Insurance companies likely won’t have to pay for most of Hurricane Fiona’s damages

Insurance companies - Hurricane Damage - Home Damage

The majority of the damage caused by flooding from the storm surge isn’t included in most policies. Though the amount of insured damage caused to Atlantic Canada by Hurricane Fiona is expected to reach about $700 million, insurance companies likely won’t have to foot the bill for most the damage the storm left behind. Hurricane Fiona could become the costliest storm to hit that part of the country, including 5 provinces. Insurance companies likely won’t be taking the brunt of the massive damage total wracked up by Hurricane Fiona since…

Read More

Canadian insurance industry sees areas of growth throughout pandemic

Canadian insurance industry - Canadian Flag

While the COVID-19 crisis rages on, and insurers face challenges, some are thriving. The Canadian insurance industry has measured some pockets of growth in specific areas of coverage throughout the pandemic crisis. Insurers are struggling in the areas of coverage disagreements, particularly in business interruption policies. Business interruption and travel policies are often leading to disputes over coverage, lawsuits, angry clients and customers, and economic challenges among others. However, in other areas, some considerable opportunities have opened up for certain types of product lines to grow and developed. Among those…

Read More