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How Lloyd’s insurers will react to capacity reductions in Canada

August 16, 2021 by Greg Meckbach

“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”

News ClaimsInsurersPersonal AutoPersonal Home

What to tell your clients when their insurer goes bust

August 13, 2021 by Canadian Underwriter Staff

What would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation

News CatastrophesClaimsCommercialInsurersLoss TrendsOperationsPersonal Auto

How Aviva Canada fared in the first half of 2021 

August 12, 2021 by Jason Contant

A lack of catastrophic events in the first half of 2021 and decreased personal auto and commercial claims related to COVID-19 contributed to a 6.7% improvement in Aviva Canada’s combined operating ratio (COR) in the first half of 2021 compared

News BrokersInsurersManagementMergers and AqcuisitionsOperations

More room for industry consolidation and Intact wants to keep growing: CFO

August 11, 2021 by Greg Meckbach

Intact is probably not finished acquiring more Canadian insurers even with its recent acquisition of RSA Canada. On June 1, Intact closed a three-way deal in which Intact and Tryg A/S acquired London-based RSA plc. As a result, Intact now

News ClaimsClaims Canada ArchiveCommercialInsurersLiabilityLoss ControlLoss TrendsRisk Managers

4 causes of social inflation and why it’s costing your clients more

August 10, 2021 by Greg Meckbach

Social inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert

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Is it okay to use open banking data for underwriting?

August 10, 2021 by Greg Meckbach

Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own

Helicopters fly past the Tremont Creek wildfire as it burns on the mountains above Ashcroft, B.C., on Friday, July 16, 2021. THE CANADIAN PRESS/Darryl Dyck
News AdjustersB.C.CatastrophesClaimsClaims ProfessionalsClaims TechnologyInsurersLoss Trends

How this year’s B.C. wildfire season compares to previous years

August 10, 2021 by Jason Contant

It looks like this year’s wildfire season in British Columbia could be one for the record books. Between Apr. 1 and Aug. 9 of this year, the province saw 1,456 wildfires and nearly 650,000 hectares of area burned. This compares

News InsurersTechnology

Why insurance should care about blockchain

August 9, 2021 by Canadian Underwriter Staff

A recent report from Deloitte details the benefits and threats of blockchain technology in P&C insurance, from improving underwriting and reducing fraudulent claims to challenging the status quo. “Given its ambitious potential to drive simplicity and efficiency through the establishment

News B.C.InsurersLicensingManagementOperationsPersonal Auto

Will Intact re-enter the B.C. auto market?

August 9, 2021 by Greg Meckbach

Intact Insurance could re-enter the British Columbia auto market but only if the provincial government provides “options and convenience” to motorists, says Intact Financial Corp. CEO Charles Brindamour. It has been eight months since Intact announced it is leaving the

News Business InterruptionClaimsClaims Canada ArchiveClaims ProfessionalsCommercialEmerging RisksInsurersLegalLoss TrendsRisk Managers

How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption

August 9, 2021 by Greg Meckbach

Lloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president

News Emerging RisksInsurersLoss TrendsSupply Chain

Swiss Re predicts record-high global insurance premiums by end of 2022

August 6, 2021 by Canadian Underwriter Staff

As the world economy steadily recovers from the COVID-19 pandemic, Swiss Re forecasts that global insurance premiums will reach a never-before-seen U.S.$7 trillion by the end of 2022. According to the global reinsurer’s recent World Insurance Sigma report, the pandemic

News BrokersCyberInsurers

5 ways to overcome barriers to cyber insurance

August 6, 2021 by Canadian Underwriter Staff

The Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a