Topic
Markets / Coverages
Brokers on what would help bring down skyrocketing condo insurance premiums
February 12, 2020 by Jason ContantInsurance should be mandatory for all condo unit owners in the condo corporation, an executive with the Insurance Brokers Association of B.C. (IBABC) told Canadian Underwriter Monday. “Strata/condo building managing councils should encourage their member unit owners to vote in…
Two ways to address rising condo insurance premiums
February 11, 2020 by Jason ContantOne broker association is calling for consultation among all key stakeholders to discuss owner liability in condo corporations, with a focus on proposed achievable legislative action. As condominium (strata) insurance premiums and deductibles continue to rise across the country, the…
Ins and outs of travel insurance amid coronavirus outbreak
February 11, 2020 The Canadian PressVANCOUVER – Travellers nervous about globe-trotting during the novel coronavirus outbreak may be eligible to receive a refund for cancelling their travels, say insurance experts, but it depends on the destination, their insurance policy and other factors. “I think in…
How active assailant attacks are redefining terrorism insurance
February 10, 2020 by Jason ContantAttacks involving “active assailants” are on the rise, and brokers shouldn’t assume that a standard property, commercial general liability (CGL), or even terrorism policy will cover the costs of supporting and helping the victims, a specialist insurer said Wednesday. “It…
What’s going on in the Canadian MGA space?
February 6, 2020 by Jason ContantThe managing general agent space in Canada has been busy over the past few months, with the launch of one MGA and the expansion of another. On Jan. 20, three industry veterans – Jeff Hart, Bruce MacKinnon and Tommy Truong…
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…