Topic Insurers
How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption
August 9, 2021 by Greg MeckbachLloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president…
Swiss Re predicts record-high global insurance premiums by end of 2022
August 6, 2021 by Canadian Underwriter StaffAs the world economy steadily recovers from the COVID-19 pandemic, Swiss Re forecasts that global insurance premiums will reach a never-before-seen U.S.$7 trillion by the end of 2022. According to the global reinsurer’s recent World Insurance Sigma report, the pandemic…
5 ways to overcome barriers to cyber insurance
August 6, 2021 by Canadian Underwriter StaffThe Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a…
July hailstorm in Calgary caused $247 million in insured damage: CatIQ
August 6, 2021 by Canadian Underwriter StaffA massive hailstorm that hit Calgary on July 2 caused $247 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hail, rain and wind damage from the severe storm resulted in extensive flooding of…
Top 3 ways Mother Nature can ruin your cottage
August 5, 2021 by Canadian UnderwriterWater is often touted as “the new fire,” but not in cottage country, where fire still ranks as the Number 1 cause of loss. “In personal lines, we have seen water become the new fire, or in some cases surpass…
How Fairfax is reserving for COVID-19 business interruption reinsurance charges
August 4, 2021 by Greg MeckbachThe uncertainty around business interruption insurance coverage and the impact of a United Kingdom Supreme Court are among the reasons Toronto-based Fairfax Financial Holdings has put aside more than US$80 million this year in COVID-19 reserves. Fairfax reported July 29…
Separate hailstorms bring 2,500 claims to date
August 4, 2021 by Jason ContantTwo hailstorms in late July have resulted in about 2,500 property and auto claims to date, a spokesman for Saskatchewan Government Insurance (SGI) told Canadian Underwriter Tuesday. The storms ripped through Saskatchewan on July 22-23 and July 27-28. The larger…
Why Intact has no intention of selling BrokerLink
August 4, 2021 by Greg MeckbachIf you knock on Intact’s door offering money to buy its BrokerLink subsidiary, prepare to get rejected. “You are far more likely to see us putting way more capital in [the property and casualty insurance brokerage] space than the other…
North American markets continue to rise despite mounting COVID-19 case numbers
August 4, 2021 by Salmaan Farooqui - THE CANADIAN PRESSTORONTO – North American markets moved up on the first day of August trading in Canada, even as concerns mount around rising COVID-19 case counts in the U.S. Scott Guitard, senior vice-president and portfolio manager at Fiduciary Trust Canada, said…
Address misrepresentation a ‘growing problem’: Aviva Canada exec
July 30, 2021 by Canadian Underwriter StaffAviva Canada is reporting a spike in insurance claims that involve misrepresented addresses, leading one executive to call for greater awareness around the issue. According to chief claims officer Bryant Vernon, Aviva Canada data shows a 9.1% increase in Ontario…
Here’s the timeline for converting RSA policies to Intact
July 30, 2021 by Greg MeckbachNova Scotia motorists with RSA insurance policies can renew through RSA until November 4, the province’s auto insurance regulator said in its July 28 ruling on Intact Insurance Company’s rate filing. On June 1, Intact Financial Corp. closed its acquisition…
Why avid cottagers should consider standalone coverage
July 29, 2021 by Canadian UnderwriterAvid cottage enthusiasts may benefit from some of the “bells and whistles” offered in a standalone policy, as opposed to simply attaching their recreational homes to existing homeowner policies, according to a lifestyle insurance expert at Aviva Canada. Benefits of…