The COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work,…
Intact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three…
Commercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…
Globally, the COVID-19 pandemic may not have affected insurers’ balance sheets in the same way that weather-related disasters did in 2020, but the industry is now much more aware of the impact of multiple catastrophe scenarios unfolding at once, an…
COVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a…
Industry experts are trying to calculate how much it would cost to set up an insurance pool for homes at high risk of overland flood, an Insurance Bureau of Canada official suggests. Canada’s Task Force on Flood Insurance and Relocation…
VICTORIA – Almost three million drivers in British Columbia will receive COVID-19 insurance rebate cheques next month that average about $190 each, Premier John Horgan said Tuesday. The Insurance Corporation of British Columbia will return $600 million in net savings…
Despite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance…
The drop in international air travel is not causing a corresponding decline in aviation insurance claims costs, a Calgary-based commercial specialty expert warns. Meanwhile, airlines will not see sales return to pre-pandemic levels even after most Canadians get their COVID…
Auto insurers are taking a variety of approaches to telematics: Some are observing from the sidelines, while others report growing interest from consumers. The Travelers Companies Inc. introduced IntelliDrive in Canada last week, as Michael Klein, president of personal insurance…
Brokers could see a “K-shaped” recovery from the hard market in commercial lines because some sectors have been hit harder by the COVID-19 pandemic than others, panelists observed in a webinar hosted Jan. 25 by Canadian Underwriter. Some commercial lines…