Claims
Even though they put pollution exclusions into their commercial general liability policies, two major insurers are still on the hook for defending a Vancouver area dry cleaner against a lawsuit arising from soil contamination, a court ruled last week. In some cases, British Columbia holds current property owners liable for environmental contamination caused by former […]
By Canadian Underwriter | January 4, 2018
3 min read
With the rise of multiple major catastrophe events in Canada, look for primary insurers to start seeking aggregate reinsurance covers as a means to adapt to climate change-related losses. “It’s the new normal that the companies are going to have to deal with the potential for higher frequency and higher severity of cat losses coming […]
By David Gambrill | January 4, 2018
2 min read
SHERBROOKE, Que. – The lawyer for one of three men charged with criminal negligence in the Lac-Megantic rail disaster that killed 47 people began his closing arguments today. Gaetan Bourassa says the trial is for his client, Jean Demaitre, and not for Montreal, Maine and Atlantic Railway, whose reputation is all but irredeemably tarnished in […]
By The Canadian Press | January 4, 2018
1 min read
After a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker, president and CEO of MSA Research Inc., in MSA’s recently-released quarterly outlook report for 2017 […]
By Greg Meckbach | January 3, 2018
Taking on an increased leadership role with respect to climate change, and working to engage clients more effectively are two key challenges for the industry in the year ahead. In the short term, climate change may be a premium-level issue for the industry. But over the long term, it is a societal issue that will […]
By Canadian Underwriter | January 3, 2018
A lot of time and effort in 2018 will be spent reviewing this past year, which could be characterized as “the year of the water claim.” Almost all Ontario mutuals were exposed to one or more heavy rainfall events in 2017. The year provided the first significant test of the impact of the new overland […]
There is no denying that natural hazards such as B.C wildfires, multiple flooding events and the hurricanes thrashing our neighbours have been top of mind for the property and casualty insurance industry of late. Too often, these major incidents are followed by horror stories in which insureds discover they have no coverage in place to […]
The pace of change in the property and casualty market remains faster than ever before, increasing the need for cooperation and innovation in 2018. The increasing frequency of severe weather events emphasizes the importance of the industry and governments working together to develop mitigation strategies and a framework for building community resiliency. Also, opportunities exist […]
By Canadian Underwriter | January 2, 2018
The continued deterioration and loss trends in automobile insurance and the impact of climate change will be the two biggest trends affecting Canada’s property and casualty insurance market in 2018. Auto is a challenge in many parts of the country, including the Atlantic provinces, Ontario, Alberta, and British Columbia. Provinces will have to make the […]
Canada’s p&c industry will continue to evolve rapidly in 2018 in response to accelerating technology, changing customer expectations and climate change.
By David Gambrill | December 29, 2017
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