The impact of hardening Lloyd’s market on Fairfax
February 20, 2019 by Greg MeckbachA tough Lloyd’s market and California’s worst-ever wildfire led to an underwriting loss for Brit Plc, which Toronto-based Fairfax Financial Holdings Ltd. acquired in 2015. Fairfax officials faced pointed questions during its recent earnings call from one analyst who suggested…
Where Fairfax is going with future acquisitions
February 19, 2019 by Greg MeckbachWhile Fairfax Financial Holdings Ltd. is not ruling out the possibility of buying small specialty insurance players, don’t expect the firm to buy any big insurers any time soon. Toronto-based Fairfax, whose holdings include Northbridge Insurance, bought the majority of…
Why post-tropical storms can be worse than the original storm
February 13, 2019 by Jason ContantInland flood damage arising from post-tropical storms can be an even greater risk than wind damage, a meteorologist from Aon said last week at the CatIQ Connect conference in downtown Toronto. “That’s concerning because here in Canada, as in the…
New risk management measure mandatory for all Canadian railways
February 12, 2019 Lauren Krugel - THE CANADIAN PRESSCALGARY – Canada’s transport minister has ordered the use of handbrakes on all trains stopped on mountain slopes following a deadly derailment earlier this week in the Rocky Mountains. Marc Garneau said in a statement late Friday that the order…
Executive challenges brokers regarding earthquake take-up rates in Quebec
February 8, 2019 by Jason ContantSparks flew during a recent conference discussion about mortgage impairment and earthquake loss, when a senior reinsurance company executive drew a link between the practices of Quebec brokers and the low take-up rates of earthquake insurance in the province. Philipp…
What the industry learned from the costliest catastrophe of 2018
February 7, 2019 by Jason ContantThe sheer volume of claims following the windstorm that swept through southern Ontario and Quebec last May led to critical service disruptions, after so many consumers called at once to report their claims to their insurers. “I’m not sure people…
Two weird things about the 2018 catastrophe season
February 7, 2019 by Jason ContantThe Canadian insurance industry saw a bit of an unusual catastrophe season last year, with more cats in the second quarter than the third, and Ontario beating out Alberta for insured losses. There were a total of 12 catastrophes last…
Mystery explosion damages 22 homes in Caledon
February 6, 2019 by Greg MeckbachNearly two dozen homes were damaged after one fatal incident Sunday near Toronto. An explosion demolished a house in Caledon, killing Joseph Westcott and damaging neighbouring properties, The Canadian Press reported. About 22 homes were “damaged to varying degrees,” Andrea…
The “perfect storm” conditions for commercial rate increases
February 4, 2019 by Jason ContantThe past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is…
MSA Research hires former Guarantee VP as COO
February 1, 2019 by Greg MeckbachMarilyn Horrick, a former executive with The Guarantee Company of North America, is now executive vice president and chief operating officer of MSA Research Inc. The appointment took effect Friday. Toronto-based MSA’s reports include financial information on most of Canada’s…
What adjusters can learn from technology disruptors
January 29, 2019 by Greg MeckbachAdjusters who want to improve service for claimants could take a few pointers from companies outside the insurance industry. “When I look at customers today, their entire experience of how they want to be dealt with has been shaped outside…
Flood risk guidance for commercial brokers coming soon
January 25, 2019 by Greg MeckbachA standard on flood resiliency for commercial real estate could be coming out this year. The Intact Centre for Climate Adaptation is working on a document intended to help commercial insurance brokers and real estate companies reduce flood risk for…