Topic Loss Trends
The good news and bad news about Ontario auto
September 24, 2020 by Greg MeckbachOntario auto insurance rates were 3.7% lower in the second quarter of 2020, than in the same period in 2019, but were still higher than in the three months ending March 30, 2020, data released Tuesday by LowestRates.ca suggests. “COVID…
How Canadian courts could be influenced by U.K. business interruption test case
September 23, 2020 by Greg MeckbachA recent British court ruling could be good news for Canadian clients who bought insurance covering business interruption from an occurrence of a notifiable disease within a specified distance of their premises, and who had to close due to the…
What happens in Alberta when auto insurers are not comfortable with their profitability
September 23, 2020 by Greg MeckbachThe Alberta auto insurance industry is still suffering “hangover” from a 5% cap on rate increases that was abolished more than a year ago, with many insurers not looking for new business, suggests the co-founder of LowestRates.ca. Data released Tuesday…
Why restructuring firms are looking at their clients’ business interruption insurance
September 22, 2020 by Greg MeckbachSome clients who are in financial trouble because they had to close during the early days of the pandemic are having their business interruption insurance policies reviewed by consulting firms. With COVID-19, many businesses have reached out to BDO for…
How Northbridge is advising clients to prepare for second COVID-19 wave
September 18, 2020 by Greg MeckbachOne key component of preparing for the anticipated second wave of COVID-19 cases in Canada is for businesses to assess how they responded to the first wave of the disease, Northbridge Insurance is telling its commercial clients. “Many businesses that…
What’s unique to this hardened real estate insurance market
September 17, 2020 by Adam MalikAt the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a…
North American stock markets climb on continuing positive outlook for economy
September 17, 2020 by The Canadian Press - Ross MarowitsTORONTO – North American stock markets climbed amid positive signals in Canada and elsewhere about the strength of a post-pandemic rebound. The good mood started with Chinese retail sales numbers moving back into positive terrain compared with a year earlier.…
Aon exec discusses industry ‘sins’ and puts COVID claims into perspective
September 16, 2020 by Adam MalikRiding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19…
P&C industry braces for a ‘second wave’ of COVID liability
September 15, 2020 by David GambrillThere is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers…
Aon’s take on the state of the Canadian P&C insurance market
September 15, 2020 by Jason ContantThe first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous…
The biggest challenge for commercial brokers right now
September 15, 2020 by Adam MalikAmong a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is…
Mixed result in British court ruling in business interruption coverage dispute
September 15, 2020 by Greg MeckbachIf a client has business interruption coverage “following” a notifiable disease within a certain distance, while another has coverage for BI “in consequence” of the same disease, one of those clients could be covered for its COVID-19 closure while the…