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Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re

October 16, 2020 by Greg Meckbach

There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national

News InsuranceLegislation / RegulationMarkets / Coverages

Why Uber Canada dropped Intact as its insurance provider

September 16, 2020 by Greg Meckbach

Ride sharing firm Uber Canada chose Economical as its insurance provider because Uber would not agree to Intact’s pricing, a senior Intact executive said Tuesday. “We had a very good relationship, we just couldn’t agree on the price,” Intact CFO

News ClaimsClaims CanadaEarnings / RatingsInsuranceLegislation / RegulationMarkets / Coverages

How bad Canada’s auto loss ratios are getting

September 11, 2020 by Greg Meckbach

The Canadian industry’s loss ratio in auto liability has deteriorated for the fourth year in a row, A.M. Best Company Inc. has reported. Meanwhile, the loss ratio in “auto personal accident” deteriorated nearly 10 points. It increased from 70.4% in

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why A.M. Best sees the global reinsurance market as ‘stable’

August 13, 2020 by Jason Contant

Months into the COVID-19 pandemic, reinsurance industry observers are seeing a mixed forecast ahead and it’s too early to tell how the pandemic will affect rating actions, according to a recent A.M. Best webinar. “Obviously, the situation has gotten complicated

News BrokersMarkets / Coverages

Brokers urged to remind clients: Home policies won’t cover ‘pandemic pods’

August 13, 2020 by David Gambrill

As schools across the country prepare for re-opening in September, skittish parents who are not in favour of in-class learning for their children are setting up so-called “pandemic pods” to home-school small groups of children in the home. But brokers

News ClaimsInsuranceMarkets / Coverages

Three reasons why the hard market may drag on for years

August 12, 2020 by Greg Meckbach

Commercial clients are likely to see big price hikes at least through 2021 and the economic impact of COVID-19 is partly to blame, a Bermuda insurance executive suggests. “We saw double-digit rate increases in our Canadian specialty business,” Albert Benmichol, CEO

News Commercial LinesMarkets / Coverages

More consolidation expected in Ontario cannabis stores

August 11, 2020 Tara Deschamps - THE CANADIAN PRESS

TORONTO – More than a year after winning the chance to open one of Ontario’s first cannabis stores through a provincial lottery, Lisa Bigioni has walked away from her Niagara Falls pot shop. The store had become like a second

News Earnings / RatingsInsuranceMarkets / CoveragesRisk

Aviva Canada’s approach to navigating the economic recession

August 7, 2020 by David Gambrill

Whether or not an economic recovery in Canada is just around the corner — speculation of which is fuelled by the developments in researching a COVID-19 vaccine — Aviva Canada is committed to sticking to its three-year financial targets established

News Commercial LinesInsuranceMarkets / Coverages

Financially, which of your clients are hurting the most?

August 7, 2020 by David Gambrill

Canadian construction and real estate development companies appear to be hurting the most during the pandemic, according to bankruptcy records kept by the federal government. Twenty-seven Canadian companies have been granted creditor protection since the novel coronavirus was declared a

Feature Commercial LinesMarkets / Coverages

Briefing Note: Territories

July 13, 2020 Canadian Underwriter Staff

Nunavut and the Northwest Territories are feeling the effects of insurers pulling out of both areas. “We had Aviva Elite, who wrote probably all of the mobile homes in the Northwest Territories, discontinue writing [that line],” says Mark Harris, the

News BrokersInsuranceMarkets / Coverages

How the economic recession changed the game for Canadian brokers, insurers

June 16, 2020 by Adam Malik

The COVID-19 pandemic has pushed broker to be more than just advisors of insurance coverage — they’re offering broader financial guidance and services to their clients. Meanwhile, the economic recession resulting from the pandemic shifted the carriers’ focus towards “operational

News BrokersCatastrophesClaimsCommercial LinesEarnings / RatingsEmploymentInsuranceMarkets / CoveragesReinsuranceRisk

CU Webinar: Industry execs to discuss impact of economic recession on Canada’s P&C industry

June 12, 2020 by David Gambrill

Way back in 2020 Q1, before the world turned upside down, the Canadian property and casualty insurance results were on the rebound from a difficult prior year. But on Mar. 11, 2020, the World Health Organization declared the novel coronavirus