Topic Insurers
How inflation, and possible recession, may create D&O headaches
December 6, 2022 by Philip PoradoFaced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
Which insured perils are of most concern to your clients?
December 5, 2022 by David GambrillWinter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe…
Ontario won’t allow homes to be built on floodplains, Ford says after fed warning
December 5, 2022 by Liam Casey - THE CANADIAN PRESSCLARINGTON, Ont. — Ontario has no plans to allow homes to be built on floodplains, Premier Doug Ford said Friday after the federal environment minister warned Ottawa would not provide disaster compensation where development is greenlit in areas prone to…
What do January reinsurance renewals have in store for property insurers?
December 5, 2022 by Alyssa DiSabatinoWith January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount…
Do digitally efficient brokerages make better acquisition targets?
December 2, 2022 by Alyssa DiSabatinoBrokerage owners shouldn’t just invest in digitization for its own sake, says one financial advisor. They should do it to make a purchase and integration easier for consolidators. Consolidators don’t necessarily expect small brokerages to digitize before acquisition, said Alex…
What makes the current claims environment so challenging?
December 2, 2022 by Philip PoradoA convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,…
Bank of Canada expected to end year with one more rate increase
December 2, 2022 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada is expected to conclude a historic year marked by high inflation and aggressive monetary policy tightening with one more interest rate hike on Wednesday. Forecasters anticipate the central bank will raise its key interest…
Why ‘claims holiday’ is coming to an end for auto insurers
December 1, 2022 by Jason ContantThe ‘claims holiday’ auto insurers enjoyed the last couple of years is coming to an end. Auto physical damage losses in some provinces are elevated despite fewer collisions, according to a new report from Navacord brokerage Lloyd Sadd. Insurers’ auto…
An insured driver is injured when an uninsured car-jacker steals her car. Who covers?
December 1, 2022 by David GambrillInsured drivers owning stolen vehicles must go to Facility Association — not their own private auto insurers — to get compensation for injuries sustained in assaults against them involving uninsured car-jackers, a Nova Scotia court has ruled. The Supreme Court…
Ontario’s most expensive cities for car insurance
December 1, 2022 by Alyssa DiSabatinoBrampton is Ontario’s reigning champ for the city with the most expensive car insurance — 62.5% higher than the province’s average. That said, the city has become more affordable since 2020, when it was 123.5% more expensive than the rest…
Meet BFL Canada’s new president
November 30, 2022 by Alyssa DiSabatinoBFL Canada has appointed Lisa Giannone as president and chief operating officer, effective Jan. 1, 2023. She succeeds Barry Lorenzetti who founded BFL in 1987. After a 35-year tenure as president and CEO, Lorenzetti will continue to serve as…