Topic Commercial
Ontario union victim of ransomware attack, notifies members of personal data compromised
November 24, 2022 by The Canadian PressTORONTO – The union representing public high school teachers in Ontario says it was the victim of a ransomware attack earlier this year that compromised members’ personal information. The Ontario Secondary School Teachers’ Federation says it discovered in late May…
Does an immuno-compromised adjuster have to return to field work?
November 23, 2022 by The CIP Society, Insurance Institute of CanadaFor almost three years, there’s been confusion around COVID-19 protocols. It’s made it hard for people to get on with their daily lives. An example of how these stresses burden our industry is illustrated in a dilemma faced by a…
How hurricane losses will impact pricing and capacity
November 21, 2022 by Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Covering larger risks? Why subscriptions may be the way of the future
November 18, 2022 by Philip PoradoAs claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…
Canada won’t back call to ‘phase down’ oil and gas production
November 18, 2022 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Canada won’t agree to add language calling for the phaseout of all fossil fuels – including oil and gas – to the final agreement at this year’s United Nations climate talks in Egypt, Environment Minister Steven Guilbeault said…
Canadian insurtech announces layoffs
November 16, 2022 by David GambrillVancouver-based insurtech Apollo Insurance has laid off approximately 25% of its workforce of about 125 people across Canada, according to one source familiar with the matter. Employees were told during a 9 a.m. meeting, Pacific Time, according to the source,…
Definity CEO on how recession fears are affecting insurance
November 16, 2022 by Jason ContantFear of a looming recession doesn’t appear to be affecting consumers’ purchasing behaviours yet, Definity Financial Corporation president and CEO Rowan Saunders said during a virtual fireside chat with RBC Capital Markets. “Insurance is quite close to being a recession-proof…
Methane emissions underestimated, a growing number of reports suggest
November 16, 2022 by Bob Weber - THE CANADIAN PRESSAs the federal government moves to tighten regulations on methane emissions, new assessments suggest the amount of the potent greenhouse gas escaping into the atmosphere has been significantly underestimated. A recent survey of oil and gas facilities in Canada found…
5 client objections to buying cyber, and how to overcome them
November 14, 2022 by Philip PoradoWhen it comes to risk, your clients can be full of excuses. That tendency to deflect is particularly acute when discussions turn to cyber coverage. “My favorite one was ‘We outsource everything,’” which implies someone else was taking on all…
How Canada’s D&O and cyber insurance markets are shifting
November 14, 2022 by David GambrillSofter market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies…
Three options for selling your brokerage
November 11, 2022 by Philip PoradoA consistent stream of property and casualty brokerage acquisition announcements over the past few years likely has a lot of brokerage owners thinking about how they’ll eventually exit the business. For most sales transactions, there are three basic options. One…
IBC announces new president and CEO
November 10, 2022 by Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…