The mid-April ice storm in southern Ontario and Quebec cost insurers more than $190 million, Catastrophe Indices and Quantification (CatIQ) said Thursday. CatIQ has reported more than 15,000 insurance claims, including 1,800 car collisions, due to the storm. Strong winds,…
The historic ice storm in Ontario and Quebec in mid-April could cost the insurance industry more than $150 million in damage claims, Verisk Analytics Inc.’s Property Claim Services unit reported Thursday. PCS’s preliminary estimate of a catastrophe event April 14-16…
The driver of a vehicle involved in a major accident near Hamilton has not succeeded in using the “bolus” drinking defence to have her impaired driving conviction overturned. Bolus drinking is when a driver claims to have driven several drinks…
With the lion’s share of Canadian insurers’ reinsurance coming from outside of Canada, protectionism in the insurance space would not be good for consumers, a lawyer told Canadian Underwriter last week. Some nations – including Thailand, India, China – have…
A windstorm in early April is estimated to have cost insurers more than $85 million, mostly from home insurance claims in Ontario, according to Catastrophe Indices and Quantification Inc. (CatIQ). The April 4-5 storm brought severe rain and freezing rain,…
Fluctuating loss ratios and an evolving mix of crops in Canada are two factors contributing to the difficulty in modelling crop risk in the country, AIR Worldwide said recently. Rebecca Arias, the catastrophe modelling firm’s product marketing manager, wrote in…
Severe weather earlier this week in Ontario has caught the attention of reinsurance providers. Impact Forecasting LLC, a unit of reinsurance brokerage Aon Benfield, noted Friday that winter weather starting April 13 “left considerable damage across southern sections of Canada’s…
A new survey from Willis Towers Watson (WTW) has found that half of Canadian employers believe that work automation will result in job losses, a finding echoed recently by a Canadian property and casualty insurance executive. In November 2017, RSA…
A major flood of British Columbia’s Fraser River or a coastal flood between now and 2100 could trigger economic losses of between $20 billion and $30 billion, a recent flood strategy report found. Released in 2016, Phase 1 of the…
More than a dozen Canadian property and casualty insurers are using standardized codes to denote coverages, endorsements and discounts in broker’s databases. Thirteen insurer members of the Centre for Study of Insurance Operations ‘are now 100% standards-compliant,” meaning they are…
The Court of Appeal for Ontario has decided, in a divided ruling, that title insurance coverage would be “nullified” if one title insurer had its way on a claim. In 2014, Karl Nodel agreed to lend a person $1.1 million.…
Recent severe weather in Ontario, with six inches of ice pellets and winds exceeding gale force in some areas, will most likely be a CAT event, insurance companies report. But with rainfall warnings persisting Monday, one insurer reported more than…