The problem with property
May 31, 2014 Craig HarrisIn the wake of record catastrophic claims, insurers in key regions of Canada are changing their approach to personal and, to a lesser extent, commercial property insurance. Coverage terms are constricting, sub-limits are being introduced, deductibles are increasing and rates are rising, especially for water damage losses. It will take time before claims are filed on these revised policies and customers discover the true extent of coverage amendments. It’s a testy situation that could put independent adjusters on the spot.
What to do about Water
May 1, 2014 Kevin Smart, Assistant Vice President, Personal Lines Underwriting Policy, Aviva CanadaLosses from water damage are not going away. Recent events – and an upward trend over the past decade – demonstrate a pressing need for a concerted response by the insurance industry and its partners to answer questions and determine a timeline to take real action.
Moves and Views
May 1, 2014 by Canadian Underwriter1 Allied World Assurance Company Holdings AG has opened a branch office in Toronto and named Gord Kerr [1] as its senior vice president, chief agent and branch manager. Prior to joining Allied World, Kerr spent four years as chief…
Under Development
April 1, 2014 Donna Ince, Senior Vice President, Personal and Commercial Insurance, RSA InsuranceInsurers have certainly noticed the high toll that increasingly severe and frequent bad weather is having – and policyholders are likely to soon follow. The circumstances make it clear that insurers, brokers, customers, lawmakers and other groups all must work together to mitigate (or prevent) damaging effects.
Moves and Views
April 1, 2014 by Canadian Underwriter1 Toronto commercial broker Aligned Insurance Inc. officially launched operations in Ontario March 25. Led by president and chief executive officer Andrew Clark [1], Aligned Insurance is targeting organizations in and around the Greater Toronto Area. The new independent firm…
Marketplace
April 1, 2014 by Canadian UnderwriterREGULATION Ottawa drafts rules on mutual conversions Economical Insurance has “welcomed” the federal government’s proposal to broaden the Cabinet’s power to make regulations on the conversion of mutual insurance companies into companies with common shares. Conservative MP Peter Van Loan…
Sunshine Sketches
March 31, 2014 Craig HarrisMike Gojevic of Peninsula Adjusters embraces the rural lifestyle and supportive community atmosphere of British Columbia’s Sunshine Coast.
Water damage accounts for over half of home claims: Aviva
March 31, 2014 byMore than half of all home insurance claims last year involved water damage, with water damage claims payouts rising 69% over 2012, Aviva Canada said in a release in late March. “With last year’s storms, water damage reached an all…
Water Logged
March 1, 2014 Canadian Institute of Actuaries, Research Committee/Property & Casualty Research SubcommitteeA mix of environmental, economic and sociological pieces make up a costly puzzle when it comes to water damage risk and the potential effect on Canadian property insurance pricing.
Real Puzzler
December 1, 2013 by Canadian UnderwriterThings are changing for property and casualty insurers. In Canada, 2013 provided a dramatic illustration of how one event (or two) threaten to jumble the pieces expected to be part of the p&c puzzle moving forward. Preparing for everything from the best to the worst – and understanding how a single piece can influence the p&c solution as a whole – may be the most reliable way to approach the times ahead.
A New Conversation
November 1, 2013 by Canadian UnderwriterIt was a relatively quiet 2012 for reinsurers; the same cannot be said for 2013. Two flooding events have taken their place among the most expensive natural catastrophes ever in Canada, prompting insured loss estimates well in excess of $2.5 billion. Is the country on the verge of something new? Do these seemingly more frequent – certainly most expensive – events demand a whole new conversation when it comes to perils in Canada?
Water, Water Everywhere
November 1, 2013 Mary Kelly, Anne Kleffner and Norma NielsonFundamentally, water damage is not a peril ideally suited to be insured. That said, with the cost of water damage high and rising, the creation of a sustainable insurance coverage model requires the co-operation of insurers, personal property owners, reinsurers, regulators and governments.