Topic Commercial
Recent extreme cold snap causes ‘devastating’ damage to Nova Scotia vineyards
February 10, 2023 by The Canadian PressThe president of the Grape Growers Association of Nova Scotia says it will take years for vineyards to recover from the recent extreme cold snap. Steve Ells says between 95 and 100 per cent of Nova Scotia-grown vinifera variety grapes…
Charges laid in fatal 2021 tug boat sinking off B.C. coast
February 9, 2023 by The Canadian PressPRINCE RUPERT, B.C. – Charges have now been laid against a tug and barge company and one of its senior officials two years after a tug sank off British Columbia’s coast south of Kitimat, killing the captain and one crew…
Despite inflation easing, Intact expects ongoing hard market
February 8, 2023 by David GambrillDespite lower inflation, Intact Insurance is nevertheless predicting an ongoing hard market in Canada in 2023 because of higher reinsurance rates and elevated natural catastrophes. “Looking at the [Canadian P&C insurance] industry, we see hard market conditions continuing, given rising…
Industry vet joins new brokerage
February 7, 2023 by Alyssa DiSabatinoIndustry veteran Paul Martin has been appointed as chief operating officer of Lawrie Insurance Group. Previously, Martin was president and COO of KRG Insurance Brokers for more than 40 years — a position he maintained when KRG merged with RRJ…
Extension covering “influx of water” trumps broad form flood exclusion
February 6, 2023 by David GambrillA commercial property policy extension granting coverage for an “influx of water derived from natural sources” trumps a policy’s broad form flood exclusion, Alberta’s Appeal Court has found in a 2-1 split decision. A bowling alley in Fort McMurray, Alta.,…
Aviva Canada CEO on brokers’ role in climate change mitigation
February 6, 2023 by Alyssa DiSabatinoBrokers and insurers both said natcats and climate change will be the second biggest issue heading into 2023, according to a Canadian Underwriter survey last month. But one group is more vocal about climate change than the other, one CEO…
Will cyber bonds help reinsurers transfer risk?
February 3, 2023 by Philip PoradoCan reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said…
Insurers have a role in Canadian natural gas exports
February 1, 2023 by Philip PoradoLiquified natural gas (LNG) and infrastructure connectivity across Europe will be critical to ensuring a long-term energy supply for the continent, noted a Fitch Ratings report. The ratings agency said strong supplies of LNG, along with a relatively mild winter,…
Unexpected construction issues, rising labour costs increase pipeline cost to $14.5 billion
February 1, 2023 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The estimated cost of the Coastal GasLink pipeline has increased by 29 per cent to $14.5 billion, as the company behind the project continues to be dogged by unexpected construction issues and rising labour costs. Calgary-based TC Energy…
What’s next for Wawanesa after senior executive shuffle?
January 30, 2023 by Jason ContantAs Wawanesa Mutual Insurance Company changes its leadership structure with the appointment of three industry professionals to more senior leadership roles, industry veteran Carol Jardine — currently the insurer’s president of Canadian P&C operations — is also set to retire…
Does your client need D&O or an ancillary coverage?
January 26, 2023 by Philip PoradoWhile directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a…
Will IFRS 17 make insurers’ results harder to compare?
January 25, 2023 by Philip PoradoAt best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance…