Segment
Underwriting
GRC policy includes increased compliance costs for rebuild, court rules
October 5, 2022 by David GambrillGuaranteed replacement cost (GRC) coverage for rebuilding a flooded home in an area regulated by a conservation authority includes the increased regulatory compliance costs required for the rebuild, Ontario’s Superior Court has ruled in Emond v. Trillium Mutual Insurance Company.…
How Hurricane Ian will strain insurers’ capacity
October 3, 2022 Philip PoradoHurricane Ian’s Florida landfall last week and subsequent return to the Carolinas means it’s shaping up to be one of the costliest storms in U.S. history. But, while the storm that arrived on the heels of Hurricane Fiona caused massive…
How reinsurers view the rise of MGAs: a flash in the pan, or sustainable?
October 3, 2022 David GambrillGlobal reinsurers are looking at the current rise of managing general agencies (MGAs) with a critical eye, questioning whether the phenomenon will be long-lasting, or simply a fad rooted in a hard-market demand for capacity. “At the risk of sounding…
What cyber insurers can learn from property insurance policies
October 3, 2022 by Alyssa DiSabatinoAn increase in frequency and severity of cyber insurance claims may be on the horizon, but insurers may be able to stick-handle this risk by taking inspiration from property insurance programs, said one cyber expert during a Canadian Underwriter webinar.…
How changing bond yields can help insurers fill their coffers
September 30, 2022 Canadian Underwriter StaffBond investments make up a large percentage of insurance companies’ investment portfolios. And bond investors have faced challenges throughout 2022, with rising yields causing returns to lag at historic levels, Michael Cook, vice president, client relations & LDI client portfolio…
How a building owner should respond when a contractor’s hit by inflation
September 29, 2022 Derek SayersHow can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid…
How to use captives to manage employee benefits risks
September 28, 2022 Mauricio SuarezBy recent counts, more than 7,000 captive insurance companies exist globally, used primarily by multinational companies to take control of various risks. And yet, fewer than 200 of them are used to write employee benefits (EB) risks. Which means less…
Which firm racked up 8 mergers over the summer?
September 28, 2022 Canadian Underwriter StaffBrokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in…
Texting while driving, and 4 other things that boost clients’ premiums
September 27, 2022 Canadian Underwriter StaffClient sent a text while driving and got caught? A conviction for that infraction beyond the police fine can cost a driver a 70% premium hike when it’s time to renew, said a new study from RatesDotCa. The study was…
How to ensure your clients’ property values are accurate amid volatility
September 26, 2022 Alyssa Di SabatinoInaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported…
How rising interest rates impact insurers’ investment decisions
September 23, 2022 Philip PoradoRecent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment…
Why insurers are rethinking coverage for older machinery
September 22, 2022 Alyssa DiSabatinoAging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and…