Topic Insurers
Risk management more important than ever to middle market firms, yet few turn to brokers for advice: Chubb report
October 22, 2021 by Canadian Underwriter StaffRisk management has become a top concern for middle market companies surveyed following more than a year of pandemic and other related business disruption, data from Chubb has shown. According to Chubb’s Middle Market Indicator for Q2 2021, which surveyed…
Intact discusses RSA talent, Wawanesa looks to expand footprint in Ontario
October 22, 2021 by Jason ContantLouis Gagnon, Intact Insurance’s president of Canadian operations, is pleased with the insurer’s integration of RSA into its operations and the calibre of talent it has acquired. At the beginning of June, Intact Financial Corporation and Danish insurer Tryg A/S…
Public auto insurer applies for rate decrease, customer rebate
October 21, 2021 by Jason ContantManitoba Public Insurance (MPI) has adjusted its general rate application and is requesting a 1.2% rate decrease along with a $335 million rebate to customers. MPI recently applied to the Manitoba Public Utilities Board (PUB) for a provisional 2.8% rate…
Tips for your clients to protect against cargo theft
October 20, 2021 by Jason ContantIf your clients are carrying cargo, they should take a comprehensive and layered approach to protecting these goods, a transportation expert from Travelers said recently. This comprehensive approach consists of three layers — good processes, procedures and practices; “hard security”…
Ontario auto claim reduces employment insurance sickness benefits: federal judge
October 20, 2021 by Greg MeckbachAn Ontario auto claimant is facing a reduction in federal employment insurance (EI) benefits because she was getting income replacement benefits with her auto insurer. In 2019, Antonina Sennikova was involved in a motor vehicle accident that prevented her from…
Ignoring ESG means ‘significant’ D&O risk to insurers and business: AGCS
October 19, 2021 by Canadian Underwriter StaffBusinesses and insurers ignore environmental, social and governance (ESG) issues at their peril, an Allianz Global Corporate & Specialty (AGCS) report released this month suggests. “If an ESG issue is not handled or disclosed appropriately by the company or board,…
Pandemic communication between brokers and insurers needed improvement, brokerage executive says
October 19, 2021 by Jason ContantCommunication between brokers and insurers could have been better during the pandemic, a Hub International executive said during Insurance Bureau of Canada’s 2021 Commercial Insurance Symposium. “We did have some good communication, but I think there was a little bit…
Is it time for a public-private partnership for cyber risk?
October 18, 2021 by Jason ContantThere will be a point at which a cyber tail event will be too expensive for the insurance industry, as a whole, to cover, a speaker said Thursday during the CatIQ Connect virtual conference. “That’s where we are already starting…
How much are reinsurers underestimating climate change risk?
October 18, 2021 by Jason ContantGlobal reinsurers could be underestimating climate change exposure by up to 50%, according to a recent analysis by S&P Global Ratings. “Our scenario analysis suggests that reinsurers’ estimates of their exposure to natural catastrophe risk — and therefore physical climate…
Businesses see higher inflation, wages and job changes, Bank of Canada reports
October 18, 2021 by Jordan Press - THE CANADIAN PRESSOTTAWA – Consumers and businesses expect increases in the cost of living to stay hot over the next year, the Bank of Canada says as part of surveys results that also show people more willing to search for new jobs,…
Why private equity firms should partner with just one insurer
October 14, 2021 by Jason ContantPrivate equity firms should consider partnering with one carrier who is able to handle multiple lines of insurance for both the private equity firm and its portfolio companies, a mutual insurer told Canadian Underwriter. “We’ve seen benefits of having the…
As cyber attacks increase, insurers in the space face rising losses
October 13, 2021 by James Langton - Advisor's EdgeAmid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line…