Small earthquake detected off coast of B.C.
June 4, 2018 The Canadian PressHAIDA GWAII, B.C. – A small earthquake has been detected off of British Columbia’s coast. Earthquakes Canada says the 4.2-magnitude quake struck Saturday afternoon, 94 kilometres west of the village of Masset, B.C., in the Haida Gwaii archipelago. The agency…
No hard market despite 2017 hurricane losses: Fairfax
May 17, 2018 by Greg MeckbachDespite nearly US$100 billion in hurricane losses in 2017, insurance buyers are not experiencing a hard market like they did after the 2001 terror attacks that brought the World Trade Centre down, the head of Fairfax Financial Holdings Ltd. suggests.…
Broker fined for out-of-province licensing muddle
April 24, 2018 by David GambrillThe Insurance Council of Manitoba has fined Randolph McGlynn of Advocis Brokers Services Inc. $2,000 for attesting that two agents were licensed to do business in Manitoba when in fact they never held agent licenses in the province. Instead, the…
Windsor tremor shows quake risk exists anywhere in Canada
April 23, 2018 by Greg MeckbachEarthquakes do hit southern Ontario from time to time but the area hit last week has a low risk of experiencing property damage arising from earthquakes, an Insurance Bureau of Canada official told Canadian Underwriter. Natural Resources Canada reported that…
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…
“Mysterious swarm” of earthquakes rattles New Brunswick village again
April 13, 2018 Kevin Bissett - THE CANADIAN PRESSMCADAM, N.B. – Two years after a mysterious “swarm” of earthquakes rattled homes and nerves in a New Brunswick village, they’ve started up again. Earthquakes Canada has recorded 22 earthquakes in New Brunswick over the last 30 days, with most…
Aviva just embedded earthquake coverage into B.C. home policies. Quebec could be next.
April 12, 2018 by Jason ContantAviva Canada is embedding earthquake coverage in all of its homeowner and tenant insurance policies in British Columbia, coverage that is typically offered as an endorsement. The insurer is also conducting a needs analysis to determine if it will introduce the…
The ‘conundrum’ of how to convince Quebeckers to buy earthquake insurance
April 11, 2018 by Greg MeckbachIt will take insurers an “extended period of time” to convince even one-quarter of Quebec property owners to buy adequate coverage, an industry executive suggests. Only three to four per cent of homeowners near Quebec City have earthquake coverage, Edouard…
Profitable global cyber market one incident away from a correction, analyst warns
March 27, 2018 by Greg MeckbachGlobally, commercial insurance customers are getting a great deal on cyber insurance right now, but this will only last until a major cyber incident causes a huge, one-time loss for the property and casualty insurance industry, a computer security expert…
Insurer losses not yet translating into property price hikes: broker
March 24, 2018 by Greg MeckbachBrokers expecting to see price hikes in property lines after last year’s devastating hurricanes may have good news for clients, at least in the short term. “Long term, all of the carriers will need to increase pricing and they would…
Ask B.C. residents if they are covered for wildfire. 25% will tell you this…
March 21, 2018 by Jason ContantAs many as 25% of British Columbians say they don’t know if they have insurance for wildfire and severe weather emergencies, according to a survey released Monday by the provincial public safety ministry. Fewer than half of British Columbians have…
The meeting that every risk manager should have
March 6, 2018 by Greg MeckbachRisk managers concerned about insurance exclusions should consider asking their brokers to brief senior managers explaining what exactly the insurance covers and what it excludes, a Willis Towers Watson executive advises. Steve Sachs, co-chair of the Willis Towers Watson Real…