Canadian Underwriter

Topic Business Interruption

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Why the D&O market will probably get harder

December 15, 2020 by Greg Meckbach

Data breaches and the impact of COVID-19 on a company’s financial performance are among the “megatrends” affecting directors’ and officers’ liability claims, Allianz Global Corporate & Specialty warned in a report released Dec. 15. “Outside the U.S., securities class actions

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How a South African court applied the U.K. test case in a B.I. dispute

December 8, 2020 by David Gambrill

South Africa’s Western Cape High Court has ordered an insurer to pay a retailer of luxury travel goods up to a maximum of six months’ worth of business interruption coverage (about Cdn$1.5 million), following a dispute over losses arising from

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P&C industry’s Q3 results show signs of recovery

November 30, 2020 by David Gambrill

If the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from

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Cyber insurance: Most frequent and costly claims revealed

November 24, 2020 by Jason Contant

External attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.

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Lights. Camera. Claims action!

November 20, 2020 by David Gambrill

In the Canadian entertainment industry, time is money, and so when the global pandemic forced time to stand still, it hit the entertainment industry with the force of a catastrophic event. When COVID-19 hit, Crawford & Company’s adjuster and film

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Powerful winds, high tides raise flooding concerns as storm sweeps across B.C.

November 17, 2020 by The Canadian Press

VANCOUVER – Much of coastal British Columbia is braced for a brief but powerful windstorm while snowfall and winter storm warnings stretch from the inland north coast all the way to the northeast corner of the province. Environment Canada says

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Alberta farmers file what may be first class-action lawsuit over unpaid oil leases

November 11, 2020 by The Canadian Press

CALGARY – Two Alberta landowners have filed what a lawyer says could be the first class-action lawsuit against an energy company for not making its lease payments. “It’s a pretty clear contract,” said lawyer Matthew Farrell, who is representing Reinhold

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Lessons for the industry from pandemic business interruption coverage disputes

November 10, 2020 by Greg Meckbach

Massive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private

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How long will the haul be for Canada and the pandemic?

November 9, 2020 by Adam Malik

A second wave of the COVID-19 pandemic is gripping parts of Canada and it will likely be well into next year until we come out of it, an expert predicts. And the longer things drag on, the worse it bodes

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How much premium it would take for P&C insurers to absorb global BI pandemic losses

November 2, 2020 by Jason Contant

Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers

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How much Northbridge could pay out in COVID claims

November 2, 2020 by Greg Meckbach

Long-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released

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IBC talking to feds about future pandemic risk transfer

November 2, 2020 by Greg Meckbach

The Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the