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‘The cost nobody talks about’ with cyber

October 23, 2020 by Adam Malik

Brokers are advised to factor in the cost of reputational harm for their commercial clients when discussing cyber policy, because that’s typically the most expensive aspect of a breach. Clients typically focus on costs related to notifying clients and forensics,

News Insurers

Meet the new Canadian Association of Mutual Insurance Companies president

October 22, 2020 by Greg Meckbach

With the COVID-19 pandemic drastically reducing the frequency of in-person meetings, the new president of the Canadian Association of Mutual Insurance Companies (CAMIC) plans to meet online with each member to hear their concerns. “I am mapping out a plan

News BrokersBusiness InterruptionClaimsClaims Canada ArchiveCommercialEducationInsurersLoss ControlLoss TrendsOntarioRisk ManagersTrusted Advisor

Why reinsurers are now ‘hesitant’ to support some Canadian insurers

October 22, 2020 by Greg Meckbach

One lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital

News BrokersInsurers

What carriers told us: The latest on pandemic relief measures

October 21, 2020 by Adam Malik

With $1 billion in auto premium relief made available for Ontario drivers alone, drivers across Canada shouldn’t expect more premium relief coming from their carrier, at least in the near future. Canadian Underwriter reached out to a number of insurers

News BrokersBusiness InterruptionClaimsClaims Canada ArchiveCommercialInsurersLegalOntarioTrusted Advisor

Why brokers are going to get sued over pandemic business interruption claims

October 21, 2020 by Greg Meckbach

Some brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential

News Emerging RisksInsurersLegalLiabilityOntario

Ontario to provide COVID-19 liability protection to workers and some organizations

October 21, 2020 by Shawn Jeffords and Liam Casey -THE CANADIAN PRESS

TORONTO – Health-care workers, businesses and non-profits could receive liability protection against COVID-19-related lawsuits under legislation proposed by the Ontario government Tuesday, but critics said the bill would result in extra protection for long-term care providers who failed residents during

News B.C.ClaimsClaims ProfessionalsInsurers

Insurer loses scooter claim because of a ‘deprecated’ sales receipt

October 20, 2020 by David Gambrill

If a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase

News BrokersClaimsClaims ProfessionalsCyberEmerging RisksInsurersLoss Trends

If you thought cyber was hard to sell before…

October 20, 2020 by Adam Malik

Cyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the

News InsurersLiabilityOntario

Some long-term care homes can’t get insurance, could be forced to close: association

October 20, 2020 by Liam Casey - THE CANADIAN PRESS

Ontario’s long-term care homes are having trouble securing liability insurance for COVID-19, a situation that could force some of them to close, a group representing more than 70 per cent of the province’s homes says. The Ontario Long-Term Care Association

News BrokersInsurersManitoba

Switching your client’s carrier? Don’t forget to tell the client

October 19, 2020 by David Gambrill

A Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba

News BrokersClaims Canada ArchiveCommercialCyberEmerging RisksInsurersLoss ControlLoss TrendsRisk ManagersTechnologyTrusted Advisor

How COVID-19 has changed cyber underwriting

October 19, 2020 by Greg Meckbach

With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or

News ClaimsClaims Canada ArchiveEmerging RisksInsurersLoss ControlLoss TrendsProperty

Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re

October 16, 2020 by Greg Meckbach

There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national