Topic Emerging Risks
Ontario to provide COVID-19 liability protection to workers and some organizations
October 21, 2020 by Shawn Jeffords and Liam Casey -THE CANADIAN PRESSTORONTO – Health-care workers, businesses and non-profits could receive liability protection against COVID-19-related lawsuits under legislation proposed by the Ontario government Tuesday, but critics said the bill would result in extra protection for long-term care providers who failed residents during…
If you thought cyber was hard to sell before…
October 20, 2020 by Adam MalikCyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the…
How to survive a pandemic
October 20, 2020 by Rob Vosseler, Executive Vice President, Principal Broker, Union Power Insurance Brokers Inc.A broker principal shares his story about how his fledgling brokerage managed to navigate its way through the various business disruptions caused by COVID-19
How COVID-19 has changed cyber underwriting
October 19, 2020 by Greg MeckbachWith loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…
Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re
October 16, 2020 by Greg MeckbachThere is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national…
Why this client can only recover $50,000 on a $2.7-million commercial crime claim
October 16, 2020 by Greg MeckbachAn electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance…
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…