Topic Commercial
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 by The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
Two companies, one shareholder, only one named insured. What happens next?
March 14, 2023 by David GambrillA man who is the sole shareholder of two companies — one that owns a title deed to a building (and the only named insured on the policy), and one a commercial tenant of that same building — has an…
Will U.S. bank collapse impact Canadian insurtech funding?
March 14, 2023 by Alyssa DiSabatinoCanadian insurtechs may not be entirely immune to the aftershocks of two U.S. bank failures, one expert told Canadian Underwriter. Silicon Valley Bank (SVB) failed on Mar. 10 after its mostly tech-centric and tech start-up customer base, hit hard by…
Is cyber coverage broken? And, can it be fixed?
March 10, 2023 by Jason ContantNot long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago…
Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show
March 10, 2023 by David GambrillWhen it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s…
Where Aviva Canada’s 2022 results rank them in Canada’s P&C marketplace
March 9, 2023 by David GambrillAviva Canada’s year-end 2022 P&C results have vaulted the company into second place in the Canadian market, the company’s CEO announced Thursday. “Aviva Canada delivered strong results for fiscal year 2022, achieving a combined operating ratio of 92.5% (90.7% in…
Cyberattack hits Canadian engineering giant with contracts for military bases, power plants
March 9, 2023 by Lee Berthiaume - THE CANADIAN PRESSOTTAWA – A Canadian engineering giant whose work involves critical military, power and transportation infrastructure across the country has been hit with a ransomware attack. Toronto-based Black & McDonald has so far refused to publicly comment on the cyberattack, while…
New earthquake model considers eastern Canada risk
March 9, 2023 by Jason ContantAon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural…
Bank of Canada holds key rate for first time in a year, leaves door open to hikes
March 8, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating its wait-and-see approach to monetary policy. The central bank said Wednesday that it has decided to hold its…
What might cause the softening D&O market to stall?
March 8, 2023 by Philip PoradoHard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several…
Aviva Canada now offers parametric solution for severe rain
March 8, 2023 by David GambrillAviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
N.W.T. says lack of notice on oilsands tailings spill goes against deal with Alberta
March 7, 2023 by Bob Weber - THE CANADIAN PRESSAlberta didn’t live up to the terms of a deal it has with the Northwest Territories to inform it about threats to its shared watershed after two major oilsands tailings spills, the territory’s environment minister said Friday. Shane Thompson said…