Topic Loss Trends
How a building owner should respond when a contractor’s hit by inflation
September 29, 2022 by Derek SayersHow can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid…
Why your clients’ companies need to start ‘friendshoring’ their supply chains
September 28, 2022 by Alyssa DiSabatinoSupply chain disruptions can be circumvented if businesses start to engage in ‘friendshoring,’ one risk expert told the RIMS Canada Conference in Halifax. “Friendshoring is a polite way of saying the only people you can have in your supply chains…
How to ensure your clients’ property values are accurate amid volatility
September 26, 2022 by Alyssa Di SabatinoInaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported…
Why insurers are rethinking coverage for older machinery
September 22, 2022 by Alyssa DiSabatinoAging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and…
Post-demutualization: Definity’s plans for the future
September 13, 2022 by Jason ContantDefinity Financial Corporation is maintaining its goal of becoming a Top 5 insurance company through a combination of organic growth and M&A activity, Definity president and CEO Rowan Saunders suggested during a recent financial services conference. “One of the drivers…
Swiss Re report shows trajectory of insured flood losses
September 2, 2022 by Alyssa DiSabatinoInsured flood losses doubled to $80 billion during 2011-20 compared to the previous decade, and global flood losses reached $20 billion alone in 2021, Swiss Re reports. “Increased wealth, larger populations and urbanization have raised flood risk exposures across the…
The good and bad news for reinsurers
August 31, 2022 by Jason ContantThe global reinsurance industry appears to be in a “state of equilibrium,” with positive and negative factors countering each other, according to a new report from AM Best. Despite lingering economic and operational challenges stemming from the COVID-19 pandemic, AM…
Brokers: Do your clients have the right amount of vehicle loss-of-use coverage?
August 30, 2022 by Jason ContantAlthough supply chain issues show some signs of easing, these challenges are still causing lengthy repair times for vehicles that extend well past standard loss-of-use coverage. In other words, clients may need to pay out of pocket for months’ worth…
Canada is witnessing more thunderstorms than ever before
August 23, 2022 by Gregory Kopp, David Sills and Julian BrimelowThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Residents in eastern Ontario are still recovering after a tornado-producing thunderstorm…
Deloitte report: How microeconomic factors will impact claims costs
August 17, 2022 by Philip PoradoYes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
Why the pandemic hit these Canadian sectors particularly hard
August 16, 2022 by Jason ContantHospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of…
How China-Taiwan tensions are affecting Canada’s supply chain
August 15, 2022 by Jason ContantAlthough there has been some easing in supply chain issues around the world, other disruptions are coming into play, a marine expert from Allianz Global Corporate & Specialty (AGCS) told Canadian Underwriter in an interview. One major disruption is escalating…