Topic Loss Control
What downtown ghost towns mean for commercial coverage
June 2, 2023 by Philip PoradoVaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t…
Do you know what’s a material change in IFRS 17?
May 26, 2023 by Jason ContantIFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way…
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
How insurers are handling IFRS 17 reporting requirements
May 23, 2023 by Jason ContantThis is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we…
Why claims frequency is trending for electric vehicles
May 16, 2023 by Jason ContantRepairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in…
Why standard coverage for unions doesn’t cut it
May 15, 2023 by Alyssa DiSabatinoUnions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter. Standard policies typically exclude important coverages for unions,…
How Intact’s personal auto segment fared in 2023 Q1
May 15, 2023 by Jason ContantIntact Financial Corporation grew its Canadian personal auto premium volume 5% in 2023 Q1 from one year ago, and continues to see positive growth in the segment, CEO Charles Brindamour said during a 2023 Q1 earnings call last week. “Top-line…
National disaster report highlights industry loss potential
May 12, 2023 by Alyssa DiSabatinoA major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns. Of pertinence to the industry, as insured damages for a severe earthquake could broach…
Vacant retail and office space: How to advise clients on this post-pandemic trend
May 12, 2023 by Philip PoradoWith office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The…
Growth? Maybe. Why carriers aren’t promising a soft market yet
May 11, 2023 by Alyssa DiSabatinoBeyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…
Don’t let clients cheap out on cyber coverage
May 10, 2023 by Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Tips for advising commercial clients during economic downturns
May 9, 2023 by Alyssa Di SabatinoInflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”…