Topic
Markets / Coverages
Navacord ramps up activity in this line of business
July 31, 2023 by Jason ContantNavacord Corp. is growing its travel insurance business, recently announcing the appointment of a newly created executive role for the sector and the acquisition of brokerage known for its Canadian snowbird clients. Last week, Navacord appointed Melanie Muise to the…
Higher rates for Canadian trucks travelling in parts of U.S.
July 27, 2023 John G. Smith, vice president-editorial at Newcom MediaFacility Association, an insurer of last resort, is introducing higher surcharges for trucking companies and truck owner-operators who travel through specific U.S. states. A current surcharge is set at 1% per percentage of exposure in the U.S. For example, if…
Canada’s P&C insurers react to federal cabinet shuffle
July 27, 2023 by Jason ContantCanadian property and casualty insurers will be working with new cabinet ministers in the areas of emergency preparedness, public safety (including cybersecurity and auto theft), and housing, infrastructure and communities (including climate resilience), following Prime Minister Justin Trudeau’s major cabinet…
Why private equity firms are seeing premium increases
July 26, 2023 by Alyssa DiSabatinoBig buyers of P&C brokerages — i.e., private equity (PE) firms — may continue to see premium increases for their own liability and cyber policies, albeit flatter than before, Matthew Studley, executive vice president of complex risk for Hub International,…
Province denies third-party liability coverage for impaired drivers
July 26, 2023 by Jason ContantImpaired drivers in Manitoba who are involved in collisions will be denied third-party liability coverage, and will be responsible for covering the cost of any damage they cause to other vehicles or property under new rules in the province. Manitoba…
Cooler weather sees B.C. wildfire numbers dip, but drought still poses concern
July 26, 2023 The Canadian PressThe number of active wildfires in British Columbia has dipped below 450 as cooler weather and recent rain has cut the fire risk, although another hot spell could wipe out those gains as large sections of the province wilt under…
Prairie drought continues, forcing farmers to write off crops
July 25, 2023 Amanda Stephenson - THE CANADIAN PRESSSaskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead. The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers…
Allianz Commercial: Insurer launches new regional set-up
July 25, 2023 by Jason ContantAllianz Global Corporate & Specialty (AGCS) has joined forces with the commercial insurance businesses of local Allianz P&C entities, trading under the name Allianz Commercial. The new structure will consist of 11 new regions, bringing together the current six regional…
Financial burden of cybercrime in Canada remains high: IBM report
July 24, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as…
Zenith Insurance ends broker contract; Alberta Finance Minister cites rate pause
July 20, 2023 by Alyssa DiSabatinoEditor’s Note: On Friday July 21, 2023, Canadian Underwriter sent out an e-newsletter with an incorrect subject heading, implying that Zenith pulled out of auto insurance in Alberta. In fact, Zenith has only cancelled a contract with a brokerage that…
Ontario, Quebec to see more tornado ‘fuel,’ but more data needed
July 19, 2023 Thomas MacDonald - THE CANADIAN PRESSMONTREAL – Climate change will likely bring more weather conditions to Ontario and Quebec that are favourable to the development of tornadoes, but it’s still unclear whether Central Canada will actually be hit by more of them, experts say. Severe…
M&A frenzy continues with multiple deals announced
July 19, 2023 by Jason ContantCorrection: The article has been amended to show Andrew Agencies has 22 locations, not 200 as previously reported. Canadian Underwriter apologizes for the error. On the heels of separate deals that closed at the beginning of the month, large…