What’s holding back Lloyd’s price increases
March 28, 2019 by Greg MeckbachProperty risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of…
AIG Canada to stop underwriting new individual personal policies
March 28, 2019 by Jason ContantAIG Canada is pulling out of writing personal lines business in Canada. AIG communications director Lynn Woodburn confirmed to Canadian Underwriter Wednesday evening that it would no longer underwrite new policies in personal lines. This confirmed speculation among brokers that…
Pot legalization not a good reason to raise auto rates: Regulator
March 26, 2019 by Greg MeckbachNova Scotia’s auto insurance regulator is not letting The Dominion of Canada General Insurance Company take marijuana legalization into account when calculating this year’s rate increases. The Dominion said in a rate change application that claims frequency will likely go…
How the cat season so far compares to 2018
March 26, 2019 by Jason ContantIt seems that the Canadian catastrophe season is off to a strong start, with five events so far this quarter compared to the normal one. “I will say that we have had an anomalous start to the year,” said Laura…
What the blazes is going on with barn fires?
March 22, 2019 by David GambrillIf Ontario insurers want to reduce the risk of huge barn fires, they might want to consider advocating for the removal of an existing exemption for mandatory fire inspections of farms that is contained in the province’s Fire Code. As…
How to get Canadian policyholders to share their personal information
March 22, 2019 by Jason ContantNearly half of Canadian consumers would be willing to share “significant personal information,” such as location data and lifestyle information, with their insurer or bank in exchange for lower pricing on products and services, according to a new report from…
How workers compensation claims impact directors’ liability
March 22, 2019 by Greg MeckbachA corporate director in Alberta can be personally sued by a worker injured on the job even when that employee has workers’ compensation coverage through the province, the Court of Appeal of Alberta has ruled. Doug Stewart was a director…
Eight years jail time for truck driver in Broncos bus crash
March 22, 2019 Bill Graveland and Stephanie Taylor - THE CANADIAN PRESSMELFORT, Sask. _ A truck driver who caused the deadly Humboldt Broncos crash has been sentenced to eight years in prison. Jaskirat Singh Sidhu of Calgary had pleaded guilty earlier this year to 29 counts of dangerous driving. He stood…
Why appeal court quashed this punitive damage award
March 21, 2019 by Greg MeckbachIf your client is successfully sued for being vicariously liable for the behaviour of a sexual offender, should that client have to pay punitive damages simply for not admitting liability before the trial? Judges are not unanimous on this issue.…
How federal budget could improve cyber underwriting
March 21, 2019 by Greg MeckbachInsurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister…
What ransomware attacks cost your clients
March 21, 2019 by Jason ContantBrokers selling cyber insurance may want to pay attention to a recent statistic: the average financial cost of downtime to a Canadian business following a ransomware attack is 7.5 times higher than the average ransom requested per incident. Canada not…
Flood victims win lawsuit against neighbour over laneway access
March 18, 2019 by Greg MeckbachA commercial property owner who was sued for $100,000 by neighbours over water damage is unable to appeal to the Supreme Court of Canada. The top court announced March 14 it is denying Marilyn Marks leave to appeal a Court…