The Insurance Corporation of British Columbia (ICBC) reported on Wednesday that it has received 124 claims to date, at a cost of $500,000, from the wildfires burning in the province. Most vehicle damage claims were related to extreme heat and smoke damage, with some vehicles even rendered as total losses, ICBC reported in a press release.
Recognizing that it is experiencing the “worst wildfire season in the province’s history,” ICBC added that it has made formal changes to its policies to reflect “these special circumstances for customers on evacuation…
A new survey out of the U.K. shows that self-employment is racing forward, but moves by small businesses to ensure they have insurance in place to address whatever risks may arise is lagging far behind. A wider spectrum of small…
New cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests. The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has…
Eight of 10 Canadians taking part in a survey from Square One Insurance Services Inc. report not properly insuring their belongings while moving to their new homes. With more than 300,000 Canadians moving to new homes in different provinces each…
A greater number of vehicle crashes, increased injury costs and higher vehicle repair costs are all contributing to the increase in proposed insurance rates for drivers in British Columbia, the province’s Crown corporation responsible for auto insurance said on Monday.…
Aspen Insurance Holdings Limited released its financial results for the second quarter and first half of 2017 on Wednesday, reporting a net income after tax of US$75.8 million for Q2 2017. Gross written premiums (GWP) in the second quarter of…
Seasonal businesses need the same risk coverage as year-round operations and busy small business owners should ensure they are appropriately protected as the summer season kicks into high gear, advises TruShield Insurance. Pointing out that small business owners are starved…
A majority of single-family homes in Florida, Texas and Louisiana could see cheaper premiums with private insurance than with the National Flood Insurance Program (NFIP), according to a briefing paper from Milliman, a provider of actuarial and related products and…
Lindsay, Ont.-based The Commonwell Mutual Insurance Group, a home and auto insurance company, announced on Monday the launch of a new policy designed to protect clients against “home sharing rentals gone wrong” on popular sites like Airbnb, FlipKey and HomeAway.…
Insurance providers need to use technology to improve their customers’ experience, but sometimes regulation gets in the way, speakers suggested at a recent conference. The insurance industry is “struggling to speed up the process of being more agile,” said Paul…
AIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available…
The cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a…