The liability risk from climate change
April 9, 2019 by Greg MeckbachLarge companies face liability risk if they emit greenhouse gas emissions, and shareholders are asking directors and officers what they are doing about climate-related risks, a speaker suggested at a recent insurance conference in Toronto. Panelists at the Property and…
Insurers object to characterization of Ontario auto as “profitable”
April 9, 2019 by David GambrillCanada’s home, auto and business insurers are objecting to a recent characterization of Ontario’s auto insurance regime as “profitable.” “The current trends are unsustainable for both drivers and insurance companies,” Insurance Bureau of Canada vice president of Ontario Kim Donaldson…
How will reputational harm coverage evolve?
April 8, 2019 by Jason ContantWill reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers…
Early numbers from privacy commissioners on mandatory breach reporting
April 5, 2019 by Jason ContantThe federal Office of the Privacy Commissioner of Canada (OPC) has already seen a four-to-five times increase in the number of breaches reported to its office since the mandatory breach notification requirements came into effect last November. On Nov. 1,…
Why insurers are not calling it a hard market
April 5, 2019 by Greg MeckbachYour clients may be paying higher rates but hard market may not be the right way to describe it, speakers suggested at a recent insurance conference. “I don’t personally know if I would call it a hard market yet. What…
Does a business have to highlight a waiver of liability to a client?
April 4, 2019 by David GambrillA flood in an Alberta community centre flood has once again raised the legal issue of whether a claimant is obligated to read a commercial services contract thoroughly, or whether the defendant is obligated to highlight any waiver of liability…
Why brokers need to check their dec pages
April 4, 2019 by David GambrillA Manitoba broker was fined $1,000 fine for not checking to make sure his client’s request for a Single Limit Endorsement was included as part of the client’s home insurance coverage. It wasn’t, as it turns out, and the client…
Long-range weather forecast: more flood claims for the P&C industry
April 3, 2019 by Jason ContantCoastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase…
CU Total Loss Series: How to reduce auto total loss cycle times by a week
April 3, 2019 by David GambrillMeet Jane Doe, a total loss survivor. The front end of her car was demolished when she tried to turn left at a busy intersection. She was hit by a driver who was talking on his cell phone while running…
Major auto coverage change now in effect in this province
April 1, 2019 by Greg MeckbachAuto coverage is changing for British Columbia motorists effective today. Accident benefits coverage from Insurance Corporation of B.C. has more than doubled from $300 per week to $740 a week. That is one of several changes – for claims made…
This sector is the most targeted by cyber criminals
March 29, 2019 by Jason ContantThe healthcare industry continued to be the most targeted sector by cyber criminals in 2018, accounting for 41% of attacks, according to the Beazley 2019 Breach Briefing, released Tuesday. “Healthcare records are more valuable to attackers and sell for significantly…
Auto loss ratios ‘unsustainable’ in these provinces
March 29, 2019 by Greg MeckbachOntario auto insurance is profitable but loss ratios are unsustainable in Alberta and two of the Maritime provinces, Canada’s Property and Casualty Insurance Compensation Corporation notes. “Importantly for insurers, Ontario’s private passenger auto insurance market remained profitable with a loss…