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News CatastrophesInsuranceMarkets / Coverages

The flood risk that might be unaccounted for

November 19, 2018 by Greg Meckbach

Insurers might be unintentionally covering flood and fire risks arising from computer problems, a cyber expert with a risk modelling firm suggests. “Anything that is related to a computer system could trigger non-cyber losses,” Matt Honea, cyber director for Cyence

News InsuranceLegalMarkets / Coverages

Is seven months too long to wait for car repairs?

November 14, 2018 by Jason Contant

A B.C. small claims tribunal has dismissed a driver’s claim that his repair shop negligently misrepresented the amount of time it would take to repair his vehicle. Jizhou Zhang sought an award of $4,500 for the loss of use and

News BrokersInsuranceMarkets / Coverages

Large commercial brokerage reports ‘stealth’ firming in casualty lines

November 13, 2018 by Jason Contant

A recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as

News InsuranceMarkets / Coverages

Why insurers urge caution on regulating condo deductibles

November 12, 2018 by Jason Contant

The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation

News AdjustersClaimsInsuranceMarkets / Coverages

Why marijuana plant value is so important for adjusters

November 7, 2018 by Jason Contant

Claims adjusters handling recreational cannabis claims will need to consider the value of the plant at any given time in the growing process to determine actual loss, an independent adjusting firm said Tuesday. Potential cannabis greenhouse loss is much greater

News InsuranceLegislation / RegulationMarkets / Coverages

Condo deductibles need to be clearer: provincial regulator

November 6, 2018 by Jason Contant

Proposed regulations on deductibles for condominium insurance in Quebec need to be clear, affordable and consider the number of units in the building, the province’s self-regulatory body for brokers, agents and claims adjusters said Monday. “The government is saying, ‘Well,

News BrokersConstructionMarkets / Coverages

Navacord continues to expand its construction practice with latest partnership

November 5, 2018 by Jason Contant

Effective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance

News AppointmentsInsuranceMarkets / Coverages

Canadian travel insurance provider names new CEO

November 5, 2018 by Jason Contant

Travel insurance and assistance provider Allianz Global Assistance Canada (AGAC) has appointed Chris Van Kooten as chief executive officer, effective immediately. Van Kooten brings extensive insurance industry experience to his new position, having held executive leadership roles with several Canadian

News InsuranceMarkets / CoveragesProducts

Direct damage coverage available for cannabis product movement

November 2, 2018 by Jason Contant

A United States-based underwriter of marine cargo coverage has entered the Canadian cannabis market with a product that provides direct damage coverage to goods moving through the supply chain. North Kingstown, RI-headquartered Falvey Cargo Underwriting, which has a Canadian office

News InsuranceMarkets / Coverages

Nearly 99% of Canadians do not purchase travel medical insurance for short trips

November 1, 2018 by Jason Contant

Almost 99% of Canadians who take one or two-day trips don’t purchase travel medical insurance, Allianz Global Assistance Canada (AGAC) said recently. Data show less than 1.4% of single trip medical policies purchased through its various distribution channels are for

News InsuranceMarkets / Coverages

Insurer CEO explains why Lloyd’s model must adapt

October 29, 2018 by Greg Meckbach

If the Lloyd’s insurance business model is going to survive, it needs to adapt to today’s digitized world, suggests the chief executive officer of a large global insurer. “The Lloyd’s marketplace is important to the industry but it has longer

News InsuranceLegalMarkets / Coverages

Why this insurer is ‘shrinking’ its D&O liability business

October 26, 2018 by Greg Meckbach

Lawsuits arising from corporate mergers and acquisitions and “creative theories of liability” are reducing Chubb Limited’s appetite to insure directors’ and officers’ liability. Since 2016, there has been an increase in the frequency of lawsuits against directors and officers, said