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News InsuranceLegislation / RegulationProducts

What auto insurers think of Ontario’s reform proposals

May 2, 2022 by David Gambrill

Canada’s auto insurers are generally pleased with the Ontario government’s direction on auto reform, although many details have yet to be worked out. “Ontario drivers pay too much for car insurance, and this budget makes a bold commitment to improve a

Luxury new house in suburbs.
News BrokersClaimsConstructionInsuranceProductsRestoration

How guaranteed replacement fits within a world of rising home costs

April 26, 2022 Philip Porado

While federal budget proposals aimed at dampening home-price escalation may modestly help insurers control reconstruction costs for insureds, there’s another side to the conversation. What if it doesn’t work? Beyond price appreciation, lots of factors — like updates to building

Business people connect gears together at meeting table.
News ClaimsInsuranceMarkets / CoveragesProductsRiskTechnology

Partnership approach needed in current cyber risk landscape

April 25, 2022 by Alyssa DiSabatino

As the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist.  “The archaic method of underwriting risk has shifted dramatically

Karim Chandani, pictured wearing a navy suit and red patterned tie.
News BrokersInsuranceMarkets / CoveragesProducts

Hub’s new hospitality cross-border practice leader

April 21, 2022 by Alyssa DiSabatino

Karim Chandani is Hub International’s cross-border practice leader for its hospitality specialty.   Chandani previously held a role at Hub as vice-president of hospitality from 2019 to 2022. He has nearly 10 years’ experience in Hub’s hospitality and real estate

Papers headed with Tax Liability and glasses on a table
News AssociationsBrokersCommercial LinesEarnings / RatingsInsuranceLegalLegislation / RegulationProductsReinsurance

Does federal budget create new tax liability for P&C industry?

April 12, 2022 Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

Peace tower in Ottawa with Canadian flag.
News AnnouncementsAssociationsCommercial LinesInsuranceProductsRisk

How the federal budget impacts P&C insurers

April 8, 2022 Philip Porado, with files from Melissa Shin and Rudy Mezzetta

As expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.

European Union sanctions Russia.
News AnnouncementsClaimsCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Ratings agency suspends commercial activities in Russia

March 30, 2022 Philip Porado

Getting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies

Rain and hail flows down from a black roof.
News Claims CanadaClimate ChangeMarkets / CoveragesProductsRisk

How to reduce hail damage costs

March 28, 2022 by Alyssa DiSabatino

One way homeowners and insurers can reduce annual hail damage is to use impact-resistant asphalt shingle roofs instead of standard shingles, finds a new report.     A new Institute for Catastrophic Loss Reduction benefit-cost analysis report shows annual hail

Russian manufactured guided missile launcher with three rockets, oriented towards west, ready for deployment
News AdjustersBrokersClaimsCommercial LinesInsuranceMarkets / CoveragesProductsRisk

From nukes to export tangles, war shows need for custom covers

March 23, 2022 Philip Porado

Clients needing war, political violence or terrorism insurance may need to seek bespoke covers, noted a recent Ukraine technical update from claims manager Crawford. “The purpose of a political violence policy is to dovetail with the commercial property policy and

Digital documents being sorted.
News AnnouncementsAssociationsBrokersCommercial LinesInsuranceLegislation / RegulationProductsTechnology

Commercial data standards get green light

March 18, 2022 Canadian Underwriter Staff

Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published

A closeup of a seismograph machine needle drawing a red line on graph paper depicting seismic and earthquake activity - 3D render
News Products

Parametric insurance: a solution for businesses of any size?

March 4, 2022 by Alyssa DiSabatino

Natural catastrophes can affect businesses of any size, and parametric insurance can provide solutions for small accounts, too — not just large ones, panellists said at a Canadian Underwriter webinar on Wednesday.   Parametric insurance is a type of index-based insurance

Canada flag on bar chart concept of economic recovery and business improving after crisis such as Covid-19 or other catastrophe as economy and businesses reopen again.
News AnnouncementsCommercial LinesInsuranceProducts

Which insurer is providing more E&O capacity to Canada

February 2, 2022 by David Gambrill

Signs are showing that stability – and more capacity – is returning to Canada’s commercial insurance market, including a recent announcement that the professional liability division of Cincinnati-based Great American Insurance Group has expanded into Canada. More specifically, Great American’s