Topic Emerging Risks
Storm System
October 15, 2020 by Greg Meckbach, Associate EditorSeveral pressures on rate suggest reinsurance premiums will rise during the January 2021 renewal season. By how much? Reinsurance execs look into the crystal ball
2020 U.S. election: How a pandemic plan south of the border can help cure Canadian P&C insurers’ results
October 14, 2020 by Adam MalikAs the United States nears election day, Canadian P&C insurers and other financial analysts are trying to read the tea leaves for signs of a crisis mitigation strategy south of the border that would address the COVID-19 pandemic and its…
COVID-19 pandemic accelerating digital privacy risks, federal watchdog warns
October 8, 2020 by The Canadian PressOTTAWA – The federal privacy czar says the COVID-19 pandemic is underscoring weaknesses in the law that place the personal information of Canadians at risk. In his annual report presented to Parliament today, privacy commissioner Daniel Therrien warns the pandemic…
How COVID-19 can trigger a ‘force majeure’ or ‘act of God’ clause in a contract
October 7, 2020 by Greg MeckbachThe COVID-19 pandemic could be considered an “act of God,” but that doesn’t necessarily mean a client can recoup a deposit for cancelling a large gathering, a recent British Columbia Civil Resolution Tribunal ruling suggests. While most property and casualty…
Appeal court dismisses lawsuit against Economical over additional insured endorsement
October 5, 2020 by Greg MeckbachA solar energy developer has lost its appeal against Economical in a commercial coverage dispute regarding an additional insured, in which the policy wording referred to “liability arising out of the operations” of the insured. “Contractual insurance obligations and additional…
Watch out for litigation funding in Canada, industry execs warn
October 2, 2020 by Adam MalikA leader in the Canadian P&C industry is sounding the alarm about the rise of litigation funding in Canada. Litigation funding is an arrangement in which a third-party company — not the plaintiff’s law firm — agrees to fund all…
Expectations and relevancy: What’s at risk for the P&C industry
September 30, 2020 by Adam MalikIf the property and casualty insurance industry doesn’t “come to grips” with meeting client needs, the industry is at risk of losing relevancy in the marketplace, warned an industry consultant. Phil Cook, who is also chairman of Omega Insurance Holdings,…
‘Bold and underline that’ — What this Aon exec says is the top reinsurance issue
September 25, 2020 by Adam MalikSocial inflation is the top item of concern for an Aon reinsurance executive, even if it’s an issue being exacerbated in the United States rather than in Canada. “I would bold and underline that — that is, I think, the…
The insurance implications of virtual healthcare in the COVID era
September 24, 2020 by Jason ContantAs more and more Canadians take advantage of virtual healthcare options during the COVID-19 pandemic, brokers and insurers need to make sure their clients have adequate insurance protection for this emerging risk. The move to medical consultations by video or…
How Canadian courts could be influenced by U.K. business interruption test case
September 23, 2020 by Greg MeckbachA recent British court ruling could be good news for Canadian clients who bought insurance covering business interruption from an occurrence of a notifiable disease within a specified distance of their premises, and who had to close due to the…
How Northbridge is advising clients to prepare for second COVID-19 wave
September 18, 2020 by Greg MeckbachOne key component of preparing for the anticipated second wave of COVID-19 cases in Canada is for businesses to assess how they responded to the first wave of the disease, Northbridge Insurance is telling its commercial clients. “Many businesses that…
Veteran brokers are seeing their first-ever hard market. What they need to know.
September 18, 2020 by Greg MeckbachBrokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests.…