Canadian Underwriter

Topic Business Interruption

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Risk management more important than ever to middle market firms, yet few turn to brokers for advice: Chubb report

October 22, 2021 by Canadian Underwriter Staff

Risk management has become a top concern for middle market companies surveyed following more than a year of pandemic and other related business disruption, data from Chubb has shown. According to Chubb’s Middle Market Indicator for Q2 2021, which surveyed

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Small businesses warn of layoffs, closures if pandemic aid isn’t extended

October 21, 2021 by The Canadian Press

OTTAWA – Business groups in Canada are warning that ending federal pandemic-relief programs too soon could send shock waves through the economy. Cutting off wage and rent subsidies as planned on Saturday will force many businesses to reduce their hours,

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How wedding insurance will adapt to a post-pandemic world

October 6, 2021 by Brooke Smith

Wedding revenues dropped by almost 40% drop in Ontario last year, according to HelloSafe.ca, due largely to the COVID-19 pandemic. Wedding insurance, as a result, was also affected. Pre-pandemic, Front Row Insurance Brokers was receiving about 200 orders a month

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As small business sentiment drops, Liberals pressed to give benefits extra life

October 6, 2021 by Jordan Press - THE CANADIAN PRESS

OTTAWA – A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing

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Will cyber insurance rates double in the next couple years?

October 4, 2021 by Jason Contant

Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate

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Ontario government pledges $100 million to help tourism sector recover from COVID-19 

September 27, 2021 by The Canadian Press

TORONTO – Ontario is investing $100 million in the province’s tourism sector to help it recover from the impact of COVID-19. Tourism Minister Lisa MacLeod says the money will be distributed through the new Tourism Recovery Program. McLeod says the

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Small businesses continue to be hard-hit by rising premiums this year, CFIB reports

September 24, 2021 by Jason Contant

Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,

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Business interruption class action against Aviva Canada now fully certified in Ontario

September 17, 2021 by Greg Meckbach

An Ontario manufacturer shuts down its factory for several weeks in the early stages of the COVID-19 pandemic. Factory managers re-configure the facility to allow workers to socially distance. Can that manufacturer get business insurance coverage if its policy wording

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How the hail peril is changing

September 8, 2021 by Jason Contant

Once confined mostly to “hail alley” regions such as south and central Alberta, Texas and Colorado, hailstorms are now doing damage across North America in plenty of regions considered low-risk, says a new white paper from RIMS, the risk management

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The ‘Triple A’s’ to successfully navigate your company through the pandemic

September 7, 2021 by Jason Contant

The ‘Triple As’ of strategic agility — avoid, absorb and accelerate — are distinct ways that successful companies navigated the COVID-19 pandemic, according to a recent blog from Harvard Business Review. Companies such as Airbnb that not just survived by

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Ontario court certifies class-action against insurers related to COVID-19

September 1, 2021 by The Canadian Press

TORONTO – Ontario’s Superior Court of Justice has certified a class-action lawsuit against fourteen insurance companies that denied business interruption claims related to COVID-19. The class action, launched by several small businesses including a suit store, a smoothie shop and

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How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption

August 9, 2021 by Greg Meckbach

Lloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president