Topic Insurers
Ontario wind storm costs the industry $87 million
December 15, 2020 by Jason ContantAdd $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,…
What’s keeping insurance CEOs up at night
December 15, 2020 by Adam MalikAbout 10 months into the global COVID-19 pandemic, insurance leaders are less confident about growing their business and are increasingly concerned about the cratering economy, an insurance industry observer told a recent virtual conference. Even so, they’re showing more confidence…
Why the D&O market will probably get harder
December 15, 2020 by Greg MeckbachData breaches and the impact of COVID-19 on a company’s financial performance are among the “megatrends” affecting directors’ and officers’ liability claims, Allianz Global Corporate & Specialty warned in a report released Dec. 15. “Outside the U.S., securities class actions…
Series of gaps allowed massive Desjardins data breach, privacy watchdog says
December 15, 2020 by Jim Bronskill - THE CANADIAN PRESSOTTAWA – A series of technological and administrative gaps caused a high-profile data breach at Desjardins – the largest to date in the Canadian financial services sector, the federal privacy watchdog has found. Privacy commissioner Daniel Therrien said Monday that…
How clients can avoid pitfalls when dealing with ‘additional insured’ contracts
December 14, 2020 by Greg MeckbachAgreements in which one party is required to add the other as an “additional insured” can open a huge can of worms. Clauses like this can appear in contracts for maintenance provision, equipment installation, commercial leases, and construction, said insurance…
Why an adjuster’s notes are out of bounds in this subrogation case
December 14, 2020 by David GambrillWhen The Co-operators quickly notified a third-party insurer, AIG Inc., upfront of its intention to pursue a subrogation claim against AIG’s client in an oil spill case, little did The Co-operators know the move would later backfire when it came…
Christmas movies that would benefit from insurance coverage
December 14, 2020 by Jason ContantIt’s less than two weeks until Christmas, and insurance professionals are looking forward to some downtime following an unprecedented year. The 2020 holiday season may look different this year due to the ongoing COVID-19 pandemic, and it’s a good bet…
How AIG stick-handled this liability coverage dispute
December 11, 2020 by Greg MeckbachA Court of Appeal for Ontario ruling in favour of AIG Insurance Company of Canada, over a coverage dispute arising from an injury to a spectator at a hockey arena, is now final. The Supreme Court of Canada recently announced…
Defying The Grinch may cost your clients home insurance coverage
December 11, 2020 by David GambrillAre your clients tempted to defy The Grinch who stole Christmas and have large holiday gatherings during the pandemic regardless of what public health orders might say? You might want to tell them about pandemic exclusions in their home insurance…
A sign that insurers are actually investing in technology
December 11, 2020 by Adam MalikInsurers have talked about the need to be more digital for years now but there is one clear sign that they’re actually following through on their plan, according to a KPMG insurance expert: A significant number of them are investing…
What the regulators’ data says about insurers and fair treatments of customers
December 10, 2020 by David GambrillCanadian P&C insurers have generally embraced the general principles of the Fair Treatment of Consumers (FTC), but the industry still has some work to do in specific benchmark areas, according to an annual statement on market conduct issued by the…
Tragic, yes, but COVID-19 didn’t change the insurance world: Co-Operators CEO
December 10, 2020 by Adam MalikThe insurance industry should not be surprised by the fact there was a global health pandemic, a senior P&C industry exec says, adding that COVID-19 is not likely to change industry fundamentals significantly, since nothing new was brought to the…