Topic
Commercial Lines
Placing business with non-licensed markets: What to look for
March 31, 2022 Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
Ratings agency suspends commercial activities in Russia
March 30, 2022 Philip PoradoGetting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies…
How war in Ukraine may impact business loss claims
March 25, 2022 Philip PoradoCanada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 Philip PoradoWhile the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of…
From nukes to export tangles, war shows need for custom covers
March 23, 2022 Philip PoradoClients needing war, political violence or terrorism insurance may need to seek bespoke covers, noted a recent Ukraine technical update from claims manager Crawford. “The purpose of a political violence policy is to dovetail with the commercial property policy and…
Calgary Flames sue insurers $125 million for pandemic-related losses
March 23, 2022 by Alyssa DiSabatinoThe Calgary Flames have filed a $125-million lawsuit against its insurers to enforce the terms of an all risks insurance policy for “massive losses” due to the COVID-19 pandemic. The named defendants in the statement of claim filed in…
Say what you want about the hard market, it’s working
March 22, 2022 by David GambrillThe hard market may be the biggest challenge facing the broker channel, according to Canadian Underwriter‘s 2022 National Broker Survey, but statistics show it’s vastly improved the P&C industry’s financial health. Canada’s property and casualty insurance industry reported an underwriting…
Commercial data standards get green light
March 18, 2022 Canadian Underwriter StaffCommercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published…
A new way for insurers to handle construction delays and cost overruns
March 17, 2022 Jonathan E. McNattySince 2016, the federal government’s slated nearly $100 billion to support development of transit extensions, shipping port improvements, affordable housing and more. When private-sector construction slowed in March 2020, federal infrastructure building quickly filled the gap. And, throughout 2021, both…
‘Antivirus on steroids’ — one way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
Insurers checking their war exclusions for cyberattacks
March 10, 2022 Philip PoradoWhile cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber…
Sanction-fueled oil demand could boost Alberta captives plan
March 9, 2022 Philip PoradoSanctions on Russian oil and a major insurer’s recent announcement that it will depart oil sands coverage could spark additional interest in Alberta’s plans to allow captive insurers to domicile in the province. On Mar. 1, AIG said it had…