Topic
Claims
Why MGAs are here to stay
May 2, 2023 by Alyssa DiSabatinoHard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens. Unlike primary insurers, MGAs provide capacity in specialized areas of…
Search continues for two missing firefighters swept away during spring floods
May 2, 2023 The Canadian PressBAIE-SAINT-PAUL, Que. – The search continued Tuesday for two Quebec firefighters swept away in floodwaters northeast of Quebec City, as heavy rains washed out roads and cut off homes in several regions across the province. Specialized aerial and ground rescue…
Is political risk the next NatCat?
May 1, 2023 Philip PoradoMuch like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
Residents of Quebec town still struggle with aftermath of 2019 flooding
May 1, 2023 Morgan Lowrie - THE CANADIAN PRESSSAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had…
How the cyber liability loss ratio fared in 2022
April 28, 2023 by Alyssa DiSabatinoCanadian cyber liability insurance seems to have turned a corner on its loss ratios, even accounting for reserve releases, says an industry financial observer. With net incurred claims of negative-$178.7 million last year and net premiums earned at $372.7 million,…
Insurer successfully defends city’s appeal over fire response times
April 28, 2023 by David GambrillCanada’s top court Thursday refused to hear an appeal in a case in which a Quebec municipality was found 25% liable for a fire that destroyed a commercial building when not enough firefighters were present after 10 minutes to fight…
Why condo corporations need an extra ‘financial cushion’
April 27, 2023 by Jason ContantCanada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study. “That cushion protects corporations from adverse deviations from increased expenditures (among…
Hot spell hikes risks of flooding, avalanches and fire across British Columbia
April 27, 2023 The Canadian PressVANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some…
The case for encrypting your clients’ cyber policies
April 26, 2023 by Alyssa DiSabatinoTo balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal…
How brokers can help curb distracted driving
April 26, 2023 by David GambrillEditor’s Note: This article has been updated show 83% would be motivated to stop distracted driving behaviours if offered an insurance discount, and has updated Paul Stone’s title. Brokers can help put a stop to distracted driving by making…
How the industry’s ROE is trending
April 26, 2023 by Jason ContantThe Canadian property and casualty insurance industry’s return on equity (ROE) last year dropped a few percentage points from the 17% to 18% level it was in 2021, but it’s still above the long-run average of 10.1%, a new industry…
How brokers can protect clients from ESG and DEI claims risk
April 25, 2023 Philip PoradoBrokers placing directors and officers (D&O) insurance coverage should recognize the growing importance of how private company clients manage both environmental, social and governance (ESG) and diversity, equity and inclusion (DEI) concerns. Those issues are of increasing concern to the…