Claims, Interrupted
May 8, 2018 Shane Swinson, SVP, insurance portfolio, FirstOnSite RestorationWhy a new breed of storms paves a new course for claims managers
Ontario ice storm estimated to cost insurers up to $164 million
May 6, 2018 by Greg MeckbachThe historic ice storm in Ontario and Quebec in mid-April could cost the insurance industry more than $150 million in damage claims, Verisk Analytics Inc.’s Property Claim Services unit reported Thursday. PCS’s preliminary estimate of a catastrophe event April 14-16…
Early April storm in Ontario, Quebec causes $85 million in insured damage
April 30, 2018 by Jason ContantA windstorm in early April is estimated to have cost insurers more than $85 million, mostly from home insurance claims in Ontario, according to Catastrophe Indices and Quantification Inc. (CatIQ). The April 4-5 storm brought severe rain and freezing rain,…
Major flood of B.C.’s Fraser River could cause billions in economic losses: ICLR speaker
April 18, 2018 by Jason ContantA major flood of British Columbia’s Fraser River or a coastal flood between now and 2100 could trigger economic losses of between $20 billion and $30 billion, a recent flood strategy report found. Released in 2016, Phase 1 of the…
Which insurance carriers are no longer using Z-codes to denote coverage
April 18, 2018 by Greg MeckbachMore than a dozen Canadian property and casualty insurers are using standardized codes to denote coverages, endorsements and discounts in broker’s databases. Thirteen insurer members of the Centre for Study of Insurance Operations ‘are now 100% standards-compliant,” meaning they are…
Insurers consider weekend storm in Ontario Cat event
April 16, 2018 by Greg MeckbachRecent severe weather in Ontario, with six inches of ice pellets and winds exceeding gale force in some areas, will most likely be a CAT event, insurance companies report. But with rainfall warnings persisting Monday, one insurer reported more than…
Bigger floods coming to Canada: Intact Centre head
April 10, 2018 by Greg MeckbachIf you think the most expensive floods in Canadian history were big, you haven’t seen anything yet. “The manifestation of climate change and extreme weather events is still yet to come,” said Blair Feltmate, head of the Intact Centre on…
Industry understanding of wildfire risk needs improvement: CEO
April 10, 2018 by Greg MeckbachThe property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs…
Alberta tables legislation to clarify responsibilities in natural disasters
April 5, 2018 The Canadian PressEDMONTON – The Alberta government has introduced legislation to better define roles and responsibilities for decision-makers when natural disaster strikes. The proposed changes, tabled by Municipal Affairs Minister Shaye Anderson, will also provide minimum emergency management training for elected officials…
Why re-using online passwords is so dangerous
April 4, 2018 by Jason ContantBrokers should be advising their clients that the re-use of passwords across multiple websites and accounts could be a disaster waiting to happen, a cybersecurity specialist told Canadian Underwriter Wednesday. Lisa Baergen, marketing director of Vancouver-based NuData Security, a Mastercard Company,…
How landlords can help you sell tenant insurance
March 26, 2018 by Greg MeckbachSome landlords are refusing to rent residences to people who do not have tenant’s insurance and some are even trying to use lack of insurance as grounds to evict tenants. “A lot of landlords in this day and age are…
Traction on climate file encourages chief executives of IBC, Intact
March 16, 2018 by David GambrillCanada’s property and casualty industry has been sounding the alarm for many years about risks associated with climate change, and stakeholders are finally starting to answer the call. Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), and…