Topic
Commercial Lines
2021 Cat frequency ties 2008 for second place
August 3, 2022 Glenn McGillivraySevere weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide,…
P&C industry’s 2021 results: A one-hit wonder?
July 28, 2022 Glenn McGillivrayLast year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE…
Is specialization the best route to broker independence?
July 27, 2022 Jason ContantA bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker…
Don’t forget to serve, even if the insurer already knows about the lawsuit
July 26, 2022 by David GambrillA claimant in a product liability case must still go through the formal process of serving notice in China of intent to sue a Chinese manufacturer, even if the defendant manufacturer was aware of the claim since 2019, had a…
What Europe’s record heat means for insurers
July 22, 2022 Philip PoradoInsurers covering businesses that depend on goods or industrial inputs from Europe should keep an eye on potential loss scenarios emerging from the continent’s crippling heat wave. “High temperatures harmed tarmacs of motorways in Great Britain and Germany in the…
Splitting costs when ‘other insured’ policy clauses don’t reconcile
July 15, 2022 by David GambrillWhen two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top…
D&O excess policy needs to spell out exceptions from primary policy
July 14, 2022 by David GambrillIf an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,…
How the court bolstered an insurer’s exclusion for privacy breach
July 8, 2022 by David GambrillActing recklessly in breaching the confidential medical files of patients effectively falls within a hospital insurer’s commercial policy exclusion for committing an ‘intentional act,’ Ontario’s top court has ruled. The Ontario Court of Appeal found a hospital insurer, the Healthcare…
Why Intact can’t recover $2.9 million in excess insurance payment
July 7, 2022 by David GambrillIntact Insurance has lost its bid to recover $2.9 million it paid above and beyond its $5-million insurance policy limit for cleaning up a 2012 chemical spill in North Bay, Ontario. Ontario’s Court of Appeal rejected Intact’s arguments that it…
How to advise clients on commercial contract indemnities
July 6, 2022 Michael CareyCommercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and…
How the pandemic changed broker prospecting for new business
June 30, 2022 David GambrillHigh workloads during the pandemic had an impact on brokers’ ability to prospect for new business, Canadian Underwriter‘s 2022 National Broker Survey found. The survey asked more than 250 brokers nationwide in February about challenges to the broker distribution channel.…
What’s to blame for P&C industry’s quarterly profitability decline?
June 23, 2022 Canadian Underwriter StaffAt first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…