Topic Insurers
Shhh! Don’t show this article to a jury in a vehicle accident lawsuit
August 31, 2021 by Greg MeckbachAn Ontario court has refused a plaintiff’s request to tell a jury about the statutory deductible, of nearly $40,000 for pain and suffering, in motor vehicle accident tort claims. “The jury is not asked to determine how much the plaintiff…
Would the Liberals hike the industry’s corporate income tax?
August 31, 2021 by Greg MeckbachBrokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The…
What industry-wide claims ratios were like for the first half of 2021
August 30, 2021 by Greg MeckbachCanada’s federally-regulated property and casualty insurers collectively made an after-tax profit of $4.23 billion on direct written premiums of nearly $32 billion during the first half of 2021, recently-released regulatory data shows. Most major lines had claims ratios below 55%.…
New parent company for Economical following demutualization
August 30, 2021 by Jason ContantEconomical Mutual Insurance Company will have a new parent company once it demutualizes, the insurer announced Friday. Definity Financial Corporation, a newly creating entity incorporated under the Insurance Companies Act (Canada), will be the parent company of Economical Insurance, Family…
Post-pandemic mindshift needed in claims leadership: Desjardins execs
August 27, 2021 by Canadian Underwriter StaffClaims leaders will need to evolve their mindsets if property & casualty insurers are to succeed in meeting customer demands post-COVID, senior Desjardins Insurance Group execs suggest. “Before the pandemic, we thought we were doing a good job, but we…
Why brokers and lifestyle customers should already be thinking about winterization
August 26, 2021 by Canadian UnderwriterEven though summer is not yet over, customers with motorhomes, watercraft, trailers, and cottages should already start thinking about fall and winter. In recent years, more people have taken an interest in lifestyle products, notably the younger demographic, with many…
How Lloyd’s says your client could suffer reputational harm
August 25, 2021 by Greg MeckbachUp to a quarter of the value of some of your commercial clients’ firms could be their own brand and reputation. This reputational value could degrade quickly if your client is perceived to have behaved badly, a Future of Insurance…
Policyholders want to text you. Is your carrier doing enough to make this happen?
August 25, 2021 by Canadian Underwriter StaffCOVID-19 has accelerated insurance carriers’ plans towards digital transformation, but Canada’s insurers are in their “infancy” when it comes to meeting policyholders’ growing demands for texting with their carriers, says a former insurance executive. Speaking at the Reuters virtual Future…
3 things that can reduce risk of property cat loss recurrence: Aviva Canada CEO
August 24, 2021 by Greg MeckbachFire resistant cement board siding, hail-resilient asphalt shingles and backwater valves are among the measures property owners can implement now to protect their assets from climate-related disasters, Aviva Canada CEO Jason Storah suggested Tuesday. “We have enough scientific data to…
Hub to acquire Aviva Canada subsidiary
August 24, 2021 by Jason ContantHub International Limited announced Tuesday it has signed a purchase agreement to acquire the Aviva Canada subsidiary that provides new home warranty in British Columbia and Alberta. The terms of the acquisition of National Home Warranty Group Inc. were not…
GM expands Chevy Bolt electric vehicle recall to cover all model years for fire risk
August 23, 2021 by The Canadian PressGeneral Motors says it has expanded a recall of its Chevy Bolt electric vehicles to include all model years because of a risk the battery cells could catch fire. The latest recall adds about 73,000 Bolts from the 2019 through…
What separates cottage thefts from city thefts
August 19, 2021 by Canadian UnderwriterWith provinces across Canada lifting mobility restrictions, one survey by InsuranceHotline.com shows that 23% of Canadians are ready for a getaway — perhaps to the cabin near trees, beaches and the lake. But some cottagers may be in for a…