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How Chuckegg Creek Wildfire could affect Canadian insurers

May 23, 2019 by Greg Meckbach

The wildfire affecting northern Alberta is much larger than the one that devastated Slave Lake in 2011 but property losses seemed minimal on Thursday afternoon. “At this point we are hearing there are no major structures that have been lost,”

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Why your clients may not be covered when there’s an active wildfire

May 21, 2019 by Jason Contant

With wildfire season already underway in Alberta and British Columbia, brokers will be looking at how insurance can help their clients mitigate any losses. But brokers and clients alike may not know that the ability to bind coverage could be

News InsurancePaid

Paid IoT Solutions and Claims Reductions

May 17, 2019 Eddy Solutions

At just after 10 am on an average Thursday morning, a 20-floor apartment building in downtown Toronto experienced a leak in their riser stack between the 5th and 6th floor. The leak was detected by an IoT sensor system, which

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The challenges of assessing seasonal home damage

May 13, 2019 by Adam Malik

Despite being told flooding in Ontario’s Cottage Country back in 2013 was one-in-100-years event, area businesses and residents are cleaning up from a second and more widespread flooding incident in less than a decade. Climate is playing a key role

News Insurance

CU Total Loss Series: Where are the bottlenecks?

May 13, 2019 by David Gambrill

Total Loss Series, Part 2: Bottlenecks Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total

News CatastrophesClaimsInsurance

How much will the eastern Canada flooding cost?

May 10, 2019 by Jason Contant

Total economic losses from the recent flooding in Ontario, Quebec and New Brunswick are expected minimally to reach into the hundreds of millions of dollars (U.S.), Aon’s latest catastrophe report said. The flooding event has already been declared a catastrophe

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2018 ‘not a good year’ for Canadian P&C insurers: IBC

May 2, 2019 by Greg Meckbach

Weak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property

News InsuranceTechnology

Why it’s hard for insurers to price cyber risk

May 1, 2019 by Greg Meckbach

It’s hard for an insurance company to price cyber because clients are reluctant to report losses, industry experts suggest. “You need historical incidents to understand the types of events out there,” Scott Stransky, assistant vice president and principal scientist in

News AdjustersCatastrophesInsurance

How Quebec floods are challenging adjusters

May 1, 2019 by Greg Meckbach

Many homes flooded in Sainte-Marthe-sur-le-Lac, Que. will be total losses and may not have overland flood coverage, a vice president for an independent adjusting firm suggests. Claims adjusting firm ClaimsPro is involved in about 2,000 flood claims from April in

News Claims

How much of the Quebec flooding is insurable?

April 29, 2019 by Greg Meckbach

About one in three Quebec homeowners have overland flood coverage, but that number could be much lower in areas affected by recent floods. In the Montreal suburb of Ste-Marthe-sur-le-Lac, Que., waters from Lake of Two Mountains breached a dike at about

News CatastrophesConstructionInsurance

Is wind “the new water” for Canada’s insurers?

April 25, 2019 by Jason Contant

High winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR

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Why moving to the cloud poses a greater security risk

April 24, 2019 by Jason Contant

As businesses increasingly move to the cloud to provide services, their cyber risk is also being greatly heightened, a cyber security professional told Canadian Underwriter recently. Many companies are outsourcing sensitive activities such as human resources or payroll to cloud