Topic Commercial
Why further rate increases could be needed after 2021
October 30, 2020 by Greg MeckbachDespite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”…
Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof
October 30, 2020 by David GambrillAs Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance…
How IBC plans to help restaurants find insurance
October 29, 2020 by Greg MeckbachClients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
What brokers are looking at to help condo corporations reduce deductibles
October 29, 2020 by David GambrillBrokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,…
Insurers pledge small business help as pressure mounts to address rising rates
October 29, 2020 by The Canadian PressA group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the…
This decision on a $5,000 deductible could motivate condo corporations to change their bylaws
October 28, 2020 by David GambrillA recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,…
First the industry mandated fire detectors. Now should it require water detectors?
October 27, 2020 by Adam MalikAn abundance of technology is available to prevent water damage in condo buildings, but panellists of a recent Canadian Underwriter webinar questioned why it’s not being mandated or put to use as condo claims continue to increase. Existing technology such…
What this Vancouver plaintiff’s lawyer says about pandemic business interruption coverage
October 27, 2020 by Greg MeckbachA British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be…
Ontario promises action to address rising commercial insurance rates, critics urge regulation
October 26, 2020 by Shawn Jeffords - THE CANADIAN PRESSTORONTO – Under pressure to address rising commercial insurance rates blamed on the pandemic, Premier Doug Ford promised this week to take action to stop what he called “gouging” by some companies in the sector. Ford twice this week has…
Chubb names new president for Canada; Moore retiring
October 22, 2020 by Greg MeckbachCommercial insurer Chubb Canada is about to get a new president. Ellen Moore is retiring at the end of this year, Chubb announced Thursday. “I want to thank Ellen for the exceptional contributions she’s made during her 40 years at…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
Elevate your commercial business
October 21, 2020 by Catherine Smola, president, CEO, Centre for Study of Insurance OperationsTop 5 reasons why commercial lines real-time quoting should be a priority