Topic Insurers
Texting while driving, and 4 other things that boost clients’ premiums
September 27, 2022 by Canadian Underwriter StaffClient sent a text while driving and got caught? A conviction for that infraction beyond the police fine can cost a driver a 70% premium hike when it’s time to renew, said a new study from RatesDotCa. The study was…
How to ensure your clients’ property values are accurate amid volatility
September 26, 2022 by Alyssa Di SabatinoInaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported…
How brokers can prevent D&O clients from getting burned for greenwashing
September 23, 2022 by Alyssa DiSabatinoInvestors are increasingly pursuing companies for ‘greenwashing,’ referring to company directors who misrepresent their climate credentials or fail to act in accordance with their stated climate goals, says a financial services executive at Marsh Canada. Commercial brokers can help their…
Intact CEO reveals “the toughest file of my career”
September 23, 2022 by David GambrillThe chief operating officer of Canada’s largest P&C insurer is confronting a conundrum he never faced before the pandemic — he’s not sure how to get all of his employees to work in the office. It’s not an issue unique…
Global climate disclosure standards will take time and money, P&C industry warned
September 22, 2022 by David GambrillCanada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with…
Why insurers are rethinking coverage for older machinery
September 22, 2022 by Alyssa DiSabatinoAging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and…
Ontario auto: The impact of inflation on rate increases
September 22, 2022 by Jason ContantFinancial Services Regulatory Authority of Ontario’s (FSRA) recent approval of auto insurance rate increases for several insurers signals inflation may finally be making its way into the world of auto insurance prices, according to rate comparison site Ratesdotca. “Currently, FSRA…
Who is putting your client’s company at risk for a cyber scam?
September 22, 2022 by Alyssa DiSabatinoTwo-in-five employees surveyed (42%) said they’ve seen an increase in cyber scam attempts over the last year, yet only a third of surveyed employees (34%) reported their company provides mandatory cyber security awareness training, finds new research by the Insurance…
New York AG’s civil lawsuit accuses former president Trump of insurance fraud
September 21, 2022 by Jason ContantNew York’s Attorney General has launched a civil lawsuit against former U.S. president Donald Trump alleging financial fraud, including allegations he “[induced] insurers to provide insurance coverage for higher limits and at lower premiums.” New York Attorney General Letitia James’…
How to message the hard market going forward
September 21, 2022 by David GambrillProfitable insurance companies mean stable and reliable protection for insureds during a time of uncertainty, and the property and casualty insurance industry in Canada should not be shy about reinforcing this message, industry execs told the NICC Conference in Halifax…
Do’s and don’ts for dealing with global warming claims
September 21, 2022 by Alyssa DiSabatinoInsurers predict the frequency and sustainability of climate change-related litigation could soon become a significant issue. But there are ways for risk managers to pursue coverage effectively when their businesses are faced with climate-related claims, such as quantifying risk, working…
Here’s how much western Canada’s summer storms cost the industry
September 20, 2022 by Alyssa DiSabatinoSix summer storms across western Canada in July and August will cost the industry approximately $900 million in insured damages — meaning the industry is almost halfway to last year’s total insured damages of $2 billion from these events alone.…