Canadian Underwriter

News


News Insurance

Some long-term care homes can’t get insurance, could be forced to close: association

October 20, 2020 by Liam Casey - THE CANADIAN PRESS

Ontario’s long-term care homes are having trouble securing liability insurance for COVID-19, a situation that could force some of them to close, a group representing more than 70 per cent of the province’s homes says. The Ontario Long-Term Care Association…

News AdjustersClaimsClaims CanadaTechnology

How a smart phone can drive efficiency in the claims process

October 19, 2020 by Greg Meckbach

Using a smart phone to take pictures of property damage as soon as it happens could speed up the claims process and reduce fraud risk, the head of a Canadian claims technology vendor suggests. “The best way to drive efficiency…

News AppointmentsAssociationsBrokersInsurance

Continuity during COVID: Executive of national broker association stands pat

October 19, 2020 by Greg Meckbach

Kent Rowe, vice president of commercial lines for Wedgwood Insurance, is staying on for another year as president of the Insurance Brokers Association of Canada. IBAC held its annual general meeting Sept. 23. IBAC announced Monday that its 2019-20 executive…

News BrokersInsuranceLegislation / Regulation

Switching your client’s carrier? Don’t forget to tell the client

October 19, 2020 by David Gambrill

A Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba…

News BrokersClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

How COVID-19 has changed cyber underwriting

October 19, 2020 by Greg Meckbach

With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…

News Insurance

Western Canadian air tanker fleet busy despite drop in wildfires

October 19, 2020 by Bill Graveland - THE CANADIAN PRESS

RED DEER, Alta. – A family-run company providing air-tanker support to control menacing wildfires in British Columbia, Alberta, Manitoba and Yukon is a little less busy these days, but it has nothing to do with the COVID-19 pandemic. “It has…

News CatastrophesClaims CanadaClimate ChangeInsuranceLegislation / RegulationMarkets / Coverages

Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re

October 16, 2020 by Greg Meckbach

There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national…

News Insurance

Your list of business clients is at risk of shrinking: CPA Canada chief economist

October 16, 2020 by Adam Malik

The longer the COVID-19 pandemic drags on, the longer businesses will struggle and the risk that they close their doors for good, an economist is warning, and that spells bad news for the insurance industry. Canada is navigating through a…

News Claims CanadaInsuranceLegalRiskTechnology

Why this client can only recover $50,000 on a $2.7-million commercial crime claim

October 16, 2020 by Greg Meckbach

An electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance…

News Insurance

Compensation during COVID: Broker principals reveal their favourite way to pay producers

October 16, 2020 by David Gambrill

In the dog-eat-dog world of trying to generate sales during a global pandemic, brokerage principals are increasingly turning to performance-based compensation to help improve the performance of their brokers, according to Canadian Underwriter’s 2020 National Broker Survey. Of the more…

News Insurance

The growing cost to clean up abandoned and orphaned wells

October 16, 2020 by The Canadian Press

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Kevin Kemball, Director – Centre for Boreal Research, Northern Alberta…

News ClaimsClaims CanadaEmploymentLegalRisk

What Canada’s Supreme Court says about employers’ liability for bonuses

October 15, 2020 by Greg Meckbach

A constructive dismissal award against a Halifax-based fish oil maker of nearly $1.1-million has been restored by the Supreme Court of Canada. When it comes to employment practices liability, a key lesson from Matthews v. Ocean Nutrition Canada Ltd., released…