Topic Commercial
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget
April 13, 2021 by Jordan Press, The Canadian PressOTTAWA — A group representing thousands of the country’s small businesses says many hope the Trudeau Liberals heed their concerns and reshape aid in the upcoming federal budget to help them survive the COVID-19 pandemic. The Canadian Federation of Independent…
Why certain commercial sub-segments are facing pricing, capacity crunch
April 12, 2021 by Greg MeckbachToday’s hard market is different not only because of COVID-19 but also because insurers are more granular in their approach towards specific segments within the commercial market, experts suggested Monday during a Canadian Underwriter webinar. “In some industries [i.e. commercial…
Households expect return to pre pandemic spending within a year, Bank of Canada says
April 12, 2021 by Jordan Press, The Canadian PressOTTAWA — Canadian household spending will eclipse earnings in the coming months as vaccinations increase and uncertainty from the pandemic recedes, The Bank of Canada said in a report released Monday. The central bank says the gap between spending and…
Why B.C.’s tax collector tried to burn Mutual Fire for an extra $4.5 million
April 9, 2021 by Greg MeckbachBritish Columbia’s income tax commissioner must re-visit a decision to bill Mutual Fire Insurance Company of British Columbia an extra $4.5 million in premium taxes and interest from the 2012 and 2013 taxation years. Mutual Fire appealed the ruling by…
Etiquette for asking if your employees are vaccinated
April 9, 2021 by Greg MeckbachAsking your workers whether or not they got their COVID-19 vaccine shot is not necessarily a good idea. “If you are going to require employees to disclose their vaccination status, you need to consider the nature of the workplace,” said…
Former Zurich Canada CEO to head up university reciprocal exchange
April 8, 2021 by Greg MeckbachPatrick Lundy is about to take the reins of Burlington, Ont.-based Canadian University Reciprocal Insurance Exchange (CURIE). Lundy, CEO of Zurich Canada from 2012-17, will be CEO of CURIE effective Apr. 19, 2021. Until recently, Lundy was senior vice president…
Three large Canadian brokerages announce separate M&A deals
April 8, 2021 by Jason ContantThree large Canadian brokerages have announced recent acquisitions of other brokerages. On Thursday, Westland Insurance reported it closed its acquisition of MBS Insurance Brokers, effective Apr. 1. Navacord Corp. added LL Renaissance Insurance Brokerage Canada Limited to its ranks, while…
Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s
April 7, 2021 by Greg MeckbachThe pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of…
Canada’s P&C industry can’t shoulder the losses of the next earthquake by itself
April 7, 2021 by Adam MalikCanada isn’t financially prepared to handle a major earthquake whenever it may come, says an industry observer. As a result, the property and casualty industry is at risk without a plan in place. Models are painting a grim picture of…
Navacord builds up war chest to finance future M&A
April 6, 2021 by Greg MeckbachNavacord has built up a sizeable war chest to fund future mergers and acquisitions. The Toronto-based group of brokerages recently completed $1.05 billion in financing, a portion of which is to be used to take advantage of unspecified “M&A opportunities,”…
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
The future of carbon removal insurance: As big as oil and gas?
April 1, 2021 by David GambrillCarbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon…