Direct writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have…
Commercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize…
Claims adjusters’ questions should address potential policy wording dilemmas related to the upcoming legalization of cannabis edibles later this year, a lawyer told Canadian Underwriter recently. For example, consider the following question in the context of edible cannabis (or even…
The percentage of adults 25 and older who live with parents has nearly doubled over the past generation, Statistics Canada reported last week. In 1995, 5% of Canadians aged 25 to 64 (about 900,000 people) shared a residence with one…
While 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…
Your clients have a lot to learn about trip cancellation insurance. Almost two-thirds of Canadians either don’t buy or are unsure if they have trip cancellation insurance before leaving on holiday, according to a recent study of 960 Canadians by…
EDITOR’S NOTE: The story has been corrected to show that FICOM’s position before the Financial Services Tribunal was that the financial penalties were deemed to be insufficient to deter brokers from misrepresenting facts. A previous version incorrectly stated that FICOM’s…
Insurance Corporation of British Columbia will save millions as a result of new auto injury lawsuit rules for the province, which will likely cut costs for other carriers as well, the provincial government says. ICBC, which is losing over $1…
Cyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of…
With the upcoming legalization of edibles containing cannabis this October, Canadian claims adjusters may see more indirect injury loss and damage claims, suggests a lawyer with Field Law in Calgary. Compared to regular smoked marijuana, edibles have a more delayed…
Ontario’s new government and auto insurance regulator are “focussed on the right areas,” a senior manager for the province’s largest auto insurer said recently. The Financial Services Regulatory Authority (FSRA) is scheduled to replace the Financial Services Commission of Ontario…
One strong challenge to the broker channel, according to brokers, is consumer self-education about their insurance needs and options. Nowhere is this more evident than in the field of business interruption (BI) insurance, a very specialized coverage that is rife…