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What brokers can expect to see in the quota share subscription business

September 21, 2020 by Adam Malik

Brokers during the COVID-19 pandemic can expect to see carriers tighten up policy wordings to reduce ambiguity about pandemic cover, but that might cause delays in quota share subscription business as insurers ponder the precise wordings they want to use,

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No, you can’t ram a car in a fit of road rage and collect insurance for the damage

September 18, 2020 by David Gambrill

A B.C. driver recently learned the hard way that you can’t ram your car into another car during a parking lot road rage incident and then make an insurance claim for the repair. Majid Abood was waiting in his car

News BrokersCommercialInsurers

One thing an insurer will consider before investing in commercial surety bonds

September 17, 2020 by Jason Contant

Specific industry risk can play a major role in how much capital an insurer is willing to put forward for commercial surety bonds, a speaker said during a recent webinar. Industry risk is a “unique” underwriting consideration, Rob Dempsey, senior

News BrokersClaimsCommercialEmerging RisksInsurersLoss Trends

What’s unique to this hardened real estate insurance market

September 17, 2020 by Adam Malik

At the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a

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FM Global appeals $25-million BI award arising from reactor shutdown

September 17, 2020 by Greg Meckbach

Factory Mutual is appealing an Ontario court ruling that included a finding that “resulting physical damage” can mean loss of use. David Liblong, a partner with Liblong Digambar Professional Corporation, told Canadian Underwriter Wednesday that the insurer is appealing MDS

News Business InterruptionClaims ProfessionalsCommercialInsurersLegalTrending

Will the U.K. decision in a test BI case matter to Canada? Intact and ratings agencies weigh in.

September 17, 2020 by Greg Meckbach

The verdict in the British Financial Conduct Authority’s business interruption test case could have an impact outside of Britain, one credit rating agency warns, but Canada’s largest carrier appears to be largely unaffected. The vast majority of Intact Financial Corp.’s

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The importance of tailoring electronic claims payments during COVID-19

September 16, 2020 by Jason Contant

Insurers should be tailoring their claims payment options to the type of claim a policyholder has, a U.S. payment provider said during a recent webinar. “If it’s a disaster, [a policyholder] may need money immediately to go get a hotel

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Aon exec discusses industry ‘sins’ and puts COVID claims into perspective

September 16, 2020 by Adam Malik

Riding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19

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Why Uber Canada dropped Intact as its insurance provider

September 16, 2020 by Greg Meckbach

Ride sharing firm Uber Canada chose Economical as its insurance provider because Uber would not agree to Intact’s pricing, a senior Intact executive said Tuesday. “We had a very good relationship, we just couldn’t agree on the price,” Intact CFO

News Business InterruptionClaimsCommercialEmerging RisksInsurersLegalLiabilityLoss Trends

P&C industry braces for a ‘second wave’ of COVID liability

September 15, 2020 by David Gambrill

There is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers

News Business InterruptionClaimsCommercialEmerging RisksInsurersLiabilityLoss TrendsProperty

Aon’s take on the state of the Canadian P&C insurance market

September 15, 2020 by Jason Contant

The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous

News BrokersCommercialInsurersLoss Trends

The biggest challenge for commercial brokers right now

September 15, 2020 by Adam Malik

Among a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is