Topic Insurers
More people are flying – is that good for travel insurance profits?
July 13, 2022 by Alyssa DiSabatinoBusiness and leisure travel is on a post-pandemic rise, but major flight delays and cancellations will have impacts on travel insurers’ credit profiles, said a commentary from credit-rating agency DBRS Morningstar. Even though airplane travel remains below 2019 levels, staff…
2 risks keeping these business leaders up at night
July 12, 2022 by Alyssa DiSabatinoQuébec businesses are more likely to prioritize business interruption and environmental risks than their counterparts in the rest of the country, according to a new report by Aviva. However, both Québec and the rest of Canada are equally keen on…
Inadmissible evidence good enough to access enhanced auto coverage
July 12, 2022 by David GambrillInadmissible hearsay evidence is enough for a driver involved in a collision caused by an unidentified motorist to access the $1 million limit of her auto policy’s OPCF 44R Family Protection Endorsement, an Ontario court has ruled. “There is no…
Hard market challenges aside, brokers not racing for the exits
July 12, 2022 by David GambrillCanada’s hard market in insurance remains the Number 1 concern of new and experienced brokers alike, as well as brokerages big and small, according to Canadian Underwriter‘s 2022 National Broker Survey. The gender split among respondents was most prominent, with…
Economists expect Bank of Canada to hike key interest rate by 0.75%
July 12, 2022 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Economists are predicting the Bank of Canada will hike its key interest rate by three-quarters of a percentage point on Wednesday as inflation rages on globally. In Canada, inflation hit a 39-year-high of 7.7 per cent in May…
What the industry needs to fund the bankruptcy of a Top 70 insurer
July 11, 2022 by David GambrillCanadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the…
Distracted driving sometimes takes a back seat to work priorities, drivers say
July 11, 2022 by Canadian Underwriter StaffCanadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every…
Are businesses covered for a telecom’s “maintenance oops”?
July 11, 2022 by Alyssa DiSabatinoDespite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert. The outage, which…
Inflation might not lead to higher claims amounts in Canada
July 8, 2022 by Philip PoradoWith overall consumer inflation near 40-year highs, can sharply rising claims costs and social inflation be far behind? It’s too soon to tell, an Aon expert tells Canadian Underwriter. Speculation that consumer price inflation might spark social inflation for casualty…
Where home insurance premiums are trending upwards in 2022
July 8, 2022 by Jason ContantLaSalle, Ont., has the highest home insurance premiums in the province right now, whereas Ajax, Ont., offers the least expensive home insurance premiums, according to the latest data from rate comparison site RatesDotCa. On average, home insurance premiums in Ontario…
How the court bolstered an insurer’s exclusion for privacy breach
July 8, 2022 by David GambrillActing recklessly in breaching the confidential medical files of patients effectively falls within a hospital insurer’s commercial policy exclusion for committing an ‘intentional act,’ Ontario’s top court has ruled. The Ontario Court of Appeal found a hospital insurer, the Healthcare…
Better productivity in the office? Think again, HR survey finds
July 7, 2022 by Alyssa DiSabatinoRemote work is now tied with the office as the place to do the most productive work, according to a new survey by recruitment and employment services provider Robert Half. Forty-two per cent of professionals report accomplishing more work at…