Keyword
commercial property
How de-globalization will generate $33 billion in commercial premiums
September 9, 2022 by David GambrillCountries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial…
Fort Mac bowling alley covered for water damage despite flood exclusion
March 1, 2022 by David GambrillA Fort McMurray, Alta., bowling alley is entitled to coverage for water damage sustained in the April 2020 flooding, despite its insurance policy containing a clear flood exclusion. The Alberta Court of Queen’s Bench found Intact included a coverage extension…
Small businesses move to lock in rental deals amid low vacancy rates
April 16, 2021 Salmaan Farooqui, The Canadian PressWhen Sohel Imani went looking for a second location for his bike shop in Toronto’s West End, he knew he’d be able to leverage the city’s current commercial rental market. With dozens of storefronts sitting empty in any given Toronto…
Aon’s take on the state of the Canadian P&C insurance market
September 15, 2020 by Jason ContantThe first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous…
Why water damage claims cost the industry more each year than severe weather claims
September 14, 2020 by Adam MalikWater is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes…
Property claim cycle times are on the rise: Xactware data
August 10, 2020 by David GambrillWhile everyone in the Canadian property and casualty insurance industry knows that quick claims response times are critical to consumer satisfaction, cycle times for property claims in Canada increased overall between 2018 and 2019, according to the latest property damage…
Editor’s Note: Underwriting for the next pandemic
June 5, 2020 by David GambrillThe social and economic impact of the novel coronavirus pandemic in 2020 is truly horrifying, saddening, and staggering. Many of us have lost loved ones, or know people who are out of work because of the potentially lethal virus moving…
What commercial brokers are saying about the worrisome market turn
February 4, 2019 by David GambrillWhether the industry faces a hard market or simply a “market correction,” commercial lines premiums are definitely on the rise, Canadian commercial brokers reported in an online poll by Canadian Underwriter. And they are starting to get concerned about it.…
U.S. commercial insurance prices remain nearly flat in the second quarter: Willis Towers Watson survey
September 11, 2017 by Canadian UnderwriterCommercial insurance prices in the United States were again nearly flat during the second quarter of 2017, global advisory, broking and solutions company Willis Towers Watson (WTW) reported on Monday. For the eight quarter in a row, price changes were…
Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB
August 23, 2017 by Canadian UnderwriterResponses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than…
CatIQ enters into agreement with Impact Forecasting to use cat event flood response footprints for Canada
August 11, 2017 Jason Contant, Online EditorToronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian…
Premium renewal rate positive across almost the majority of commercial product lines in U.S.: IVANS
August 3, 2017 by Canadian UnderwriterThe premium renewal rate change for most standard commercial lines products in the United States remained in positive territory for July, with workers’ compensation representing the only standout, notes the latest IVANS Index. The majority of standard commercial lines products…