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One key ingredient missing from this province’s auto reform proposals

April 24, 2019 by David Gambrill

Newfoundland & Labrador has introduced a slew of changes intended to help stabilize insurance rates – and a cap on minor injuries, implemented in many other Canadian provinces, isn’t one of them. Instead, the provincial government is proposing to raise

News InsuranceMarkets / Coverages

Is the industry taking a consistent approach to overland flood coverage?

April 23, 2019 by Jason Contant

Are carriers taking a consistent approach to covering overland flood? The flood waters sweeping across New Brunswick and Quebec have brought the issue to the forefront. In general, overland flood was not covered in Canada until 2015; only sewer backup

News ClaimsInsurance

Spring melt floods thousands of Quebec homes

April 22, 2019 by Jason Contant

Nearly 2,400 homes in Quebec have been flooded following the spring melt in the province, according to statistics released early Monday morning by the provincial government. The flooding has resulted in the evacuation of more than 1,500 residents. The city

News ClaimsInsurance

CU Total Loss Series: To repair, or not to repair?

April 17, 2019 by David Gambrill

Total Loss Series, Part 1:  Cycle Times 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

News CatastrophesClaimsEarnings / RatingsInsurance

Is the reserve release tank running on empty?

April 15, 2019 by David Gambrill

The Canadian property and casualty industry saw its reserve releases contract in 2018 to their lowest level in seven years, according to MSA’s Q4 2018 Quarterly Outlook. Expressed as a percentage of loss development margin, reserve releases last year amounted

News ClaimsInsurance

Do your cyber clients have buyer’s remorse?

April 11, 2019 by Jason Contant

Are you spending a lot of time dealing with “coverage leakage” and buyer’s remorse as it relates to cyber insurance? For smaller claims in particular, some clients may not have a cyber policy, but may try to recover out-of-pocket costs

News ClaimsLegalRisk

How this dry cleaner got sued over 50-year-old pollution

April 11, 2019 by Greg Meckbach

An Ottawa dry cleaner is liable for nearly $2 million in environmental clean-up costs resulting from spills that occurred at least 45 years ago, as a result of a Supreme Court of Canada ruling released Thursday. The top court’s ruling

News ClaimsInsurance

How Aviva is simplifying its claims process

April 10, 2019 by Jason Contant

Aviva Canada has worked with provincial regulators to simplify its products and the claims process for customers. “We’ve done that specifically for [accident benefits], where we got a lot of feedback from customers that the forms were confusing, they didn’t

News CatastrophesClaimsInsurance

Two winter storms, one $70-million claims bill for insurers

April 9, 2019 by David Gambrill

The busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,

News InsuranceMarkets / Coverages

How will reputational harm coverage evolve?

April 8, 2019 by Jason Contant

Will 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

News Insurance

Why insurers are not calling it a hard market

April 5, 2019 by Greg Meckbach

Your 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

News Catastrophes

Some earthquake deductibles too high: IBC

April 5, 2019 by Greg Meckbach

Brokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of