Topic Loss Control
OSFI releases new (and softer) proposed rule on high-limit policies
December 3, 2020 by David GambrillCanada’s solvency regulator has come out with a softer version of its proposed rule regarding the property and casualty insurance industry’s issuance of high-limit policies. The new version is in response to the industry’s previous concerns about the massive $21-billion…
Big Moves: New market entrant in Canada launches with a familiar face
December 3, 2020 by Canadian Underwriter StaffHaag Global has picked the former CEO of Giffin Koerth, now known as 30 Forensic Engineering, as its leader
Investors increasingly asking about insurers’ environmental practices: CFOs
December 2, 2020 by Jason ContantInvestors are increasingly asking insurers about environmental, social and corporate governance (ESG) practices and how they are being managed, Intact Financial Corporation’s senior vice president and chief financial officer, Louis Marcotte, said recently. “In some cases, when we meet investors,…
What brokers should be telling their hospitality clients
December 2, 2020 by Adam MalikBrokers are having some frank conversations with clients in the hotel and restaurant business about the realities they’re facing and how to survive the troubles ahead, says a hospitality broker leader. “The truth is that if anybody is going to…
Public not aware of rights lost in B.C.’s no-fault auto scheme: personal injury lawyer
December 1, 2020 by Greg MeckbachThe average British Columbia consumer does not really understand what rights they will lose with the auto insurance reforms scheduled to take effect this May, a Vancouver personal injury lawyer warns. Provincial politicians voted earlier this year to pass Bill…
Aviva CEO sides with science against fruitless conjecture around climate risk
November 27, 2020 by Adam MalikAviva Canada CEO Jason Storah has no time for arguing about the validity of climate change and the threats facing the planet that are affecting the insurance industry. Instead of debates about climate change based on speculation and conjecture, he’d…
Two options for cyber insurers dealing with huge loss ratios
November 27, 2020 by Adam MalikInsurers will be forced to make tough decisions about how they offer cyber coverage, thanks to claims going through the roof this year and losses piling up across the board, a cycler expert recently told Canadian Underwriter. Insurers will have…
Insurers now treating distracted driving as ‘major’ conviction
November 27, 2020 by Greg MeckbachIn keeping with actions previously taken by Canada’s auto insurers, Northbridge General Insurance Company will start treating driving while using a hand-held communication device as a major conviction for the purpose of setting insurance rates in Nova Scotia. The change…
How COVID-19 workplace risk advice has evolved
November 26, 2020 by Greg MeckbachAs the pandemic enters its ninth month, risk managers are seeing more emphasis on the length of conversations and the importance of wearing proper masks. “The key thing now is the length of contact with somebody else. Right now, if…
What happened to this therapist who was convicted of insurance fraud
November 17, 2020 by Greg MeckbachAn Ajax, Ont. woman who billed claimants and insurers for therapy services that were never performed has lost her bid to appeal her criminal convictions to the Supreme Court of Canada. In 2008, a motor vehicle accident victim went to…
Hard market is trickling down to condo unit owners
November 13, 2020 by Greg MeckbachThe hard market in commercial property coverage for condo corporations is having an impact on individual condo and strata unit owners, new data from LowestRates.ca shows. Personal property rates for condo unit owners increased 16% year-over-year in both Alberta and…
Winter tire use cut an auto insurer’s claims costs by this much
November 12, 2020 by Greg MeckbachVehicle damage claims frequency appeared to be 6% lower for vehicles with winter tires than those without winter tires, Manitoba’s public auto insurer concluded in a recent study. “The estimated 6.3% reduction in claim frequency due to winter tire use…