Topic Loss Trends
How the UK pandemic business interruption test case could play out
August 13, 2020 by Greg MeckbachThe industry will likely learn next month the outcome of a business interruption coverage test case arising from the COVID-19 pandemic, but the verdict is likely to be appealed, a Bermuda insurance CEO suggests. The British Financial Conduct Authority filed…
Three reasons why the hard market may drag on for years
August 12, 2020 by Greg MeckbachCommercial clients are likely to see big price hikes at least through 2021 and the economic impact of COVID-19 is partly to blame, a Bermuda insurance executive suggests. “We saw double-digit rate increases in our Canadian specialty business,” Albert Benmichol, CEO…
Property claim cycle times are on the rise: Xactware data
August 10, 2020 by David GambrillWhile everyone in the Canadian property and casualty insurance industry knows that quick claims response times are critical to consumer satisfaction, cycle times for property claims in Canada increased overall between 2018 and 2019, according to the latest property damage…
As provincial economies re-open, insurers eye their auto claims frequencies
August 10, 2020 by David GambrillAs if it weren’t enough with all of the recent news reports about natural catastrophe losses in Alberta, and claims against insurers for business interruption losses due to the COVID-19 pandemic, there is another, more familiar risk looming on the…
Financially, which of your clients are hurting the most?
August 7, 2020 by David GambrillCanadian construction and real estate development companies appear to be hurting the most during the pandemic, according to bankruptcy records kept by the federal government. Twenty-seven Canadian companies have been granted creditor protection since the novel coronavirus was declared a…
COVID’s impact on Aviva’s first-half results
August 6, 2020 by David GambrillAviva Canada overcame high claims costs related to pandemic losses and severe-weather catastrophe events in Alberta to trim its combined operating ratio (COR) down from 98.1% in the first half of 2019 to 95.5% during the first half of this…
Why regulation holds auto insurers back from using advanced modelling
August 4, 2020 by Greg MeckbachAuto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s…
Swiss Re Group books $2.5 billion for pandemic-related losses
July 31, 2020 by David GambrillSwiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars). “Based on current information and a prudent…
The business line that drove Intact’s profitability in 2020 Q2
July 31, 2020 by Greg MeckbachIf you placed homeowner’s insurance with Intact during 2020 Q2, your business helped propel Canada’s largest P&C insurer to its most profitable second-quarter personal property result in more than 10 years. Intact Financial Corp. reported that its combined ratio in…
Who’s getting funding for new research in wildfire prediction, responses
July 31, 2020 by THE CANADIAN PRESSKAMLOOPS, B.C. – A university located in the heart of one of British Columbia’s most volatile forest fire regions will lead new research in wildfire prediction, prevention and response. Thompson Rivers University in Kamloops was chosen for the research that…
Canada’s arts and recreation businesses face greatest risk of closure: CFIB
July 30, 2020 by David Friend - THE CANADIAN PRESSTORONTO – Canada’s struggling independent businesses in the arts, entertainment and recreational sectors are at the highest risk of permanently closing due to COVID-19, according to the Canadian Federation of Independent Business. A new report released by the advocacy group…
Why Intact is “very confident” about defending pandemic-related BI claims
July 29, 2020 by Greg MeckbachTwo recent American court rulings in favour of insurers in COVID-related business interruption coverage disputes arose from policy wordings nearly identical to the vast majority of Intact Insurance’s BI policies, officials with Canada’s largest P&C insurer said Wednesday. “The language…