Segment
P&C Companies
UPDATED: What emergency relief will insurers offer customers? Here’s what they told us
April 9, 2020 by Adam MalikEditor’s note: This story has been updated to include new information from Economical, iA, TD and SSQ, plus additional updates from Aviva and CAA. Canada’s P&C insurance industry should follow the example of the banking sector and show a united…
Brokers seek unified response from insurers on 30-day vacancy clauses
April 9, 2020 by Jason ContantCanadian brokers want a uniform response from insurers on how to deal with commercial policies that have a 30-day vacancy or unoccupied clause. Most commercial property policies have such an exclusion, meaning that losses or damage to property is excluded…
Canada’s P&C carriers respond to calls for major premium relief
April 8, 2020 by Jason ContantCanada’s property and casualty insurance companies have answered the call from brokers and customers for stepped-up relief measures to help cope with the financial impact of COVID-19. “It’s a very unusual set of circumstances, but in spite of that I…
How to protect your clients from cybercriminals cashing in on COVID-19
April 8, 2020 by Jason ContantBrokers advising clients on cyber insurance during the COVID-19 pandemic will want to make sure there is an appropriate loss of income coverage under the policy, similar to other lines of insurance, a specialist insurer said recently. “If we were…
Why forcing insurers to cover pandemic is a bad idea
April 8, 2020 by Adam MalikInsurance companies put in a position to cover business interruption losses regardless of how their commercial contracts were originally constructed could threaten their solvency on a global scale, warns a new report. In addition to negatively affecting the carriers’ liquidity…
Have clients who have temporarily closed? Here’s how they should secure their premises
April 7, 2020 by Adam MalikJust because a business has closed its doors to staff and customers because of the COVID-19 pandemic, risks from fire, combustible materials and flood are still present at their physical buildings even when unoccupied, warned a new report from Allianz…
Can Canada’s P&C industry withstand the 20% stock market drop?
April 7, 2020 by Greg MeckbachGiven that insurers rely on investments to supplement their underwriting income, how big of a concern is the recent nosedive in stock markets? “Right now, from the standpoint of reduction in equity values, the Canadian P&C segment as a whole…
How to help construction clients who are no longer deemed “essential services”
April 6, 2020 by Adam MalikOntario brokers can expect to receive calls from their clients in the province’s construction industry, some of whom were recently de-listed from the province’s essential services list. Under pressure to reduce the spread of COVID-19 in Ontario, the province recently…
Key COVID-19 exposures for the Canadian P&C industry: A.M. Best
April 6, 2020 by Greg MeckbachThe Canadian property and casualty industry is well-positioned to withstand the financial pressures exerted by COVID-19, but A.M. Best Company is nevertheless concerned about commercial premiums dropping due to business closures and coverage disputes over business interruption. “In Canadian P&C,…
Veteran broker calls for insurers to offer customers a premium freeze
April 6, 2020 by Jason ContantSaying the Canadian P&C insurance industry can do more to offer relief to consumers during the COVID-19 pandemic, one 40-year industry veteran recommends that insurers offer guaranteed renewals and a premium freeze at 2019 levels. Standard measures focus on a…
Big Moves – Gore CEO Heidi Sevcik to retire
April 5, 2020 by Greg MeckbachSevcik was vice president of claims at Gore Mutual when she succeeded Kevin McNeil as CEO in 2014
Why home Internet service can pose a problem for brokers during COVID-19
April 3, 2020 by Greg MeckbachIf your brokerage sent its employees home to work on the assumption that all they need is a broadband Internet connection, things might not go as smoothly as planned. Most residential Internet service plans are “asymmetrical,” meaning the speed at…