Rates likely to rise if pot legalization leads to more impaired driving
October 30, 2018 by Greg MeckbachIf cannabis legalization results in more stoned drivers, auto insurance rates could rise, a comparison shopping provider suggests. Some Criminal Code offences for marijuana possession were taken off the books effective Oct. 17. This means it is no longer a…
A new idea to cover basement flooding losses
October 26, 2018 by Greg MeckbachThe money needed to pay homeowners the cost of basement flooding could be raised by suing large oil firms, a politician suggested Thursday. “A lot of people are not going to be able to qualify for private insurance against flooding…
Root cause of commercial auto woes hard to pinpoint: Insurer CEO
October 25, 2018 by Greg MeckbachCommercial auto losses have been worse than expected for The Travelers Companies Inc., and company officials are not exactly sure why. “It’s a line that has been challenged from a profitability perspective for a while,” Travelers chairman and CEO Alan…
Brokers need to intensify lobby on auto file: Intact president
October 18, 2018 by David GambrillFacing an imminent hard market in auto insurance lines, brokers need to intensify their lobbying efforts to inform Ontario MPPs about the pricing issues associated with the auto insurance product, a senior executive of Canada’s largest insurer told brokers Thursday.…
Crawford’s Top 3 claim loss predictions from marijuana legalization
October 18, 2018 by Jason ContantClaims adjuster Crawford & Company (Canada) Inc. sees auto, commercial and workplace-related losses as the Top 3 claims arising from the legalization of marijuana. Auto losses related to cannabis usage; commercial losses to cannabis producers, retailers and distributors; and employee…
Why commercial property claims could skyrocket after pot legalization
October 11, 2018 by David GambrillLarge-severity commercial property losses could be the upshot of the legalization of marijuana on Oct. 17, an insurance lawyer cautions. “I see there being more property loss-type claims coming out of these large [marijuana-growing] facilities, particularly the greenhouse facilities,” Aaron…
What’s the likelihood of an EF5 tornado in Canada?
October 10, 2018 by Jason ContantFollowing the EF3 tornado that struck Dunrobin, Ont. on Sept. 21, should insurers worry about the potential for a powerful EF5 strike on a major population centre in Canada? Probably not. But they should be concerned about tornadic storms in…
The common commercial property exclusion one carrier is addressing
October 9, 2018 by Greg MeckbachRadioactive contamination and extended business interruption are among the new products that brokers can offer Canadian manufacturers later this fall, The Sovereign General Insurance Company announced. Nuclear risks are normally not included in property and casualty insurance policies, though some…
Is this the beginning of the end of a soft commercial market in Canada?
October 4, 2018 by Jason ContantThe commercial insurance market in Canada may be starting to see indications of premium rate hardening, Hub International Canada president Tina Osen told Canadian Underwriter recently. “It hasn’t all hit yet, so I want to be clear on that,” Osen…
Will Ottawa-Gatineau insured losses set a record for tornado damage?
September 28, 2018 by Jason ContantOfficial catastrophe estimates will not be ready for awhile following the tornadoes that struck the Ottawa and Gatineau areas Sept. 21, but it will definitely be a cat event, industry observers say. Catastrophe Indices and Quantification Inc. (CatIQ) defines a…
Why your clients are increasingly exposed to wildfire losses
September 28, 2018 by Greg MeckbachClimate change has turned the risk of wildfire into a year-round peril in Western Canada, a geography expert says. In the past, wildfire season started in April or May and ended some time in October, said Dominic Ford, senior geospatial…
Claims whack-a-mole: what’s going on in property lines?
September 25, 2018 by David GambrillAs if mounting auto insurance losses aren’t enough, the industry now has a new emerging issue to worry about this year – an alarming spike in home and commercial property claims. Catastrophe losses and fire are among the chief culprits…