Topic Commercial
How Northbridge is advising clients to prepare for second COVID-19 wave
September 18, 2020 by Greg MeckbachOne key component of preparing for the anticipated second wave of COVID-19 cases in Canada is for businesses to assess how they responded to the first wave of the disease, Northbridge Insurance is telling its commercial clients. “Many businesses that…
Veteran brokers are seeing their first-ever hard market. What they need to know.
September 18, 2020 by Greg MeckbachBrokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests.…
One thing an insurer will consider before investing in commercial surety bonds
September 17, 2020 by Jason ContantSpecific industry risk can play a major role in how much capital an insurer is willing to put forward for commercial surety bonds, a speaker said during a recent webinar. Industry risk is a “unique” underwriting consideration, Rob Dempsey, senior…
What’s unique to this hardened real estate insurance market
September 17, 2020 by Adam MalikAt the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a…
FM Global appeals $25-million BI award arising from reactor shutdown
September 17, 2020 by Greg MeckbachFactory Mutual is appealing an Ontario court ruling that included a finding that “resulting physical damage” can mean loss of use. David Liblong, a partner with Liblong Digambar Professional Corporation, told Canadian Underwriter Wednesday that the insurer is appealing MDS…
Will the U.K. decision in a test BI case matter to Canada? Intact and ratings agencies weigh in.
September 17, 2020 by Greg MeckbachThe verdict in the British Financial Conduct Authority’s business interruption test case could have an impact outside of Britain, one credit rating agency warns, but Canada’s largest carrier appears to be largely unaffected. The vast majority of Intact Financial Corp.’s…
Intact’s rationale for buying this bond and marine brokerage
September 16, 2020 by Greg MeckbachIntact Financial Corp.’s latest “tuck-in” brokerage acquisition is part of its ongoing expansion effort in the United States, chief financial officer Louis Marcotte suggested Tuesday. International Bond & Marine Brokerage Ltd. of Hoboken, N.J., announced Sept. 11 it is now…
P&C industry braces for a ‘second wave’ of COVID liability
September 15, 2020 by David GambrillThere is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers…
Aon’s take on the state of the Canadian P&C insurance market
September 15, 2020 by Jason ContantThe first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous…
The biggest challenge for commercial brokers right now
September 15, 2020 by Adam MalikAmong a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is…
Appeal judge: Is the lack of a privacy-breach tort in this province ‘anachronistic’?
September 14, 2020 by Greg MeckbachBritish Columbia’s courts need to take a close look at the question of whether the province has a tort for breach of privacy, an appeal court judge suggested in a recent decision arising from a data breach at a Vancouver-based…
Why water damage claims cost the industry more each year than severe weather claims
September 14, 2020 by Adam MalikWater is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes…