Vehicle 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…
The 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…
Massive 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…
Imposing 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…
If 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…
Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers…
Long-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released…
The Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the…
Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”…
As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance…
Clients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
A group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the…