Topic Commercial
This insurer has ‘much more stringent underwriting criteria’ in cyber
August 18, 2021 by Greg MeckbachAggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,…
Maritime farmers ship hay to drought-stricken Prairies
August 18, 2021 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – Farmers in the Maritimes are pitching in to help their drought-stricken Prairie counterparts facing a “devastating” situation. On his farm in the Annapolis valley north of Halifax on Tuesday, Tim Marsh was busy baling hay that will ship…
Supreme Court of Canada won’t reverse this municipal liability finding
August 17, 2021 by Greg MeckbachAn August 12 Supreme Court of Canada decision means a Toronto-area municipality remains not liable for an electric shock suffered by a teenager at a public sports field. Zoe Onley was 18 when she was placing soccer on a wet…
How to help clients mitigate water damage risk
August 17, 2021 by Canadian Underwriter StaffWith water damage claims due to infrastructure failures costing the industry much more per year than natural catastrophes, brokers need to be more proactive in helping clients understand coverages and risk mitigation strategies. Infrastructure and plumbing related water damage is…
Why mega-ships are mega risks for marine insurers
August 16, 2021 by Jason ContantThe blocking of the Suez Canal by the Ever Given container ship in March shows that ever-increasing vessel sizes continue to pose a disproportionately large risk, said marine insurer Allianz Global Corporate & Specialty SE (AGCS). On Mar. 23, 2021,…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
How brokers like BFL are recruiting talent to serve large international accounts
August 13, 2021 by Greg MeckbachUncertainty over mega-brokerage mergers provide an opportunity for other brokerages to acquire quality talent, a senior manager with Montreal-based BFL Canada suggests. “Recently, firms like BFL have reinforced their large account talent pool with various leaders, claims, captive experts, surety…
How Aviva Canada fared in the first half of 2021
August 12, 2021 by Jason ContantA lack of catastrophic events in the first half of 2021 and decreased personal auto and commercial claims related to COVID-19 contributed to a 6.7% improvement in Aviva Canada’s combined operating ratio (COR) in the first half of 2021 compared…
All major commercial lines seeing average premium renewal increases, report says
August 11, 2021 by Jason ContantCanada’s hard market in commercial P&C is showing no signs of letting up, with all major lines seeing average premium renewal rate increases in the second quarter of 2021. “Overall, the magnitude of rate increases across all segments included in…
4 causes of social inflation and why it’s costing your clients more
August 10, 2021 by Greg MeckbachSocial inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert…
Brokers ‘positive about entertainment insurance’ as industry emerges from crushing pandemic-related losses
August 10, 2021 by Canadian Underwriter StaffAs the entertainment and events industry emerges from COVID-19, Canadian brokers are becoming more confident about securing coverage for their clients. Claims from cancelled or postponed events and productions have been a large source of pandemic-related losses for the global…
BrokerLink doubles size in Atlantic Canada, buys brokerages in Ontario and Alberta
August 9, 2021 by Jason ContantBrokerLink has doubled its presence in Atlantic Canada and is now one of the largest brokerages on the east coast following its acquisition of Archway Insurance and South Coast Insurance Agency Limited. BrokerLink, a subsidiary of Intact Financial Corporation, announced…