Topic Commercial
Why this title insurer doesn’t owe the client’s improvement taxes
July 31, 2023 by David GambrillCanada’s top court has effectively upheld a decision that a title insurer isn’t on the hook for local improvement charges that become payable in the years following the closing of a real estate transaction. FCT Insurance thus won its appeal…
How the Nova Scotia floods compare to Hurricane Fiona
July 28, 2023 by Alyssa DiSabatinoRecent flooding in Nova Scotia has led adjusters to see damages comparable to Hurricane Fiona, but final claims totals aren’t expected to be as high as when Fiona blew through the East Coast last September, claims professionals on the ground…
Higher rates for Canadian trucks travelling in parts of U.S.
July 27, 2023 by John G. Smith, vice president-editorial at Newcom MediaFacility Association, an insurer of last resort, is introducing higher surcharges for trucking companies and truck owner-operators who travel through specific U.S. states. A current surcharge is set at 1% per percentage of exposure in the U.S. For example, if…
Why private equity firms are seeing premium increases
July 26, 2023 by Alyssa DiSabatinoBig buyers of P&C brokerages — i.e., private equity (PE) firms — may continue to see premium increases for their own liability and cyber policies, albeit flatter than before, Matthew Studley, executive vice president of complex risk for Hub International,…
Prairie drought continues, forcing farmers to write off crops
July 25, 2023 by Amanda Stephenson - THE CANADIAN PRESSSaskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead. The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers…
Allianz Commercial: Insurer launches new regional set-up
July 25, 2023 by Jason ContantAllianz Global Corporate & Specialty (AGCS) has joined forces with the commercial insurance businesses of local Allianz P&C entities, trading under the name Allianz Commercial. The new structure will consist of 11 new regions, bringing together the current six regional…
Claims pouring in for record Nova Scotia rainstorm
July 24, 2023 by Alyssa DiSabatinoAdjusters are beginning to see claims pour in after thunderstorms dumped record amounts of rain on Nova Scotia Friday. Torrential downpours dropped over two months’ worth of rain (between 200 and 250 millimetres) in about 24 hours on Halifax, Nova…
Trial to decide insurer’s duty to defend in seniors lodge explosion
July 24, 2023 by David GambrillIt’s going to take a trial to decide whether or not Co-operators General Insurance Company owes a duty to defend in a complicated legal case concerning a 2015 gas explosion that happened on a construction site at the Bow River…
Financial burden of cybercrime in Canada remains high: IBM report
July 24, 2023 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as…
Swiss Re names new Canadian head of property and specialty
July 21, 2023 by David GambrillMarc Ross will be the new head of property and specialty in Canada for Swiss Re Corporate Solutions effective Sept. 1, the company announced. Ross’s appointment is aligned with the date James Gasco becomes head of Canada for Swiss Re…
Will reinsurers pass rate increases to consumers?
July 20, 2023 by Alyssa Di SabatinoReinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have…
M&A frenzy continues with multiple deals announced
July 19, 2023 by Jason ContantCorrection: The article has been amended to show Andrew Agencies has 22 locations, not 200 as previously reported. Canadian Underwriter apologizes for the error. On the heels of separate deals that closed at the beginning of the month, large…