Topic Insurers
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
Sky’s still the limit for Canadian P&C industry consolidation: broker exec
April 6, 2021 by Adam MalikCanadian property and casualty insurers have seen many a deal take place over the years — and it would be no surprise to see more to come, says a broker executive. During the latest edition of the Insurance Institute of…
B.C. applying for stay in court ruling on auto injury claims: Attorney General
April 6, 2021 by The Canadian PressVICTORIA – British Columbia is applying for a partial stay in a recent B.C. Supreme Court ruling about jurisdiction over motor vehicle injury disputes, pending its appeal of the same decision, Attorney General David Eby said this week. The March…
The future of carbon removal insurance: As big as oil and gas?
April 1, 2021 by David GambrillCarbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon…
Why the new hybrid office model may have less flexibility than you think
April 1, 2021 by Adam MalikThose pining for the freedom to pick and choose when they’ll work from home and when they’ll go to the office may be in for a surprise, panellists of a recent insurance webinar warned. On one hand, it’s unlikely that…
Go small? Why insurers need a new M&A approach
April 1, 2021 by Jason ContantLarge mega-mergers and acquisition deals may be enticing, but smaller deals actually create more value for insurers, according to a recent report by global management consulting firm McKinsey & Company. The primary goal of six out of 10 transactions (representing…
Why Intact says an upward correction in auto rates could be imminent
April 1, 2021 by Greg MeckbachMotorists could be hit with more premium increases once driving levels return to pre-pandemic levels, Intact Financial Corp. CEO Charles Brindamour suggests. During the early part of 2020, Canada’s auto insurers had a collective combined ratio in auto more than…
4-kilometre-long ice jam opens flooding season
March 31, 2021 by Jason ContantA four-kilometre-long ice jam on the Saint John River is creating flooding concerns in New Brunswick. The ice jam has already flooded part of Route 105 leading to the Tobique First Nation and prompted the closure of three schools in…
Behind the popularity of pay-as-you-go insurance
March 31, 2021 by Adam MalikCustomers want more choice and control over how they spend their insurance dollars, which explains the skyrocketing popularity of pay-as-you-go insurance, says the president of CAA. The insurer has seen a three-fold increase in customers to its pay-as-you-go insurance product…
Why now is a good time to press for auto reform
March 31, 2021 by David GambrillElected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.…
How the Suez Canal blockage may impact reinsurance rates
March 30, 2021 by Adam MalikThe fallout of the blockage of one of the most used shipping lanes in the world could affect global reinsurers differently than insurers, two separate analyst reports suggest. One, Fitch Ratings, says the blockage will be a large loss event…
Distracted driving behaviours that your clients deem to be “safe”
March 30, 2021 by Jason ContantAuto insurers take note: the majority of your clients admit to engaging in distracted driving behaviours, but they consider these behaviours to be safe. The Third Annual Distracted Driving survey conducted by rate comparison site RATESDOTCA revealed that 74% of…