Topic
Markets / Coverages
Intact CEO forecasts how high industry auto rates may increase in 2020
February 5, 2020 by David GambrillIntact projects that Canada’s property and casualty industry will be asking for average auto insurance rate increases on the order of 7% over the upcoming 12 months. Intact itself is expected to ask for more auto rate during the next…
New insurance options for B.C. taxi drivers
January 31, 2020 Dirk Meissner - THE CANADIAN PRESSVICTORIA – Taxi drivers in B.C. will soon be able to purchase the same kind of insurance available to the ride-hailing industry, the transportation minister said Thursday. Claire Trevena said talks are also underway with the taxi industry to ensure…
Can the Novel Coronavirus illness trigger P&C policy coverage?
January 30, 2020 by David GambrillNews of three documented Canadian cases of 2019 Novel Coronovirus (or 2019-nCoV) has spread like wildfire, and several legal commentators and risk managers are now issuing alerts containing steps to reduce the likelihood of people contracting the pneumonia-like symptoms in…
Are your commercial clients budgeting for a hard market?
January 24, 2020 by Greg MeckbachAs commercial insurance prices increase, you could have customers who literally have not factored new rates into their budgets. “We have an understanding, clearly, that there are risk managers and [chief financial officers] of companies that maybe didn’t budget for…
How insurers will make their cyber products better in the future
January 23, 2020 by Jason ContantCyber 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…
Why this P&C consultant is not convinced we’re in a hard market
January 21, 2020 by Jason ContantHard 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…
Alberta government promising to fix rules on aging energy wells
January 17, 2020 Bob Weber - THE CANADIAN PRESSEDMONTON – 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…
Should the industry have a specific line of business for ‘catastrophe’?
January 16, 2020 by Jason ContantIs 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.…
Why business interruption worries Canadians more than cyber
January 14, 2020 by Adam MalikBusiness 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…
Will cyber insurance ever be fully standardized?
January 14, 2020 by Jason ContantWill 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…
How much did auto insurance rates go up in Alberta last quarter?
January 13, 2020 by Jason ContantAlberta’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…
How IBC is addressing hard market in condo insurance
January 7, 2020 by Greg MeckbachCondo 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…