Topic Commercial
2020 results: Did Canada’s insurers “outrun the bear” of claims inflation?
March 23, 2021 by David GambrillCanada’s P&C insurance industry survived the pandemic year of 2020 in good financial health, although some insurers wound up with healthier balance sheets than others, according to financial data published in the forthcoming MSA Research Q4-2020 Outlook Report. “The Canadian…
What’s next in IBAC’s data exchange API pipeline
March 22, 2021 by Greg MeckbachAt least one insurer plans to offer an application programming interface (API) intended to help brokers quote and bind coverage for small businesses without the aggravation of having to log into different insurer portals or send emails or faxes. Unica…
How vaccine rollout impacts commercial risk management
March 22, 2021 by Greg MeckbachIf your commercial clients are bringing more workers back into the office, risk managers might be curious as to whether returning workers have received any of their COVID-19 vaccine shots. But before your clients ask their employees about their vaccine…
Hartford ‘carefully considering’ proposed $23-billion merger with Chubb
March 19, 2021 by Greg MeckbachChubb Limited is offering to buy The Hartford Financial Services Group Inc. for about US$23 billion. Chubb and Hartford each own property and casualty commercial insurers in Canada. Chubb is based in Zurich, Switzerland, while Hartford is based in the…
Opinion: This is where insurance companies need to look to be ready for tomorrow’s customers
March 18, 2021 by Anthony Grosso, EISThe acceleration of digital transformation in the pandemic era means insurance companies need to evolve, and that starts with reimagining your core technology systems. Over the insurance industry’s long history, a key hallmark has been its promise of peace-of-mind, trust…
Why MGAs are becoming attractive options for investment firms
March 18, 2021 by Jason ContantA United Kingdom-based investment firm has invested CAD$2 million into a Canadian managing general agent — and previews that there’s more to come. Arete Capital Partners announced last week that its investment in Shore Underwriting — which specializes in insurance…
Are you offering insurance products that your clients want during the pandemic?
March 16, 2021 by Jason ContantSeven in 10 consumers and small business owners want home protection and usage-based insurance policies for the current remote working environment, a recent survey from Ernst & Young found. “With consumers spending more time at home and online, new concerns…
ARAG-DAS deal unites Canada’s titans in legal expense insurance
March 16, 2021 by Adam MalikLegal expense insurance company ARAG Group has announced that it will be acquiring competitor DAS Legal Protection in Canada. The deal was announced Tuesday in a move that will see the German-based company acquire the Canadian MGA. Terms of the…
Hospitality cover? This is a job for the Business Insurance Action Team
March 15, 2021 by Greg MeckbachHospitality clients are starting to get coverage from multiple carriers on a subscription basis through the Business Insurance Action Team, says the CEO of one of the participating insurers. Cambridge, Ont.-based Gore Mutual is participating in the BIAT, launched in…
Why these B.C. strata owners didn’t have to pay the corporation’s $5,000 deductible
March 12, 2021 by Greg MeckbachA British Columbia strata unit owner is not liable for their strata corporation’s $5,000 deductible on a property claim arising from a fire, the province’s civil resolution tribunal has ruled. The strata unit is on the fifth floor of a…
Going phishing with COVID as the lure: How many Canadians rose to the bait
March 9, 2021 by Jason ContantCanadian cyber insurers take note: Canada ranked within the Top 20 countries for COVID-themed cyber threat detections last year, according to cybersecurity company Trend Micro. Globally, Trend Micro detected nearly 16.4-million cyber threats over the course of 2020, including malicious…
What insurers aren’t passing on to their clients
March 9, 2021 by Adam MalikCanadian consumers are still foggy about the purpose and content of their home, auto and business insurance, and the onus is on the industry to help them understand, a pair of industry executives said during a recent webinar. Discussions with…