Topic
Commercial Lines
Stock market volatility may spike E&O claims
May 17, 2022 Michelle SchriverInvestors are taking a turbulent ride as global stock markets correct and increasingly run the risk of entering recession territory. And, with some advisors’ clients ‘at the edge,’ that raises a red flag for errors and omissions (E&O) claims against…
Where have all the good underwriters gone?
May 12, 2022 Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
4 insurance industry trends to watch
May 11, 2022 Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
3 lessons about brokers’ obligations to insureds
May 6, 2022 Harmon C. HaydenA broker has an obligation to help clients understand policy specifics and avoid coverage gaps, and it’s not necessarily going to save them if the client hasn’t reviewed the policy, the British Columbia Court of Appeal found recently in Alvaro…
Legacy systems create IT talent crunch for the industry
May 6, 2022 by Alyssa DiSabatinoThe industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent. “Legacy platforms are a big challenge for…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…
Beware the tax implications of unlicensed insurance
May 3, 2022 Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
Good news for Quebec’s D&O insurance market
May 3, 2022 by David GambrillQuebec has taken a big step towards aligning its duty to defend rules with those of other Canadian provinces, meaning certain insurance contracts in Quebec will be exempt from a legal requirement to pay for insurance defence costs above and…
Everest makes key promotion and appoints chairman
April 28, 2022 Canadian Underwriter StaffEverest Re Group’s reinsurance division, Everest Reinsurance, has promoted Scott Paddington to chief agent and chief underwriting officer of Everest Reinsurance Canada. It also appointed Russ Lewis to chairman of Everest Reinsurance Canada. Both now report to Jill Beggs, head…
Court sides with Atradius in $5.94-million credit insurance dispute
April 28, 2022 by David GambrillOntario’s Superior Court upheld a $100,000 sublimit in an Atradius credit insurance policy dispute, in which the receiver for the bankrupt Eagle Travel Plaza, BDO Canada, claimed the full policy limit of $5.94 million. Before it went bankrupt in 2019,…
Sexual harassment: Grounds for dismissal, but not for denying severance
April 27, 2022 by David GambrillSlapping a woman on the buttocks in the workplace may be grounds for dismissal, but the threshold for terminating severance as a result of sexual harassment requires ‘wilful misconduct,’ the Ontario Court of Appeal has ruled. In essence, if the…
P&C industry’s hottest growth line of the decade
April 26, 2022 by David GambrillCanada’s commercial property line has been the P&C industry’s hottest growth area of business over the past decade, according to the Q4-2021 MSA Outlook Quarterly. This might come as a surprise to some, given personal auto insurance accounts for just…