Segment
P&C Companies
Tips for insuring properties worth more than $500 million
October 2, 2023 Philip PoradoCoverage for high-value real estate, defined as sites worth $500 million or more, is often based as much on how those sites are used as on the physical assets themselves. Multi-use sites, where activities like manufacturing, distribution, logistics and management…
How insurance helps when converting office buildings to housing
September 29, 2023 Philip PoradoCanada’s housing crisis has deepened since the start of the COVID-19 pandemic. And when office vacancy rates across Canada topped 17% in 2022 Q4, calls grew louder to convert some of that unused commercial space into residential units. What’s more,…
MPI employees’ strike: Where it stands
September 28, 2023 by Jason ContantManitoba Public Insurance (MPI) and the Manitoba Government and General Employees’ Union (MGEU) remain at an impasse following a five-week-long labour strike and four days of conciliator-led discussions. MPI presented what it said was its “significantly enhanced” final offer to…
How to insure emerging tech companies
September 27, 2023 Jason ContantTechnology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a…
Why this address misrepresentation ruling was set aside
September 27, 2023 by Jason ContantOntario’s Licence Appeal Tribunal (LAT) erred in law when ruling it had to rely solely on the Statutory Accident Benefits Schedule (SABS) and had no jurisdiction to award equitable remedies under the Insurance Act, a provincial court has found. In…
What’s contributing to rising auto premiums in Alberta?
September 26, 2023 by Jason ContantLitigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
How Canada’s P&C insurers are faring under IFRS 17
September 21, 2023 by Jason ContantDespite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
What’s driving challenges in commercial property?
September 19, 2023 by Jason ContantChallenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
Behind IBC’s recent executive shuffle
September 18, 2023 by Jason ContantAmanda Dean is now interim vice president of Insurance Bureau of Canada’s (IBC) Ontario region, temporarily moving over from her role as IBC’s vice president of Atlantic Canada following a decision by IBC’s former Ontario vice president, Kim Donaldson, to…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…