Topic Insurers
Your staff’s mental health: What to watch for
February 18, 2021 by Adam MalikInvesting in the mental health of your staff has always been important, but the COVID-19 pandemic has driven home just how important it is, says one Canadian P&C insurer executive. “I think we’ve really learned through 2020 and now into…
How to increase the take-up of earthquake insurance
February 18, 2021 by Jason ContantWhen broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State…
Canada’s hardest-hit commercial lines — and a reason for optimism
February 18, 2021 by David GambrillCommercial lines market hardening in Canada — and globally — should continue through the early half of 2021, with some possible easing of rate increases during the second half of the year once vaccine rollout is widespread, an Aon report…
How much COVID business interruption claims could cost Fairfax
February 17, 2021 by Greg MeckbachBusiness interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers.…
Why self-care is not the right cure for workplace burnout during the pandemic
February 17, 2021 by David GambrillSelf-care strategies such as meditation, yoga, eating properly, and exercising are not the right tools for preventing workplace burnout during the pandemic, says Jennifer Moss, a journalist, researcher, and author of Unlocking Happiness at Work and the Burnout Epidemic. “Self-care…
What’s making it harder to estimate property Cat claims
February 17, 2021 by Greg MeckbachRecent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in…
How brokers can help personal cyber go mainstream
February 16, 2021 by Adam MalikAlthough it will take some time, selling personal cyber insurance will come as naturally to brokers as selling home and auto insurance to customers, an expert predicts. Until that happens, however, it’s up to brokers to make sure that personal…
Broker suspended for his role in “grey market” luxury vehicle sales
February 16, 2021 by David GambrillA B.C. broker has been fined $7,000 and had his licence suspended for a year for his role in a “grey market” scheme to circumvent a ban on selling new luxury cars directly to used vehicle dealerships. Anthony Bryan Chua…
One knock-off effect of rising condo deductibles
February 16, 2021 by Greg MeckbachA large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000…
How COVID-19 has affected repair of vehicles from hail
February 12, 2021 by Greg MeckbachThe COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work,…
The critical piece that made remote work successful for Travelers
February 12, 2021 by Adam MalikProperty and casualty insurance industry employers need to work with staff to set clear expectations when it comes to setting up a working-from-home policy, says an insurer executive. Done correctly, P&C employers can see a boost in productivity and employee…
Final outcome of The Co-operators’ surface water commercial property coverage dispute
February 12, 2021 by Greg MeckbachA Supreme Court of Canada decision released Thursday means The Co-operators cannot appeal a $429,000 court decision against it over “surface water” coverage on a commercial property policy. In Co-operators General Insurance Company v. Le Treport Wedding & Convention Centre…