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Topic Loss Control

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How much premium it would take for P&C insurers to absorb global BI pandemic losses

November 2, 2020 by Jason Contant

Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers

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How much Northbridge could pay out in COVID claims

November 2, 2020 by Greg Meckbach

Long-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released

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IBC talking to feds about future pandemic risk transfer

November 2, 2020 by Greg Meckbach

The Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the

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Why further rate increases could be needed after 2021

October 30, 2020 by Greg Meckbach

Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”

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Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof

October 30, 2020 by David Gambrill

As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance

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How IBC plans to help restaurants find insurance

October 29, 2020 by Greg Meckbach

Clients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s

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Insurers pledge small business help as pressure mounts to address rising rates

October 29, 2020 by The Canadian Press

A group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the

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Bank of Canada holds rate steady, says COVID-19 economic recovery likely by 2022

October 28, 2020 by The Canadian Press

OTTAWA – The Bank of Canada is keeping its key interest rate on hold as it says the country’s economy won’t fully recover what was lost to COVID-19 until 2022, with the road to there dependent on the path of

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What this Vancouver plaintiff’s lawyer says about pandemic business interruption coverage

October 27, 2020 by Greg Meckbach

A British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be

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Ontario promises action to address rising commercial insurance rates, critics urge regulation

October 26, 2020 by Shawn Jeffords - THE CANADIAN PRESS

TORONTO – Under pressure to address rising commercial insurance rates blamed on the pandemic, Premier Doug Ford promised this week to take action to stop what he called “gouging” by some companies in the sector.   Ford twice this week has

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Digital brokers: Should you build your own tech, or buy someone else’s?

October 22, 2020 by David Gambrill

Okay, so your brokerage is going digital: Should you build your own technology, or buy someone else’s? The answer is largely situational, with panellists at the Insurance Brokers Association of Ontario’s 2020 virtual convention offering their best advice to brokers

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Why reinsurers are now ‘hesitant’ to support some Canadian insurers

October 22, 2020 by Greg Meckbach

One lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital