Topic Insurers
‘The cost nobody talks about’ with cyber
October 23, 2020 by Adam MalikBrokers 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,…
Meet the new Canadian Association of Mutual Insurance Companies president
October 22, 2020 by Greg MeckbachWith 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…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne 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…
What carriers told us: The latest on pandemic relief measures
October 21, 2020 by Adam MalikWith $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…
Why brokers are going to get sued over pandemic business interruption claims
October 21, 2020 by Greg MeckbachSome 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…
Ontario to provide COVID-19 liability protection to workers and some organizations
October 21, 2020 by Shawn Jeffords and Liam Casey -THE CANADIAN PRESSTORONTO – 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…
Insurer loses scooter claim because of a ‘deprecated’ sales receipt
October 20, 2020 by David GambrillIf 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…
If you thought cyber was hard to sell before…
October 20, 2020 by Adam MalikCyber 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…
Some long-term care homes can’t get insurance, could be forced to close: association
October 20, 2020 by Liam Casey - THE CANADIAN PRESSOntario’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…
Switching your client’s carrier? Don’t forget to tell the client
October 19, 2020 by David GambrillA 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…
How COVID-19 has changed cyber underwriting
October 19, 2020 by Greg MeckbachWith 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…
Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re
October 16, 2020 by Greg MeckbachThere 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…