Topic
Commercial Lines
How insurance coverage will change as Canadian hurricane risk expands
December 9, 2022 by Alyssa DiSabatinoParametric insurance is a relatively new product in Canada, and thus is not a big buy for commercial clients, but as climate change is expected to cause more hurricane events in Canada, expect this solution to get more popular north…
The real reasons behind Canada’s softer D&O market
December 9, 2022 Philip Porado“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report…
Westland expands into two new provinces
December 7, 2022 by Jason ContantWestland Insurance has entered into Prince Edward Island and New Brunswick for the first time, making it one of the largest insurance brokers in Atlantic Canada. The western Canadian-based brokerage announced Tuesday the acquisition of Hyndman Insurance Group, Sears Insurance,…
How inflation, and possible recession, may create D&O headaches
December 6, 2022 Philip PoradoFaced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
What do January reinsurance renewals have in store for property insurers?
December 5, 2022 by Alyssa DiSabatinoWith January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount…
Is cyber insurance underwriting headed in the right direction?
November 29, 2022 by Jason ContantNew exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
Canada’s top five federal contaminated sites to cost billions to clean up
November 29, 2022 Emily Blake - THE CANADIAN PRESSYELLOWKNIFE – With a cost estimate of $4.38 billion, remediation of the Giant Mine, one of the most contaminated sites in Canada, is also expected to be the most expensive federal environmental cleanup in the country’s history. The figure, recently…
Cyber incident cancels online classes, knocks out email, phones at school board
November 28, 2022 The Canadian PressWHITBY, Ont. – The Durham District School Board says online classes have been cancelled after it was subject to what it’s calling a “cyber incident.” The board, which serves Oshawa and the surrounding region east of Toronto, says it learned…
Insurance forecast for snow plough operators this season
November 25, 2022 by David GambrillHard market conditions in slow plough insurance are continuing to blow through, if Aviva Canada’s latest rate filing with Nova Scotia’s insurance regulator is any indication. Nova Scotia’s Utility and Review Board approved Aviva’s refinement of its rate surcharge for…
Two welcome commercial premium trends, post-pandemic
November 25, 2022 by Jason ContantGallagher in Canada is seeing some interesting premium trends in liability and commercial auto lines, now that pandemic restrictions are virtually non-existent. Businesses such as restaurants were shuttered or faced restrictions throughout the peak parts of the pandemic, meaning that…
Why your SME client needs intellectual property ‘pursuit’ coverage
November 24, 2022 by Jason ContantYour small and medium-sized enterprise (SME) clients need to consider intellectual property (IP) ‘pursuit’ coverage to allow them to take on large corporations to protect their products and market share, a specialist insurance provider told Canadian Underwriter. A business’s ability…