Segment
Underwriting
New York AG’s civil lawsuit accuses former president Trump of insurance fraud
September 21, 2022 by Jason ContantNew York’s Attorney General has launched a civil lawsuit against former U.S. president Donald Trump alleging financial fraud, including allegations he “[induced] insurers to provide insurance coverage for higher limits and at lower premiums.” New York Attorney General Letitia James’…
How to message the hard market going forward
September 21, 2022 by David GambrillProfitable insurance companies mean stable and reliable protection for insureds during a time of uncertainty, and the property and casualty insurance industry in Canada should not be shy about reinforcing this message, industry execs told the NICC Conference in Halifax…
It’s not always wise to base coverage solely on clients’ balance sheets
September 16, 2022 David GambrillLess than one-quarter of Canadian businesses have trade credit insurance, which protects their receivables against buyer default and bankruptcies, but Intact Insurance predicts that market penetration is likely to change as the pace and size of interest rate hikes could…
P&C industry should consider “under-hiring” to fill talent gap: RIMS panel
September 15, 2022 by Alyssa DiSabatinoP&C insurance is still struggling to backfill employees, as executives retire and the Great Resignation directs workers to other industries, industry experts told delegates attending a RIMS Canada Conference panel in Halifax. Possible solutions include turning to students (via apprenticeships),…
How inflation can become a ‘silver lining’ for the insurance industry
September 15, 2022 Philip PoradoInterest rates will keep going up. But that won’t be entirely negative for the insurance industry, or the longer-term fundamentals of the broader economy, suggested a new Sigma report from Swiss Re. Its authors called for two fundamental changes on…
Why rig-handling analytics are now key for brokers insuring trucking firms
September 14, 2022 Jason ContantSupply chain challenges, shrinking capacity, electrification of vehicles and better data management are among the pressures facing transportation clients, said Canada’s largest insurer. “You can’t be a specialist in transportation in the insurance field if you don’t really understand the…
Alberta’s captive insurance option gets another boost
September 12, 2022 Philip PoradoNew Alberta legislation allowing captive insurance companies to set up and domicile in the province has started to bear fruit. Insurance and reinsurance broker BMS is launching BMS Captive Insurance Services. The Alberta-based division will provide strategic advisory services and…
Lessons from COVID-19 will help brokers get clients through a recession
September 9, 2022 David GambrillIf a long-predicted recession comes to pass, brokers will need to stay close to their clients’ changing needs. But in some ways, commercial insurance brokers have gained an advantage from the discipline developed while navigating their clients through COVID-19. Those…
How de-globalization will generate $33 billion in commercial premiums
September 9, 2022 by David GambrillCountries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial…
Why Canadian P&C profitability is improving: AM Best
September 8, 2022 by Alyssa DiSabatinoGood overall underwriting results and solid risk-adjusted capitalization left the industry in a resilient position in 2021, despite the headwinds Canada’s P&C industry has faced in the last two-and-a-half years, according to AM Best’s Canada Market Segment Report. Headwinds the…
Promise to insure trumps cross-indemnification, court rules
September 8, 2022 by David GambrillIn a commercial hull and machinery insurance policy containing cross-indemnities, a promise to insure by one party trumps the indemnity by the other unless the contract clearly states otherwise, B.C.’s Supreme Court has ruled in a case involving two separate…
What war, sanctions, inflation and looming recession mean for reinsurance
September 8, 2022 Philip PoradoDespite inflation, flagging consumer confidence and slowdowns in GDP globally, reinsurers have been experiencing a firming cycle that’s lasted 19 consecutive quarters, noted David Priebe, chairman of global risk and reinsurance specialist Guy Carpenter during a Sept. 7 briefing call.…