Segment
P&C Companies
Meet Zurich’s new chief risk officer for Canada
February 25, 2021 by David GambrillSonia Kundi is Zurich North America’s new chief risk officer for Canada. She has joined the Zurich North America group risk management team, effective immediately, and reports to North America Chief Risk Officer Colleen Zitt. In addition to being a…
When Economical plans to hold final demutualization vote
February 25, 2021 by Greg MeckbachAn all-policyholders’ vote on demutualization is scheduled this spring, Economical Insurance announced this week. “The process for getting this meeting on the calendar is on track,” said John Bowey, chairman of Waterloo, Ont.-based Economical, in an update posted Feb. 22…
Condo corporation insurance? Unit insurance? Too many condo owners don’t know the difference
February 24, 2021 by David GambrillBrokers in Quebec have ample opportunity to educate their clients about how condo insurance works, according to the results of a recent survey commissioned by Insurance Bureau of Canada. One key source of confusion may sound familiar to brokers elsewhere…
Intact CEO’s forecast for auto rate relief in 2021
February 24, 2021 by Greg MeckbachIt could be up to a year before driving habits return to normal, but don’t expect many of your clients to pay less for auto insurance. Those were a couple of key takeaways from a recent Intact earnings call. “It…
How much COVID business interruption claims could cost Fairfax
February 17, 2021 by Greg MeckbachBusiness interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers.…
Where Intact sits with the RSA acquisition
February 10, 2021 by Greg MeckbachNow that Intact Financial Corp.’s deal to acquire a large chunk of RSA plc has been approved by both the federal Competition Bureau and RSA shareholders, Toronto-based Intact expects the deal to close by July and has more than two…
How much the second COVID wave will probably add to Intact’s claims costs
February 10, 2021 by Greg MeckbachIntact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three…
What the P&C industry is telling Wall Street about cyber risk
February 9, 2021 by Greg MeckbachCommercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
Accenture appoints lead for advancing cloud technology in Canada
February 5, 2021 by David GambrillTo help Canadian organizations accelerate their digital transformations and rapidly become ‘cloud-first’ organizations, Accenture has appointed Jennifer Jackson as Cloud First Lead for Canada. “Jennifer plays a vital role as head of our technology practice in Canada,” Jeffrey Russell, president…
IBC praises new towing guidelines in Ontario
February 5, 2021 by Jason ContantInsurance Bureau of Canada (IBC) is applauding the Ontario Provincial Police (OPP) on its new towing services guidelines aimed at providing clear direction to tow operators. “These guidelines are another tool to help protect drivers and ensure that at the…
Telematics surcharges arrive for Ontario auto
February 5, 2021 by Greg MeckbachOntario motorists who choose usage-based insurance could now be hit with surcharges if telematics data shows they have risky driving behaviour. The Financial Services Regulatory Authority (FSRA) removed its UBI Guidance this past November, a FRSA spokesperson told Canadian Underwriter…
2020 NatCats underscore need for insurers to collaborate with public sector: Aon exec
February 4, 2021 by David GambrillGlobally, the COVID-19 pandemic may not have affected insurers’ balance sheets in the same way that weather-related disasters did in 2020, but the industry is now much more aware of the impact of multiple catastrophe scenarios unfolding at once, an…