Pressures on commercial insurance rates will continue for the near future, but there will still be opportunities to write new business, says Jason Storah, CEO of Aviva Canada. As for auto lines, it remains to be seen how driving levels…
A Fort McMurray, Alta., bowling alley is entitled to coverage for water damage sustained in the April 2020 flooding, despite its insurance policy containing a clear flood exclusion. The Alberta Court of Queen’s Bench found Intact included a coverage extension…
Canada’s financial services industry pushed back against cybercriminals last year, cutting in half the percentage of cyberattacks on the sector. The financial services industry (including insurance) has long been a top target for cybercriminals chasing high-reward payday. But that is…
Two creditor firms seeking to access insurance policy proceeds in a $2.5-million trust fund misappropriation case against a lawyer lost their bid to interpret the $500,000 sublimit as applying to each of their claims, instead of being an aggregate policy…
Inflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and…
Pricing for cannabis-related directors and officers (D&O) insurance is trending downward, but only relative to the rest of the market, said an insurance brokerage executive. “When cannabis was first legalized in Canada, you had a handful of carriers that [offered]…
A major shortage of seasoned commercial underwriting staff is impacting broker relationships and productivity, some brokerages have reported. For an industry already struggling with a country-wide talent crunch exacerbated by the pandemic, renewed M&A activity and a hard market, brokers…
Politicians are denouncing what police have called a violent confrontation in separate attacks against officers and employees at a construction site for a natural gas pipeline being built across northern British Columbia. Federal Public Safety Minister Marco Mendicino called the…
Navacord Corp. is expanding its reach in northern Alberta with the addition of Stone Insurance Brokers. Based in Manning, Alta., Stone Insurance Brokers services clients across northern Alberta and British Columbia, specializing in forestry, farming, transportation and oil and gas. …
Global commercial insurer and reinsurer AXA XL has appointed Sandra Lee as head of claims for Canada. Lee served as leader for the local casualty claims team. She will now have oversight for all claims activity across property and casualty,…
For boutique D&O coverages, a law firm says companies should be bringing in a lawyer to look at the contract coverage and not just rely on the opinion of the insurance broker about coverage. This is particularly true in business…
Intact Financial Corporation CEO Charles Brindamour says Canada’s largest P&C insurer has established a “truly global platform” that can now reach 70% of the global specialty solutions market with the expertise it has on board. “The thing that I like…