Segment
Underwriting
Using your personal device for work? Why that matters to cyber insurers
January 10, 2022 by Jason ContantInsurers need to consider the hybrid workforce and employees using personal devices when reviewing a cyber risk, a managing general agent says. “Multi-factor authentication is critical as… employees access work email and networks remotely, sometimes even through a web application…
Excess of loss case should be heard in Canada, not New York: court
January 10, 2022 by David GambrillSeveral excess insurers have lost their bid to have a lawsuit take place in New York instead of Ontario in a mining insurance case brought before the Ontario Superior Court of Justice. Nine of 22 excess insurers argued that the…
Is cyber insurable?
January 7, 2022 Greg MeckbachCyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,…
Three reasons Fairfax predicts a continuing hard market
November 5, 2021 by Greg MeckbachAs carriers continue taking a good hard look at their risk appetites, price increases could continue well into 2022. “We expect market conditions to remain strong throughout 2021 and well into 2022,” said Peter Clarke, chief operating officer of Toronto-based…
The good and bad news for commercial insurance
October 1, 2021 by Jason ContantThere’s good and bad news when it comes to commercial lines in the Canadian property and casualty insurance industry. The good news is there’s encouraging signs the commercial market is stabilizing, said Don Forgeron, president and CEO of Insurance Bureau…
PACICC unpacks industry-wide P&C financial results
September 30, 2021 by Greg MeckbachThe industry made a record profit in homeowners’ insurance and overall premiums are up, but 20 Canadian insurers are losing money while dozens recently lost market share, an economist with Property and Casualty Insurance Compensation Corporation observes. “The healthy insurance…
UK-based MGA expands into Canada
September 23, 2021 by Jason ContantLondon, United Kingdom-based managing general agent Landmark Underwriting has expanded into Canada with the opening of an office location in Toronto. Landmark (Canada) Ltd. o/a Landmark Underwriting recently obtained the Registered Insurance Brokers of Ontario (RIBO) licence and is now…
Why the hard market could be unsustainable
September 21, 2021 by Greg MeckbachThe Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,…
2021 set to be record year for M&A insurance: report
August 31, 2021 Canadian Underwriter StaffThis year will be a record year for mergers and acquisitions insurance, a recent report by global independent broker BMS Group estimates. The inaugural Private Equity, M&A and Tax Insurance Report, released in May, found that while the COVID-19 pandemic…
Banking data should not be used for underwriting insurance: open banking committee
August 5, 2021 by Greg MeckbachOpen banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up…
Why this auto insurer will stop discount for autonomous emergency braking
July 27, 2021 by Greg MeckbachNova Scotia motorists who purchase autonomous emergency braking systems will no longer qualify for a discount with one insurer as of October. In Nova Scotia, Aviva General Insurance Company has a 15% discount, to bodily injury and accident benefits insurance…
Look for AI to “hyper-personalize” customer experience in 3-5 years: Aviva exec
July 20, 2021 by David GambrillHyper-personalization of customer experience in three to five years’ time is a big reason why the property and casualty insurance industry is ramping up the use of artificial intelligence and machine learning now, an Aviva Canada tech executive suggests. “I…