Topic Insurers
How insurers plan to advocate for climate adaptation in federal election
August 17, 2021 by Greg MeckbachAdapting properties and communities to be more resilient to climate-related disasters should be a federal election issue, an Insurance Bureau of Canada official told Canadian Underwriter Monday. “We will be very active throughout the federal election in advocating for adaptation…
Will 4th wave, mandatory vaccines spur more insurers to re-imagine the workplace?
August 16, 2021 by Canadian Underwriter StaffWith COVID-19 cases rising across Canada and several large employers — including the federal government — announcing they’ll require workers to be vaccinated, insurers and brokers may begin rethinking their return-to-office plans. Not long before the fourth wave hit, some…
Why mega-ships are mega risks for marine insurers
August 16, 2021 by Jason ContantThe blocking of the Suez Canal by the Ever Given container ship in March shows that ever-increasing vessel sizes continue to pose a disproportionately large risk, said marine insurer Allianz Global Corporate & Specialty SE (AGCS). On Mar. 23, 2021,…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
What to tell your clients when their insurer goes bust
August 13, 2021 by Canadian Underwriter StaffWhat would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation…
How Aviva Canada fared in the first half of 2021
August 12, 2021 by Jason ContantA lack of catastrophic events in the first half of 2021 and decreased personal auto and commercial claims related to COVID-19 contributed to a 6.7% improvement in Aviva Canada’s combined operating ratio (COR) in the first half of 2021 compared…
More room for industry consolidation and Intact wants to keep growing: CFO
August 11, 2021 by Greg MeckbachIntact is probably not finished acquiring more Canadian insurers even with its recent acquisition of RSA Canada. On June 1, Intact closed a three-way deal in which Intact and Tryg A/S acquired London-based RSA plc. As a result, Intact now…
4 causes of social inflation and why it’s costing your clients more
August 10, 2021 by Greg MeckbachSocial inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert…
Is it okay to use open banking data for underwriting?
August 10, 2021 by Greg MeckbachMutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own…
How this year’s B.C. wildfire season compares to previous years
August 10, 2021 by Jason ContantIt looks like this year’s wildfire season in British Columbia could be one for the record books. Between Apr. 1 and Aug. 9 of this year, the province saw 1,456 wildfires and nearly 650,000 hectares of area burned. This compares…
Why insurance should care about blockchain
August 9, 2021 by Canadian Underwriter StaffA recent report from Deloitte details the benefits and threats of blockchain technology in P&C insurance, from improving underwriting and reducing fraudulent claims to challenging the status quo. “Given its ambitious potential to drive simplicity and efficiency through the establishment…
Will Intact re-enter the B.C. auto market?
August 9, 2021 by Greg MeckbachIntact Insurance could re-enter the British Columbia auto market but only if the provincial government provides “options and convenience” to motorists, says Intact Financial Corp. CEO Charles Brindamour. It has been eight months since Intact announced it is leaving the…