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B.C. report says condo insurance market ‘unhealthy,’ premiums up 40 per cent

June 16, 2020 by THE CANADIAN PRESS

VANCOUVER – A report commissioned by the B.C. government says insurance premiums for condominium buildings have increased by as much as 40 per cent year over year while deductible costs have tripled. Blair Morrison, chief executive officer of The B.C.…

News CatastrophesClaimsClaims CanadaInsurance

Why the latest Calgary hail storm could cost $1 billion

June 15, 2020 by Greg Meckbach

The thunderstorm that hit Calgary this past Saturday evening could be more expensive to the industry than the 2014 Airdrie, Alta., hail storm that cost P&C insurers more than $500 million, an industry watcher suggests. Hail the size of tennis…

News AdjustersClaimsInsurance

COVID-19 has accelerated changes to the claims industry

June 15, 2020 by Adam Malik

Auto insurance customers should enjoy a shorter claims journey if pandemic-related changes stick around, insurance pros told Canadian Underwriter recently. Social distancing rules related to the COVID-19 pandemic have forced the insurance industry, along with its customers, to adopt technology…

News BrokersClaimsInsuranceTechnology

How insurance company websites just beat out brokers in a U.S. consumer satisfaction study

June 15, 2020 by David Gambrill

For the first time in two decades, insurance company websites in the United States have become a more popular place for consumers to buy their auto insurance than through the broker channel, a U.S. auto insurance consumer satisfaction study has…

News InsuranceLegislation / Regulation

Are you sure you are not violating Ontario’s ‘take all comers’ auto rule?

June 15, 2020 by Greg Meckbach

If you fail to renew a client’s Ontario auto policy, even if that client missed a payment, you could attract close scrutiny from the provincial regulator. Ontario law prohibits insurers from declining to issue, terminating, or refusing to renew an…

News Legislation / Regulation

Frustration grows with no apparent end in sight for Canada U.S. border ban

June 15, 2020 by James McCarten - THE CANADIAN PRESS

WASHINGTON – The intertwined economies of Canada and the United States demand a more sophisticated solution to the threat of COVID-19 than a simple ban on non-essential travel, say business groups chafing at the prospect of another six weeks of…

News Insurance

Remember 2020 Q1? The good news financial story eclipsed by COVID

June 12, 2020 by David Gambrill

Canada’s federally regulated P&C insurers appeared to be turning the corner financially in 2020 Q1 before the pandemic hit and the bottom fell out of the national economy, data from Canada’s federal solvency regulator suggest. Overall, the industry turned a…

News Insurance

Opinion: Here’s how to set up future BI pandemic coverage

June 12, 2020 by Mary Kelly and Anne Kleffner

If the property and casualty insurance industry wants to avoid future entanglements around business interruption insurance, as seen during the coronavirus pandemic, then a robust public-private partnership (P3) might provide a solution. COVID-19 has highlighted the issue of how to…

News ClaimsClaims CanadaCommercial LinesInsurance

How much Intact is paying out for commercial COVID claims

June 12, 2020 by Greg Meckbach

Intact Financial Corp. is likely to pay out more than $80 million for commercial claims arising directly from the COVID-19 pandemic, but has only seen a small fraction of that so far, CEO Charles Brindamour said Wednesday. “The total actual…

News ClaimsClaims CanadaCommercial LinesInsuranceRisk

Many Canadian film and TV productions held up by lack of COVID 19 insurance

June 12, 2020 by Victoria Ahearn - THE CANADIAN PRESS

TORONTO – Reduced crowd scenes. Fewer people on set. COVID-19 testing. Handwashing stations. Those are some of the health and safety protocols Canadian film and TV producers are mulling over for their projects as provinces including British Columbia, Manitoba, Ontario…

News Insurance

Paid Working from Home: Cybersecurity and the Remote Worker

June 12, 2020 by Trisura Guarantee Insurance Company

In these times of social distancing and working from home, it’s become even more crucial to ensure strong cybersecurity measures are in place for you and your business. Working from home can pose its own challenges and takes adjusting to;…

News BrokersCatastrophesClaimsCommercial LinesEarnings / RatingsEmploymentInsuranceMarkets / CoveragesReinsuranceRisk

CU Webinar: Industry execs to discuss impact of economic recession on Canada’s P&C industry

June 12, 2020 by David Gambrill

Way back in 2020 Q1, before the world turned upside down, the Canadian property and casualty insurance results were on the rebound from a difficult prior year. But on Mar. 11, 2020, the World Health Organization declared the novel coronavirus…