Topic Insurers
Why A.M. Best sees the global reinsurance market as ‘stable’
August 13, 2020 by Jason ContantMonths into the COVID-19 pandemic, reinsurance industry observers are seeing a mixed forecast ahead and it’s too early to tell how the pandemic will affect rating actions, according to a recent A.M. Best webinar. “Obviously, the situation has gotten complicated…
Why it’s hard to make telematics ‘commercially viable’ in Canada
August 13, 2020 by Greg MeckbachIf regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good…
Brokers urged to remind clients: Home policies won’t cover ‘pandemic pods’
August 13, 2020 by David GambrillAs schools across the country prepare for re-opening in September, skittish parents who are not in favour of in-class learning for their children are setting up so-called “pandemic pods” to home-school small groups of children in the home. But brokers…
Three reasons why the hard market may drag on for years
August 12, 2020 by Greg MeckbachCommercial clients are likely to see big price hikes at least through 2021 and the economic impact of COVID-19 is partly to blame, a Bermuda insurance executive suggests. “We saw double-digit rate increases in our Canadian specialty business,” Albert Benmichol, CEO…
The impact of Calgary’s hailstorm on North American H1 storm losses
August 11, 2020 by Jason ContantCanada’s costliest-ever hailstorm contributed to the largest insured losses in North America since the first half of 2011, according to preliminary natural catastrophe estimates from Swiss Re. The hailstorm that struck Calgary in June cost the industry $1.2 billion based…
National mutual association president Normand Lafreniere retires
August 10, 2020 by Jason ContantIndustry veteran Normand Lafreniere, president of the Canadian Association of Mutual Insurance Companies (CAMIC), is now officially retired. In a LinkedIn post Wednesday, Lafreniere said he will continue as a consultant for CAMIC over the next few weeks, pending the…
As provincial economies re-open, insurers eye their auto claims frequencies
August 10, 2020 by David GambrillAs if it weren’t enough with all of the recent news reports about natural catastrophe losses in Alberta, and claims against insurers for business interruption losses due to the COVID-19 pandemic, there is another, more familiar risk looming on the…
Aviva Canada’s approach to navigating the economic recession
August 7, 2020 by David GambrillWhether or not an economic recovery in Canada is just around the corner — speculation of which is fuelled by the developments in researching a COVID-19 vaccine — Aviva Canada is committed to sticking to its three-year financial targets established…
Crane collapses in downtown Toronto again, no serious injuries reported
August 7, 2020 by Adam MalikTORONTO – The mayor of Toronto is calling for a speedy investigation into the cause of a crane collapse in the city’s downtown — the second such incident in less than a month. Toronto Mayor John Tory says that while…
Opinion: It’s on us as brokers to explain BI to clients
August 6, 2020 by Nick Novinger, Regional Manager (Quebec), Canadian Insurance Brokers Inc.Business interruption has become a touchy and even confusing topic for some of our clients, but it’s on us as brokers to ensure they properly understand the scope of its coverage. Business interruption will continue to be an important coverage…
How COVID has changed Intact’s digital journey
August 6, 2020 by Greg MeckbachThe COVID-19 pandemic has changed the way Intact Financial Corp. offers digital services and some of these changes could be permanent. Since several provinces imposed lockdown measures in March after the World Health Organization declared COVID-19 a pandemic, Intact has…
Provinces not moving fast enough to assess, mitigate flood risk: report
August 6, 2020 by Mia Rabson, The Canadian PressOTTAWA — A new report says provincial governments are not moving fast enough to protect homes and other buildings from the ravages of flooding. The report from the Intact Centre on Climate Adaptation at the University of Waterloo says on…