How costly is the fire peril for Canadian insurers?
December 13, 2018 by Jason ContantThe traditional fire peril continues to cost Canadian insurers, with fire/explosion accounting for almost a quarter (23%) of commercial claims by value, Allianz Global Corporate & Specialty (AGCS) said in its new Global Claims Review report, released Thursday. AGCS analyzed…
What could stop insurers from being ‘uberized’
December 7, 2018 by Greg MeckbachAmazon and Google may disrupt the insurance industry some day, but don’t expect either of these firms to start underwriting, suggests the head of one of Canada’s largest property and casualty insurers. “The Googles and Amazons of this world might…
How many Canadians actually understand water damage coverage?
December 6, 2018 by Jason ContantOnly about half of Canadians polled by Canada’s third largest insurer understand what kind of water damage is covered by their insurance policy, providing an opportunity for brokers to educate clients on the coverage. “For insurance brokers and agents, understanding…
How to grow in an era of new, intangible business risks
December 6, 2018 by David GambrillAs business risks become more global, interconnected and less tangible, brokers and insurers should expand their dialogue with clients about loss mitigation or loss prevention, the chief executive of CNA Canada says. “An insurance policy today isn’t really enough,” CNA…
Flood watches in effect for British Columbia
November 27, 2018 THE CANADIAN PRESSVANCOUVER – Drenching rain that has deluged British Columbia’s south coast since Sunday night should begin to relent over the next 24 hours, although Environment Canada says another 40 millimetres of precipitation is expected across parts of the region by…
Cars submerged in flooded Montreal tunnel
November 21, 2018 THE CANADIAN PRESSMONTREAL – A broken water pipe has flooded a tunnel on a major Montreal artery, submerging three cars. The west-end Atwater tunnel connecting downtown and neighbourhoods to the southwest flooded Tuesday morning after utility workers accidentally punctured the pipe. It…
This Canadian claims vendor could be bought by CoreLogic
November 20, 2018 by Greg MeckbachCalgary claims software vendor Symbility Solutions Inc. is one step closer to being taken over by property risk data provider CoreLogic Inc. Shareholders of the publicly-traded Symbility will meet Dec. 13 to vote on a $160-million acquisition offer by CoreLogic. Symbility’s…
The flood risk that might be unaccounted for
November 19, 2018 by Greg MeckbachInsurers might be unintentionally covering flood and fire risks arising from computer problems, a cyber expert with a risk modelling firm suggests. “Anything that is related to a computer system could trigger non-cyber losses,” Matt Honea, cyber director for Cyence…
Condo deductible dispute arises from 60-gallon flood
November 19, 2018 by Greg MeckbachWhen a store on the main floor of a condo building suffered $25,000 in losses from a flood, the strata corporation was on the hook for the $5,000 deductible. The strata corporation tried to recover the $5,000 deductible from a…
A new idea to cover basement flooding losses
October 26, 2018 by Greg MeckbachThe money needed to pay homeowners the cost of basement flooding could be raised by suing large oil firms, a politician suggested Thursday. “A lot of people are not going to be able to qualify for private insurance against flooding…
How brokers should prepare for Canada Post strike
October 17, 2018 by Greg MeckbachBrokers need to prepare scripts in case their staff get a flood of phone calls from clients asking how they plan to work without mail service, the Centre for Study of Insurance Operations advises. “Mail service may be interrupted indefinitely,”…
Watch out for scammers, IBC warns Ottawa-Gatineau tornado victims
October 2, 2018 by Jason ContantIn the wake of the tornadoes that struck the Ottawa-Gatineau region Sept. 21, the Insurance Bureau of Canada (IBC) has raised another concern: contractors misrepresenting themselves or offering extensive fees for services. One restoration firm representative noted large-scale disasters can…