Keyword
errors and omissions
How broker tech can reduce E&O exposure
June 16, 2023 Alyssa Di SabatinoA growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which…
How Canada’s P&C market shifted in 2022
November 1, 2022 by Alyssa DiSabatinoMarket conditions remain complex but are stabilizing as the industry approaches its last quarter this year, Aon’s 2022 Canadian Insurance Market Report found. Increased competition, along with positive underwriting results and loss activity, marks a transition from significantly challenged market…
Why brokers may face E&O exposure due to COVID-19
January 20, 2021 by Adam MalikOne prominent industry observer is “quite concerned” that brokers may be facing errors and omissions risk exposure due to COVID-19, especially if court decisions go a certain way. For Phil Cook, chairman of Omega Insurance Holdings, the risk is that…
Combined ratio down 4.6 points at Axis Capital
July 28, 2017 by Canadian UnderwriterAxis Capital Holdings Ltd. reported Wednesday a 4.6-point improvement in its Q2 combined ratio, from 102.2% in the second quarter of 2016 to 97.6% in the latest quarter. Pembroke, Bermuda-based Axis Capital writes both reinsurance and commercial primary insurance worldwide…
Combined ratio down 4.6 points for Everest Re
July 25, 2017 by Canadian UnderwriterEverest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…
Trisura licensed to sell insurance in the U.S.
July 14, 2017 by Canadian UnderwriterTrisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats…
Canadian industry underwriting income down 81% in 2016: MSA
April 18, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released…
Ontario home inspector licensing bill ready for royal assent
April 11, 2017 by Canadian UnderwriterOntario politicians voted unanimously Monday in favour of a bill that will mandate licensing of home inspectors in the province and will let the government and consumer services minister regulate insurance requirements. Bill 59, an omnibus bill that also introduces…
Beazley launches entertainment, media liability coverages in Canada
February 13, 2017 by Canadian UnderwriterUnited Kingdom-based specialist insurer Beazley plans to expand the range of products available through its newly acquired Canadian operations with Monday’s announcement that it will offer television and film producers errors and omissions (E&O) coverage, as well as media liability…
Quebec online gaming vendor facing class-action shareholders lawsuit must disclose liability insurance policies: Court
January 17, 2017 by Canadian UnderwriterA Pointe-Claire, Québec-based online gaming company, whose former chief executive officer is facing insider trading charges, has been ordered to provide its general liability, errors and omissions, and directors’ and officers’ liability insurance policies to shareholders who are suing the…
Chubb launches product to protect Canadian companies against privacy, intellectual property, financial injury and cyber risks
October 4, 2016 by Canadian UnderwriterChubb announced on Tuesday that its Integrity+ product is now available in Canada to help protect companies from errors and omissions (E&O) liability customer lawsuits alleging that their products or services caused privacy violations, intellectual property infringements or other financial…