Topic Insurers
P&C insurers can handle severe weather events, but for how long?
July 27, 2020 by Adam MalikCanadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,…
Why it’s difficult for insurers to forecast future COVID-related losses
July 27, 2020 by Greg MeckbachCommercial insured losses caused by the ongoing pandemic cost The Travelers Companies Inc. more than $100 million during the three months ending June 30, but it’s difficult to predict how much more it will cost the insurer in the long…
Hotels sue Aviva Canada for $150 million in proposed BI class action
July 27, 2020 by David GambrillLerners LLP has filed a proposed $150-million class-action lawsuit against Aviva Canada on behalf of hotels across the country, claiming that the hotels are entitled to coverage for loss of business income relating to COVID-19. “We know these are challenging…
Hub’s rationale for advising clients to file BI claims
July 24, 2020 by Adam MalikHub International is advising clients to submit claims related to the COVID-19 pandemic, even if there isn’t a physical damage loss. Business interruption has been the most-inquired-about coverage area over the last few months, noted Scott Fouts, vice president of…
Recent hacking attempts include posing as insurance company
July 23, 2020 by Adam MalikInsurers and financial service providers have come under unrelenting cyberattack this year, with some cybercriminals even posing as an insurance company in an attempt to infect a user’s system, according to a new report. Financial services and insurance providers experienced…
Segment these customers to boost your pandemic sales
July 21, 2020 by Adam MalikInsurers are going to need to show maximal flexibility when it comes to selling insurance policies, since a record amount of people are out of work due to the COVID-19 pandemic and won’t have a lot of extra cash to…
A P&C insurance-specific guide for returning to the office: Deloitte
July 21, 2020 by David GambrillAs Canadian P&C insurance industry leaders start to think about bringing employees back to the office, now is a good time to re-think the work required, the workforce skills that will be needed in the future, and what the future…
Facing a perfect storm of events, insurers brace for a ‘turbulent future’
July 21, 2020 by Adam MalikWith natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns. Natural catastrophe (NatCat)…
What reinsurance renewals looked like in July: Willis Re
July 20, 2020 by David GambrillAnyone expecting the global pandemic to cause a dramatic reduction of global capital during 2020 Q2 renewals on July 1 were in for a pleasant surprise, as suggested in a recent report by Willis Re. “Q2 2020 has witnessed a…
How COVID affected the digital journeys of Aviva Canada and Marsh Canada
July 17, 2020 by Greg MeckbachThe pandemic could permanently change the way brokers and insurers take advantage of digital services. “I think the interesting thing about COVID that we have seen – not just in the insurance industry but in the broader context – is…
Two ways your clients are most likely to get hacked during COVID-19
July 17, 2020 by Adam MalikCybercriminals are showing much better success with phishing and social engineering attacks while everyone is working from home during the COVID-19 pandemic, says a recent report. In fact, in a highly-publicized incident just days ago, Twitter confirmed it was the…
Court dismisses class action against insurers for handling of HST in auto AB claims
July 17, 2020 by David GambrillOntario’s Superior Court has quashed a proposed class action lawsuit against 16 Ontario auto insurers — a dispute related to insurers deducting HST tax from accident benefits paid out to minor auto accident injury victims — because only the LAT…