts with carriers. In Alberta, as a general rule carriers may not hike rates by more than 5% across their book of business. “It has resulted in…
How emergency generators can help reduce insured losses
January 11, 2019 by Jason ContantEmergency generators not only temporarily provide electricity during a power outage, but can also mitigate property damage and help reduce insured losses, says a new report from the Institute for Catastrophic Loss Reduction (ICLR). These generators can help reduced insured…
New Brunswick earthquake ‘widely felt’
January 11, 2019 THE CANADIAN PRESSGRAND BAY-WESTFIELD, N.B. – A minor earthquake rattled windows and knocked dishes off shelves in a small community in southern New Brunswick on Thursday. “It felt like something ran into the building _ it was a big bang,” said Troy…
These two provinces now have storm surge and overland flood coverage
January 7, 2019 by Jason ContantHomeowners in Quebec now have storm surge coverage available, while homeowners in Manitoba are covered for overland flood damage, The Co-operators said Monday. Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk,…
In defence of public insurance
January 7, 2019 by Jason ContantBritish Columbia’s public auto insurer is challenging the view that opening up the market to competition will create efficiencies and better accident benefits. The Insurance Corporation of British Columbia (ICBC) was responding to comments from the Canadian Federation of Independent…