Topic
Commercial Lines
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…
Ukraine war insured losses could outstrip 9-11
April 20, 2022 Philip PoradoWhen adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
How the federal budget impacts P&C insurers
April 8, 2022 Philip Porado, with files from Melissa Shin and Rudy MezzettaAs expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
Exiting the commercial hard market may be prolonged: Insurers
April 5, 2022 by David GambrillCanada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Insurers winning court battles to enforce pandemic BI arbitration
April 4, 2022 by David GambrillQuebec insurers with arbitration clauses written into their business interruption policies are winning battles to have pandemic BI class action suits go through arbitration rather than through the courts. Both of law firm Clyde & Co.’s Top 2 cases of…
How Canada’s top court just bolstered pandemic BI exclusions
April 1, 2022 by David GambrillCanada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the…