Topic Insurers
Why A.M. Best says the Canadian industry profitability is improving
September 15, 2021 by Greg MeckbachDespite the ongoing COVID-19 pandemic and increasing cost of weather catastrophes, the industry-wide combined ratio still improved 3.7 points last year and the pandemic is part of the reason, A.M. Best Company Inc. suggested in a report released Wednesday. The…
How insurers are approaching mandatory vaccinations
September 15, 2021 by Jason ContantTwo Canadian mutual insurers have announced they are implementing vaccination policies for their workforces. Gore Mutual Insurance Company and Wawanesa Mutual Insurance Company made the announcements earlier this week. “After hearing from employees, and keeping the health and well-being at…
Insurer, MGAs give employees more time off during pandemic
September 14, 2021 by Brooke SmithThe pandemic has spurred MGAs and one insurer to offer additional paid time off and be more generous with their vacation policies. AXA Group announced Sept. 7 that it was giving its 153,000 employees worldwide two additional paid days off…
Appeal court quashes ruling that ‘resulting physical damage’ can mean ‘loss of use’
September 13, 2021 by Greg MeckbachYour commercial client could get business interruption coverage if they can no longer “use” their property, but only if the policy wording actually says so, a Court of Appeal for Ontario panel suggests. MDS Inc. v. Factory Mutual Insurance Company,…
What we know so far about Canadian Hurricane Larry claims
September 12, 2021 by Greg MeckbachKent Rowe cannot remember winds as bad as they were this past weekend in the Newfoundland and Labrador capital. “We saw gusts here in St. John’s of up to 145 kilometres an hour that lasted for about five or six…
Will electric vehicles increase the severity of motor vehicle injuries?
September 12, 2021 by Jason ContantOccupants in electric vehicles (EVs) and hybrid models are less likely to be injured in a crash than people in similar gas-powered vehicles, according to a new report. Lithium-ion batteries is the primary power source for today’s EVs. This means…
Why and where Intact wants to buy more MGAs
September 12, 2021 by Greg MeckbachDon’t be surprised if Intact Financial Corp. buys managing general agents in the United States who place commercial specialty insurance. “We think there is a big opportunity at the MGA level. We are still focused on that,” Intact CEO Charles…
Outlook for reinsurers improves post-pandemic
September 8, 2021 by James Langton, Investment ExecutiveDespite a recent string hurricanes, floods, wildfires and other natural disasters, the outlook for the global reinsurance sector is improving, according to rating agencies Moody’s Investors Service and Fitch Ratings. In a new report, Moody’s said the outlook for the…
Bank of Canada keeps key interest rate target on hold, citing pandemic-related risks
September 8, 2021 by Craig Wong - THE CANADIAN PRESSOTTAWA – The Bank of Canada kept its key interest rate target on hold Wednesday as it warned the fourth wave of the pandemic and supply bottlenecks could weigh on the economic recovery. The central bank held its target for…
New tropical storm warning for Atlantic Canada
September 7, 2021 by Greg MeckbachLarge waves could hit Canada’s Atlantic coast this Thursday as Hurricane Larry moves north, Environment Canada warns. UPDATE – What we know so far about Canadian Hurricane Larry claims On Tuesday morning, the Category 3 hurricane was causing winds of…
This weather event resulted in 7,200 claims
September 7, 2021 by Jason ContantAn intense storm that swept through parts of Regina and elsewhere in Saskatchewan last week has resulted in more than 7,200 claims to date, the province’s government auto insurer said Tuesday. The Aug. 31-Sept. 1 storm brought golf ball-sized hail…
What is your unique competitive advantage?
September 3, 2021 by Jason ContantCanada’s P&C broker and insurer channels aren’t going anywhere, but their ranks will thin and success will be determined through successful technological partnerships, the CEO of an online commercial brokerage suggested. “If you don’t bring something uniquely valuable to the…