Insured losses from October wildfires top $3 billion, California insurance department reports
November 2, 2017 by Canadian UnderwriterInsured losses from California’s October wildfires now top US$3 billion – a three-fold increase in just two weeks – according to updated claims loss data from the California Department of Insurance. Fifteen major insurers reported the updated $3.32 billion estimate…
ICLR researching wind damage on partially-built wood framed structures
October 16, 2017 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction is “seeking to better understand” why partially-built wood frame structures fail with high winds, ICLR said in a document it provided Monday to Canadian Underwriter. “Every year, several partially built single family homes, duplexes…
Average cyber breach costs US$394,000, higher in financial services sector: NetDiligence
October 12, 2017 by Canadian UnderwriterThe aggregated average total breach cost of a cyber event is US$394,000, with an average claim for a large company of US$3.2 million, a new report from NetDiligence has found. NetDiligence, a provider of cyber risk readiness and response services,…
Brokers placing fidelity coverage should be ‘involved early on’ in fraud investigations: RIMS speaker
September 26, 2017 Greg Meckbach, Associate EditorRisk managers dealing with internal fraud investigations need to get brokers and carriers involved early in any fraud investigation, regardless of whether or not criminal charges are being pursued, and ensure that evidence is preserved, RIMS Canada Conference speakers suggested…
Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield
September 12, 2017 by Canadian UnderwriterFlood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
Government of Newfoundland and Labrador conducting comprehensive review of auto insurance system
July 5, 2017 by Canadian UnderwriterThe Government of Newfoundland and Labrador has announced the start of a comprehensive review of the auto insurance system in the province. Perry Trimper, Minister of Service NL, announced the review in a statement on Tuesday. As part of the…
Supreme Court of Canada will not hear appeal from insureds seeking replacement cost instead of actual cash value in fire claim
June 2, 2017 by Canadian UnderwriterA disputed property insurance claim arising from a fire in Ottawa, in which the claimants asked for replacement value but the insurer would only pay actual cash value, will not be heard by the Supreme Court of Canada, the court…
Global IoT insurance market to reach nearly US$43 billion by 2022: study
February 6, 2017 by Canadian UnderwriterThe global Internet of Things (IoT) insurance market is estimated to grow dramatically at a compound annual growth rate (CAGR) of 65.89% to reach US$42.76 billion by 2022 from 2016, according to a new report from Research and Markets. The…
Manitoba amends regulations to allow auto dealers to offer guaranteed asset protection insurance
December 22, 2016 by Canadian UnderwriterManitoba Finance announced on Thursday that it has amended regulations to allow provincial auto dealers to provide guaranteed asset protection (GAP) insurance. Finance Minister Cameron Friesen announced the changes, saying that they will provide “more insurance options and better protection…
Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site
December 20, 2016 by Canadian UnderwriterIn a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin…
Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe
December 20, 2016 by Canadian UnderwriterEurope’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…
Belairdirect now offering home and auto insurance in British Columbia
November 24, 2016 by Canadian UnderwriterOnline insurance company belairdirect announced on Thursday that it is now offering home and auto insurance services in British Columbia. “This is a very exciting day for belairdirect, our employees and our customers,” said Henry Blumenthal, vice president of sales…