Topic Commercial
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…
Major winter storm brings snow, thunder and lightning to parts of Ontario
March 6, 2023 by The Canadian PressTORONTO – A fierce winter storm has dumped heavy snow across southern Ontario, where strong winds, thunder and lightning were also reported. Environment Canada meteorologist Haizhen Sun says between 22 and 30 centimetres of snow fell on the Greater Toronto…
Westland expands entertainment team with latest acquisition
March 6, 2023 by Jason ContantWestland Insurance has added to its entertainment team with the acquisition of Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc. The music insurance brokerage for more than 40 years pioneered music insurance programs for independent artists in the late 1970s,…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…