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Why reinsurers are watching how UK top court defined ‘occurrence’ in business interruption dispute

March 2, 2021 by Greg Meckbach

The British Supreme Court’s interpretation of the word “occurrence,” in its recent COVID-19 business interruption ruling, should not be applied to reinsurance excess of loss treaties, Guy Carpenter experts argue in a recent paper. In a decision released on Jan.

News ClaimsClaims CanadaInsurance

How much COVID business interruption claims could cost Fairfax

February 17, 2021 by Greg Meckbach

Business interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers.

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How COVID-19 has affected repair of vehicles from hail

February 12, 2021 by Greg Meckbach

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,

News ClaimsClaims CanadaCommercial LinesInsurance

How much the second COVID wave will probably add to Intact’s claims costs

February 10, 2021 by Greg Meckbach

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

News ClaimsClaims CanadaLegalRisk

Business interruption insurer could be sued by this Canadian restaurant owner

February 9, 2021 by Greg Meckbach

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

News ClaimsClaims CanadaRisk

How much Chubb predicts COVID could cost the industry

February 4, 2021 by Greg Meckbach

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

News ClaimsCommercial LinesInsurance

One big lesson from pandemic business interruption coverage disputes

February 2, 2021 by Greg Meckbach

The industry could do a better job of explaining to commercial clients exactly what business interruption insurance actually covers, A.M. Best Company Inc. suggests in a report released Monday. “Disputes over BI cover are unfavourable for the reputation of affected

News ClaimsEarnings / RatingsInsurance

What the recovery from commercial hard market could look like

January 26, 2021 by Greg Meckbach

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

News InsuranceRisk

Return to the office: What these insurance executives say

January 25, 2021 by Greg Meckbach

With the pandemic entering its 11th month, industry leaders are hearing from workers who want more flexibility as to where they work. “We’ve got the majority of [workers] telling us, ‘We would like to spend some time in the office,

News ClaimsClaims CanadaInsuranceLegal

How British Supreme Court COVID business interruption ruling could be imported into Canada

January 22, 2021 by Greg Meckbach

A landmark British court ruling against insurers over business interruption coverage could be good news for restaurants or retailers who had to severely limit their operations during the COVID-19 pandemic. The Supreme Court of the United Kingdom ruled largely in

News AssociationsBrokersClaims CanadaLegislation / RegulationRisk

RCCAQ reacts to Quebec curfew

January 18, 2021 by Greg Meckbach

Quebec’s insurance brokers should not experience any major disruptions as a result of the province-wide evening curfew imposed a week ago, the chair of the Regroupement des cabinets de courtage d’assurance du Quebec (RCCAQ) predicts. The curfew took effect on

News ClaimsClaims CanadaLegalRisk

How COVID-19 vaccine side effects impact liability risk

January 12, 2021 by Greg Meckbach

Some people could suffer side effects from a COVID-19 immunization, but the vaccine manufacturers have a number of protections that minimize their liability risk, Canadian lawyers suggest. Prime Minister Justin Trudeau was quoted last week by The Canadian Press as