Topic Commercial
Why D&O price cuts may not be justified
February 15, 2024 by David GambrillSofter market conditions reported in some professional liability lines are premature and unjustified, a global reinsurer told September’s National Insurance Conference of Canada (NICC) in Montreal. The NICC reinsurance panel followed a presentation on the global economy by Swiss Re’s…
Cats scratch Intact’s bottom line in 2023
February 14, 2024 by Alyssa DiSabatinoIntact Financial Corporation (IFC) has reported elevated catastrophe losses in 2023, raising its combined operating ratio (COR) by 4.3 points since 2022. “The past year has been challenging for society, particularly in the face of numerous natural disasters,” said Charles…
Toronto cyberattacks show public bodies need to boost security, experts say
February 14, 2024 by Maan Alhmidi – The Canadian PressAs the Toronto Public Library gradually works to restore full service following a crippling October cyberattack, experts are warning that public organizations need to find ways to bolster their ransomware defences, despite having limited resources. A few months after the…
The post-pandemic broker E&O trend, and how to prevent it
February 13, 2024 by Alyssa DiSabatinoMany clients’ commercial property limits aren’t being adjusted for inflation, and that’s unduly exposing brokers to errors and omissions (E&O) claims, one commercial litigation lawyer observed. Inflationary increases are typically applied to all building values upon renewal. The problem is,…
Why you need to know the limits of your underwriting models
February 13, 2024 by Jason ContantVendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data…
Hub’s latest Ontario brokerage acquisition
February 12, 2024 by Jason ContantHub International Ltd. has enhanced its personal, commercial and employee benefits services with the acquisition of Ontario brokerage Mitchell Sandham. Located in Oakville, Ont., Mitchell Sandham is one of the oldest and largest independently owned insurance brokerages in the Greater…
Regulator calls out Trans Mountain for ‘environmental non-compliance’ in B.C.
February 12, 2024 by The Canadian PressCALGARY – The company building the Trans Mountain pipeline expansion has been cited for environmental non-compliance related to its management of recent flooding in B.C. The Canada Energy Regulator said Thursday its inspection officers found issues near Abbotsford, B.C., where…
Should the industry incentivize wildfire mitigation?
February 8, 2024 by Alyssa DiSabatinoFor the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live? Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire…
What needs to happen for a smooth 2025 reinsurance renewal season
February 7, 2024 by Alyssa DiSabatinoMomentum from this year’s favourable reinsurance renewal can continue into 2025 if outlying conditions and losses don’t exceed expectations, panellists said during Cat IQ Connect in Toronto. Although it’s too early to make assertions about how the next 1.1 renewal…
B.C. ski resorts shut as warm, wet weather strips mountains of snow
February 2, 2024 by The Canadian PressVANCOUVER – All three of Metro Vancouver’s local ski hills are closed for a second day at what should be the peak of the season, as a spate of warm, wet weather strips mountains bare. Grouse Mountain and Mount Seymour…
KPMG buys insurance claims practice
February 2, 2024 by Jason ContantProfessional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of…
The state of bot automation in Canadian brokerages
February 1, 2024 by Jason ContantBrokerages in Ontario are rapidly embracing bots to automate repetitive tasks, the provincial brokerage association told Canadian Underwriter. “Like all new technology, it takes time to drive awareness and articulate value, but the adoption curve seems to have accelerated more…