Topic Commercial
Where digital transformation goes wrong for the P&C industry
July 7, 2022 by Jason ContantCanada’s P&C insurance industry needs to get back to basics — unmet customer needs — when designing tech-enabled digital strategies and products, speakers said last week during an industry webinar. Too often, carriers or other industry stakeholders get involved in…
How to advise clients on commercial contract indemnities
July 6, 2022 by Michael CareyCommercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and…
Three charges laid for 2019 spill from Newfoundland’s Hibernia offshore oil platform
July 6, 2022 by The Canadian PressST. JOHN’S, N.L. – Newfoundland and Labrador’s offshore oil regulator is laying charges in connection with a 2019 oil spill in the Hibernia field, which sits about 315 kilometres off the coast of St. John’s. The Canada-Newfoundland and Labrador Offshore…
Why your client now needs environmental insurance
July 4, 2022 by Jason ContantClimate change is resulting in larger and non-traditional pollution losses, necessitating the need for environmental insurance to cover possible coverage gaps left by other policies, an environmental insurance expert said recently. Stronger storms coupled with increased land development can lead…
Bank of Canada surveys suggest business and consumer inflation expectations up
July 4, 2022 by Craig Wong - THE CANADIAN PRESSOTTAWA – A pair of new reports from the Bank of Canada point to rising inflation expectations by Canadian businesses and consumers. In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased,…
How the pandemic changed broker prospecting for new business
June 30, 2022 by David GambrillHigh workloads during the pandemic had an impact on brokers’ ability to prospect for new business, Canadian Underwriter‘s 2022 National Broker Survey found. The survey asked more than 250 brokers nationwide in February about challenges to the broker distribution channel.…
What’s to blame for P&C industry’s quarterly profitability decline?
June 23, 2022 by Canadian Underwriter StaffAt first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…
Water damage dispute: Why the court wouldn’t end three-year dispute resolution
June 22, 2022 by David GambrillB.C.’s Supreme Court has denied a claimant’s attempt to bail out of two mandatory dispute resolution hearings with multiple insurers in a three-year dispute over the value of water damage in her strata unit. “The plaintiff is understandably frustrated by…
Why portfolio simplification and shareholder activism matter
June 21, 2022 by Jason ContantTo successfully lead a company through an era of constant change, a CEO should consider simplifying the company’s portfolio and prepare for shareholder activism, a Harvard Business Review blog says. Inflation, geopolitics, supply chain issues, labour costs, divisiveness, unsettled equity…
Yes, COVID-19 really did boost broker workloads
June 20, 2022 by David GambrillWhile the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…
Quebec court approves $200.9M settlement against Desjardins over data breach
June 20, 2022 by The Canadian PressMONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say…