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Why further rate increases could be needed after 2021

October 30, 2020 by Greg Meckbach

Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”

News Insurance

Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof

October 30, 2020 by David Gambrill

As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance

News Insurance

What industry experts think of pandemic auto rebates

October 30, 2020 by Adam Malik

Insurance companies responded well and appropriately to the COVID-19 pandemic in terms of assisting customers by way of premium relief and other measures, according to industry experts. Canadian Underwriter recently checked in with insurers on the current status of relief

News Insurance

What brokers are looking at to help condo corporations reduce deductibles

October 29, 2020 by David Gambrill

Brokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,

News Insurance

Moving through the pandemic: Intact exec to offer his view of what’s next

October 29, 2020 by Adam Malik

Delivering value for customers and digital strategy will be two headliners in Intact’s “10-year strategic roadmap,” which will integrate some learnings from the crisis, the carrier told Canadian Underwriter recently. “We anticipate that consumers will engage digitally to a greater

News Insurance

Insurers pledge small business help as pressure mounts to address rising rates

October 29, 2020 The Canadian Press

A group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the

insPRESS Insurance

Say Goodbye to 2020 with FIRST Canada

October 29, 2020 by FIRST Insurance Funding of Canada

> Voir français ci-dessous Say Goodbye to 2020 And hello to a new year free of receivables TORONTO, ON, OCT. 29, 2020/insPRESS/ – Now more than ever, managing receivables is a critical element to business success. Say goodbye to 2020

News Insurance

How COVID made it easier to win the ‘war for talent’

October 28, 2020 by Jason Contant

If there’s a silver lining to the COVID-19 pandemic, it’s that the pandemic might actually aid in talent acquisition – even if that talent comes from outside Canada. It’s no secret there’s an ongoing “war for talent” in Canada’s property

News AdjustersBrokersClaimsCommercial LinesInsuranceLegislation / RegulationRisk

This decision on a $5,000 deductible could motivate condo corporations to change their bylaws

October 28, 2020 by David Gambrill

A recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,

News Insurance

Aviva boss wants more trust placed on science

October 28, 2020 by Adam Malik

Trusting science to help address climate change, and rebuilding more resilient communities after natural catastrophes are uppermost in the mind of Aviva Canada’s leader these days. “Scientists can tell us more than ever before about catastrophic storms, including precisely when

News Insurance

Intact to exit this line of business

October 28, 2020 by Jason Contant

Canada’s largest insurer announced late Tuesday that its brands Intact Insurance and belairdirect will no longer offer optional auto coverage in British Columbia.  “This decision was taken after careful consideration, given the upcoming regulatory changes in the province that will

insPRESS Insurance

CEP Forensic expands its team with two new experts in Alberta

October 28, 2020 by Cynthia Galazzo

EDMONTON, AB, OCT. 28, 2020/insPRESS – CEP Forensic is proud to announce some recent additions to its Calgary and Edmonton offices. Colin Allison, P.Eng., joined the Materials and Metallurgy team in the Edmonton office, while Denis Guriev, EIT, joined the