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How insurers will make their cyber products better in the future

January 23, 2020 by Jason Contant

Cyber insurers need to get a firmer handle on cyber claims response to be able to add value to their policies, a specialist insurer said recently. James Burns, cyber product leader with London, U.K.-based CFC Underwriting, said that the industry

News InsuranceMarkets / Coverages

Why this P&C consultant is not convinced we’re in a hard market

January 21, 2020 by Jason Contant

Hard markets and “difficult” markets are two different things, and one property and casualty insurance industry consultant is not convinced we’re in a hard market. “Almost universally, people are talking about us being at the beginning of a hard market

News Legislation / RegulationMarkets / Coverages

Alberta government promising to fix rules on aging energy wells

January 17, 2020 Bob Weber - THE CANADIAN PRESS

EDMONTON – A group tasked with cleaning up thousands of abandoned energy sites in Alberta says the province’s rules for ensuring polluters reclaim their wells before selling them off are inadequate. The industry-funded Orphan Well Association made the criticism in

News CatastrophesInsuranceMarkets / Coverages

Should the industry have a specific line of business for ‘catastrophe’?

January 16, 2020 by Jason Contant

Is it time the insurance industry starts zeroing in on a single definition of catastrophe? Traditionally, the industry would offer a named perils policy outlining specific catastrophe coverages or an all-risks policy, which covered risks unless they were specifically excluded.

News InsuranceMarkets / Coverages

Why business interruption worries Canadians more than cyber

January 14, 2020 by Adam Malik

Business interruption outranked cyber incidents as top concerns for Canadian businesses, brokers and trade organizations, according to a new report from Allianz Global Corporate & Specialty. Globally, however, it’s the other way around. When the annual Allianz Risk Barometer, which

News BrokersInsuranceMarkets / Coverages

Will cyber insurance ever be fully standardized?

January 14, 2020 by Jason Contant

Will cyber insurance products ever become completely standardized? While aspects of cyber insurance, such as language around data breach, have become more standardized, there is still an overall lack of standardization across the line. Canadian Underwriter has also heard suggestions

News Earnings / RatingsInsuranceLegislation / RegulationMarkets / Coverages

How much did auto insurance rates go up in Alberta last quarter?

January 13, 2020 by Jason Contant

Alberta’s Automobile Insurance Rate Board (AIRB) has approved rate increases for more than 20 insurers in Q4 2019, ranging from less than 1% to nearly 30% for basic coverage for private passenger vehicles. The rate hike was about 10% on

News AdjustersInsuranceMarkets / Coverages

How IBC is addressing hard market in condo insurance

January 7, 2020 by Greg Meckbach

Condo corporations in Alberta that are having trouble finding insurance might be able to get help from the Insurance Bureau of Canada. IBC announced Tuesday it is “engaging” a risk manager who can make practical recommendations to condominium corporations to

News BrokersInsuranceMarkets / CoveragesReinsurance

One ray of light in the hard market

January 6, 2020 by Jason Contant

Despite signs of hardening in certain reinsurance markets, and certainly in the primary market, general third-party liability treaties represents a silver lining in the cloud. “Many general third-party liability treaties are ancillary to traditional property treaties and have generally remained

News BrokersCommercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Why brokers need to keep abreast of regulatory changes for cannabis

January 3, 2020 by Jason Contant

Brokers with cannabis clients need to keep an eye on the changing legal landscape and cannabis companies’ evolving needs, paying particular attention to directors’ and officers’ liability, a managing general agency told Canadian Underwriter recently. Recreational cannabis became legal in

News CatastrophesClaimsMarkets / CoveragesReinsurance

What reinsurance renewals on Jan. 1 told us about the market

January 2, 2020 by David Gambrill

Reinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy

Feature InsuranceLegislation / RegulationMarkets / Coverages

Executive Outlook 2020 | Jason Storah, Aviva Canada

December 30, 2019 by David Gambrill

Jason Storah, President, CEO, Aviva Canada I find it quite interesting, intriguing and frustrating that auto insurance is so complex in this country. Why is an auto accident treated differently in Quebec, Ontario, B.C., or Alberta? It doesn’t make sense,