Topic Loss Trends
Why boat insurers are starting to feel more like car insurers these days
July 15, 2021 by Canadian UnderwriterBoats with high-tech safety gadgets are starting to look a lot more like cars nowadays — and that means more expensive and difficult repairs, as Aviva Canada reports. “The big trend we are seeing right now in watercraft is big…
Top court asked to create “new law” in waiver case involving insurer’s flip-flop on coverage
July 14, 2021 by Greg MeckbachCanadian law on estoppel or waiver could change if the Supreme Court of Canada rules against RSA in Trial Lawyers Association of British Columbia v. Royal and Sun Alliance Insurance Company of Canada, a Vancouver-based insurance lawyer suggested Tuesday. Estoppel…
How green technology can leave insurers seeing red
July 13, 2021 by Adam MalikOlder green energy equipment is not equipped with the latest technology to protect it from increasingly severe weather events, meaning more claims activity for insurers, according to an expert in the area. Insurers have been seeing the effects of climate…
Threat of adverse selection prompts auto carrier to start credit checks
July 13, 2021 by Greg MeckbachNova Scotia motorists who consent to a “soft” credit check from Economical Insurance will soon be eligible to get a discount on their auto premium, the province’s regulator announced Monday. The Nova Scotia Utility and Review Board (NSURB) has already…
Doubled pricing, two-year recovery predicted for cyber lines, post-COVID
July 13, 2021 by David GambrillBrokers can foresee cyber pricing doubling over the next year — and it could take up to two years after the pandemic is over before the market shows signs of softening again. “I think the price has to reflect the…
Cyber insurance rates likely to rise amid escalating ransomware attacks
July 12, 2021 by David Paddon - THE CANADIAN PRESSTORONTO – Companies looking to purchase insurance against cyberattacks in which their data is held for ransom will soon find it more expensive and difficult to obtain, according to a cybersecurity expert. Brent Arnold, a partner at law firm Gowlings…
Looking for a quick D&O rebound after COVID? Don’t hold your breath….
July 9, 2021 by David GambrillBrokers looking to see directors’ and officers’ (D&O) insurance pricing and capacity rebound quickly after the pandemic had better not hold their breath — especially with the Canadian government now starting to pull the plug on certain COVID relief measures…
Why your clients’ basements will probably leak eventually
July 7, 2021 by Greg MeckbachHomeowner clients are battling the elements just by living below the ground floor, and so they will need to act quickly if they notice water pooling in their basement, a building supply vendor suggests. “Creating a comfortable living space in…
Insurer ups distracted driving from minor to major conviction
July 6, 2021 by Greg MeckbachNova Scotia motorists could be out of luck when they try to renew their auto insurance if they got caught more than once using a hand-held gizmo when they should be paying attention to the road. In a ruling posted…
Restaurant fires and how they are caused
June 30, 2021 by Greg MeckbachKitchen exhaust and gas connections should be near the top of a restaurant client’s risk management agenda. Improperly maintained kitchen exhaust systems are a common cause of restaurant fires, wrote Larry Anderson, editor of TheBigRedGuide.com, in a recent article. This…
Old equipment causing new problems for insurers
June 30, 2021 by Adam MalikInsurers are getting a front-row seat in learning the risks that come from aging renewable energy-producing equipment, says an industry expert. The last 15 years have seen a spark in growth in the area of renewable energy development, particularly in…
How reinsurance prices could come down
June 29, 2021 by Greg MeckbachRecord-low interest rates are making insurance-linked securities attractive to some investors, and this could be good news for primary insurers. ILS includes but is not limited to catastrophe bonds, said Marcos Alvarez, Toronto-based senior vice president and head of insurance…