Keyword
COVID-19
Should the Canadian P&C industry be concerned about BI court cases?
April 16, 2021 by Adam MalikFor now, little evidence exists that courts will adjudicate against Canada’s property and casualty insurers in litigation related to business interruption claims stemming from the COVID-19 pandemic, according to an industry executive. At the recent CIP Society Symposium 2021 virtual…
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…
Why ransomware victims are deciding not to pay up
April 15, 2021 by Adam MalikIt appears ransomware victims are less willing to give in to cybercriminals and pay up, according to a recent report by ransomware incident response platform Coveware. Commercial clients are considering the tradeoffs and are increasingly opting not to hand over…
Pandemic lockdowns make the case for pay-as-you-go commercial insurance
April 14, 2021 by David GambrillAuto insurance has introduced pay-as-you-go options for personal clients, but in the era of business shutdowns to prevent the spread of COVID-19, it seems as though commercial lines could use a similar option as well. Brokers in a LinkedIn thread…
New Brunswick premier urges truck drivers to get a COVID 19 vaccination
April 14, 2021 Kevin Bissett, The Canadian PressFREDERICTON — New Brunswick’s premier is urging truck drivers to get vaccinated against COVID-19 as soon as possible, but the head of a regional trucking association says it’s not that simple. Blaine Higgs told reporters Tuesday only about 800 of…
Households expect return to pre pandemic spending within a year, Bank of Canada says
April 12, 2021 Jordan Press, The Canadian PressOTTAWA — Canadian household spending will eclipse earnings in the coming months as vaccinations increase and uncertainty from the pandemic recedes, The Bank of Canada said in a report released Monday. The central bank says the gap between spending and…
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
Why the new hybrid office model may have less flexibility than you think
April 1, 2021 by Adam MalikThose pining for the freedom to pick and choose when they’ll work from home and when they’ll go to the office may be in for a surprise, panellists of a recent insurance webinar warned. On one hand, it’s unlikely that…
Families reach $5.5 million settlement in lawsuit against Quebec long-term care home
April 1, 2021 Sidhartha Banerjee - THE CANADIAN PRESSMONTREAL – Lawyers for residents and families suing a Montreal-area long-term care home ravaged by the pandemic’s first wave said Wednesday they had reached a $5.5-million settlement with the facility’s owners. The private Residence Herron was among the hardest hit…
Why now is a good time to press for auto reform
March 31, 2021 by David GambrillElected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.…
How your business clients feel about Canada’s chances for economic recovery
March 25, 2021 by Adam MalikThe size of your commercial client appears to influence their optimism about the future as Canada’s vaccination program starts to roll out, a trio of recent reports suggests. Bigger commercial clients are feeling a sense of optimism when looking ahead,…
COVID’s impact on insurance fraud
March 25, 2021 by Jason ContantFraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday. For example, some body shops are charging drivers extra cleaning…