Topic Loss Trends
P&C industry’s Q3 results show signs of recovery
November 30, 2020 by David GambrillIf the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from…
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…
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…
The Alberta hail cat has not stopped biting
November 23, 2020 by Greg MeckbachInsurers are still receiving new claims from the June 2020 Alberta hail storm that is estimated to have cost the industry more than $1 billion. “We are actually still seeing some new losses reported from the June storm today,” said…
This Canadian insurer may want to cover your hospitality clients
November 17, 2020 by Greg MeckbachBrokers struggling to find coverage for small and mid-sized restaurant and hotel clients may now have a new option available, and it’s already getting a response. CAA Club Group’s Echelon subsidiary announced Monday it is offering up to $5 million…
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…
Today’s cat losses ‘unimaginable’ even 10 years ago: mutual CEO
November 12, 2020 by Greg MeckbachThe increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire…
Lessons for the industry from pandemic business interruption coverage disputes
November 10, 2020 by Greg MeckbachMassive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private…
Intact’s message to politicians wanting more commercial insurance regulation
November 5, 2020 by Greg MeckbachImposing more regulation on commercial carriers is not going to help make coverage available for clients who are having a hard time finding insurance, Intact CEO Charles Brindamour suggests. “I don’t think that scaring insurers is the way to bring…
What historical insured catastrophe losses really mean
November 4, 2020 by Greg MeckbachIf you take a deep dive into the real cost to Canadians of insured major natural disasters, even though the methodology changed around 2008, it still shows a long-term trend of claims cost increases over nearly 40 years, industry experts…