Canadian Underwriter

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CU Webinar: Industry execs to discuss impact of economic recession on Canada’s P&C industry

June 12, 2020 by David Gambrill

Way back in 2020 Q1, before the world turned upside down, the Canadian property and casualty insurance results were on the rebound from a difficult prior year. But on Mar. 11, 2020, the World Health Organization declared the novel coronavirus

News ClaimsInsurance

There’s UBI for auto, could it work for home?

June 11, 2020 by Adam Malik

If the more you drive means the likelier you are to have an auto claim, the same thinking could apply to home insurance claims, as people adhere to shelter-in-place guidelines during the COVID-19 pandemic, says a risk expert. If people

News Insurance

How to make tenant insurance applications more user-friendly

June 10, 2020 by Greg Meckbach

If you think it is easy for clients to apply for tenant insurance, you might want to consider how much trivia those tenants actually know about the property they occupy. “Every insurance application has questions that aren’t user-friendly and they

News CatastrophesClaimsInsuranceLegal

Editor’s Note: Underwriting for the next pandemic

June 5, 2020 by David Gambrill

The social and economic impact of the novel coronavirus pandemic in 2020 is truly horrifying, saddening, and staggering. Many of us have lost loved ones, or know people who are out of work because of the potentially lethal virus moving

News CatastrophesClaims

How much insurers paid out for Fort Mac’s spring flood

June 2, 2020 by Adam Malik

Insurers paid out more $228 million in insured damage for spring flooding in Fort McMurray, Alta., that occurred a little over a month ago. Catastrophe Indices and Quantification Inc. (CatIQ) released the numbers this week, noting that commercial properties took

News Insurance

How telematics impacts auto insurer’s risk

May 29, 2020 by Greg Meckbach

Auto clients who think they are paying too much should consider telematics, the co-founder of LowestRates.ca suggests. With telematics, or usage-based insurance, the client normally installs an app on their smart phone or hardware into their vehicle diagnostic port, the

News InsuranceLegislation / Regulation

How these two auto insurers rate Gender X differently

May 27, 2020 by Greg Meckbach

Pembridge Insurance Company plans to start rating motorists who identify themselves as ‘Gender X’ in Nova Scotia, charging Gender X motorists the same as women, the province’s regulator announced Tuesday. Through its Pembridge unit, Allstate writes home and auto insurance

News Insurance

This ‘cardinal sin’ will increase your client’s auto insurance bill

May 26, 2020 by Greg Meckbach

Young male motorists can expect to pay more than women for auto coverage but the decisions your clients make have an even greater bearing on their insurance bill, the co-founder of LowestRates.ca suggests. “The cardinal sin is cancellation for non-payment,”

News AssociationsBrokersInsuranceTechnology

Carrier exec calls for BMS vendors to move away from developing third-party rating tools

May 22, 2020 by David Gambrill

Broker management system (BMS) tech vendors need to move away from spending time, effort and money on developing third-party rating tools used for comparison quoting, an insurance company executive said at a recent webinar on broker-carrier connectivity. Instead, they should

News CatastrophesClaimsInsuranceRisk

Q&A: Business Continuity in the Digital Age

May 22, 2020 by David Gambrill

There has been a significant amount of discussion, both within and outside of P&C industry, about whether a commercial insurance policy offers pandemic coverage for business interruption losses. Generally speaking, commercial liability policies exclude business interruption coverage for pandemic. However,

News AdjustersClaimsClaims CanadaInsuranceLegal

What can go wrong if ‘actual cash value’ is not clearly defined in a property policy

May 19, 2020 by Greg Meckbach

After a 132-year-old Cape Breton Island building was heavily damaged by a sprinkler line failure, there was a huge disparity between the property owner and insurer’s versions of “actual cash value.” The claimant said $1.59 million, while the insurer said

News BrokersCommercial LinesInsuranceRisk

‘BI coverage’ misnomer puts the P&C industry behind the 8-ball: U.S. expert

May 14, 2020 by Adam Malik

The insurance industry set itself up for a public relations disaster when it comes to business interruption claims, and it should be prepared to be called out more often on the name given to the coverage, says one risk researcher.