With some commercial coverages becoming harder to place in the hard market, reinsurers are looking to distribute through managing general agents, Virtual Symposium B.C. attendees heard Thursday. “I had two meetings today with two separate reinsurers who are very interested…
The pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of…
Traditional insurance policies can be hard to read on mobile devices and legalistic language can make them difficult to understand, Lloyd’s suggested in a recent report. The design and format of policy documents is important, Lloyd’s said in Building simpler…
Peter Askew succeeds Donald Callahan as president and CEO of the Canadian operations of Guy Carpenter, Marsh & McLennan’s reinsurance arm
Brokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests.…
In response to the ongoing pandemic, the Lloyd’s market is changing the way claims are handled when multiple syndicates write one risk. “One challenge with COVID-19 is the subscription nature of the market, whereby it is often several syndicates writing…
Marc Lipman, former chief operating officer of American International Group (AIG) Canada, is the new president of Lloyd’s Canada. Lipman (pictured, above) replaces Lisa Duval, who had served as Lloyd’s Canada’s attorney in fact and chief agent, on an interim…
The Lloyd’s market will pay “in the range” of $3 billion to $4.3 billion “as a result of the far-reaching impacts of COVID-19,” the Corporation of Lloyd’s announced Thursday. Comparing the overall COVID-related losses to the 2001 terror attack in…
A defendant insurer admits coverage, so why did the court say its actions showed bad faith?
A $5.6-million court award in favour of Lloyds Underwriters and one of its Quebec-based shipowner clients has been restored by the Supreme Court of Canada. Desgagnés Transport Inc. v. Wärtsilä Canada Inc., released Nov. 28, means a section of the…
Lisa Duval is the new attorney in fact and chief agent for Lloyd’s Canada, the nation’s fourth-largest property and casualty insurer when measured by premiums. Sean Murphy was chief agent in Canada from September, 2012 until last month. “Taking a…
Is your client’s loss of income covered if the business got interrupted because of a catastrophe that hit a supplier? That depends on what the policy says and whether the client actually bought contingent business interruption (CBI) insurance. And these…