Topic Insurers
Something new to tell drivers to help stop distracted driving
February 4, 2021 by Adam MalikMessaging around distracted driving hasn’t worked, so it’s time to come up with a new strategy to reduce driving risk, a panellist on a recent webinar suggested. Instead of saying how bad it is to be distracted, insurers and governments…
How much Chubb predicts COVID could cost the industry
February 4, 2021 by Greg MeckbachCOVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a…
Unintended M&A consequence: A shrinking carrier residual market
February 3, 2021 by Adam MalikThe number of carriers supporting Canada’s residual market for high-risk auto insureds is shrinking thanks to a combination of player withdrawal and mergers and acquisition activity. Tackling this issue is one of a number of priorities for the Facility Association…
B.C. drivers to receive COVID-19 insurance rebate cheques averaging $190 next month
February 3, 2021 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – Almost three million drivers in British Columbia will receive COVID-19 insurance rebate cheques next month that average about $190 each, Premier John Horgan said Tuesday. The Insurance Corporation of British Columbia will return $600 million in net savings…
Senior Bank of Canada exec joins Intact’s board
February 2, 2021 by David GambrillIntact Financial Corporation has appointed a senior executive at the Bank of Canada, Carolyn A. Wilkins, to join the insurer’s board of directors. The appointment comes as all P&C insurance companies in Canada grapple with the economic downturn arising from…
Get ready for a ‘multi-year correction’ upwards in commercial insurance pricing
February 2, 2021 by Greg MeckbachDespite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance…
What’s lurking behind all of the financial and pandemic risks…
February 1, 2021 by David GambrillRisk managers globally are scrambling to respond to a number of financial risks related to the pandemic and the related economic meltdown, making credit risk one of their chief concerns for 2021, as reported in a new study by Deloitte. But…
COVID’s impact on aviation insurance could be worse than you think
February 1, 2021 by Greg MeckbachThe drop in international air travel is not causing a corresponding decline in aviation insurance claims costs, a Calgary-based commercial specialty expert warns. Meanwhile, airlines will not see sales return to pre-pandemic levels even after most Canadians get their COVID…
Will NatCats cause your business clients to leave hot spots?
February 1, 2021 by Adam MalikAfter going through a wildfire and multiple flooding events over the last few years, it’s reasonable to believe that businesses are re-thinking about being in Fort McMurray, Alta., says a Canadian P&C insurance executive. The executive’s comment applies to more…
Cyber’s hard market separating insurer wheat from chaff
January 29, 2021 by Adam MalikThe global COVID-19 pandemic has distinguished between cyber insurers who are serious about offering coverage, and those who were just hoping to ride the gravy train while times were profitable, according to one industry analyst. Cyberattacks have skyrocketed, in part…
Support in Canadian P&C industry for U.K. approach to insuring automated cars
January 29, 2021 by David GambrillInsurance programs for connected and autonomous vehicles (CAV) in the United Kingdom may be applicable to Canada as well, according to a recent survey from Canada’s association of provincial insurance regulators. In the U.K., the Automated and Electrical Vehicles Act…
Kidnap and ransom coverage: What you should tell your clients
January 28, 2021 by Greg MeckbachClients can buy insurance that would cover the financial risk of a kidnapping or hijacking, but brokers should be aware of several things. “In the event of a kidnapping, the onus is on the client to finance the ransom payment…