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How Canada’s P&C industry will weather the economic storm from COVID-19

April 1, 2020 by Jason Contant

Canada’s P&C insurance industry will likely not experience significant underwriting losses overall, but financial volatility due to COVID-19 will affect investment portfolios in the short-term, global credit ratings firm DBRS Morningstar said in a new report. “We consider the coronavirus…

News Earnings / RatingsInsurance

Intact’s take on how COVID-19 could extend the hard market

April 1, 2020 by Greg Meckbach

Pricing relief offered to Canadians who are currently absorbing a financial hit from the pandemic could ultimately have the boomerang effect of prolonging the hard market, Intact’s chief executive suggests. “It is clear to me that this corrective action [on…

News EmploymentLegalRisk

Employers will have to show they prepared workers to avoid breaches, lawyer says

April 1, 2020 by David Paddon - THE CANADIAN PRESS

TORONTO – Amid the mass transition to remote working as a result of the COVID-19 pandemic, most employers are likely focused on operational issues in order to get their employees up and running in their new home offices. However, in…

News InsuranceMarkets / Coverages

The huge price tag of U.S. political interference with COVID-19 BI exclusions

March 31, 2020 by David Gambrill

Politicians in New Jersey, Ohio and Massachusetts have all drawn up proposed legislation that would force U.S. property and casualty insurers to pay for some business interruption claims for COVID-19 retroactively. The American Property Casualty Insurance Association (APCIA) says the…

News ClaimsCommercial LinesInsurance

How to help commercial clients during mandatory business shutdowns

March 31, 2020 by Jason Contant

As non-essential businesses shutter across Ontario, your commercial business clients can take a few common sense preventative measures to help ensure their insurance coverage remains in place and facilities are maintained. To further contain the spread of COVID-19, Ontario Premier…

News BrokersInsurance

How Trudeau’s wage subsidy package will affect brokers and their clients

March 31, 2020 by Jason Contant

Brokers will likely see their incomes “relatively stable” during the COVID-19 crisis, at least for the time being, said the head of Ontario’s brokers association. “Generally, I think brokerages – if they have a spread of clients, which most of…

News Insurance

The pricing relief Intact plans for commercial clients

March 31, 2020 by Greg Meckbach

Intact Financial Corp. is responding to the COVID-19 pandemic by dropping commercial premiums, in some cases, if it finds the client’s risk has gone down. “We are adjusting risk profiles for customers where it might lead to premium relief,” Intact…

News InsuranceRiskTechnology

Marriott says new data breach affects 5.2 million guests

March 31, 2020 by Dee-Ann Durbin - THE ASSOCIATED PRESS

Marriott says guests’ names, loyalty account information and other personal details may have been accessed in the second major data breach to hit the company in less than two years. Marriott said Tuesday approximately 5.2 million guests worldwide may have…

News InsuranceTechnology

How this insurtech is encouraging innovation during COVID-19

March 30, 2020 by Greg Meckbach

Slice Labs Inc., an insurtech with locations in Toronto and Ottawa, is adapting to the pandemic by helping insurers develop new products from people’s homes. “We are actively engaged in getting new products into the market – going full speed…

News Insurance

How this insurer is tackling short-rate cancellation fees during COVID-19

March 30, 2020 by Jason Contant

One mutual insurance company has decided to stop charging short-rate cancellation fees during the coronavirus (COVID-19) pandemic. “We have removed the short-rate penalty in all circumstances during this pandemic,” Enrico Mastrangeli, vice president of distribution and member innovation with The…

News BrokersInsuranceMarkets / Coverages

What Canadian P&C industry fears the most about the pandemic

March 30, 2020 by David Gambrill

Canada’s fragile economy is what’s keeping everyone in the P&C insurance industry awake at night. The unknown future of an economy that is almost certainly headed for a global recession figured in the Top 3 answers of what P&C insurance…

News BrokersInsurance

UPDATED: What emergency relief will insurers offer customers? Here’s what they told us

March 30, 2020 by Adam Malik

Canada’s P&C insurance industry should follow the example of the banking sector and show a united front in presenting options to clients adversely affected by the COVID-19 pandemic, according to some brokers. Canada’s six biggest banks released a joint announcement…