If 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,…
Social 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…
As 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…
A 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…
One 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…
Brokers 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.…
At the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a…
There is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers…
The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous…
Canadian property and casualty insurance companies are in a good financial position going forward as challenges — both new and continuing ones — mount, according to A.M. Best’s latest outlook. Over the last 10 years, the vast majority of Canadian…
Some clients seeking business interruption coverage arising from the COVID-19 pandemic are looking to the courts for a “generous” interpretation of policy wording, a Canadian lawyer says. “In the context of property damage claims related to the novel coronavirus, many…
If your clients are going to be hit with rate increases and major changes in terms and conditions to their directors’ and officers’ (D&O) liability policies, you might want to give them some advance warning. “We tend to prepare early…