Pandemic communication between brokers and insurers needed improvement, brokerage executive says
October 19, 2021 by Jason ContantCommunication between brokers and insurers could have been better during the pandemic, a Hub International executive said during Insurance Bureau of Canada’s 2021 Commercial Insurance Symposium. “We did have some good communication, but I think there was a little bit…
B.C. seeks forfeiture of $2.8M condo owned by alleged COVID-19 violator
October 19, 2021 The Canadian PressVICTORIA – A civil action has been filed in British Columbia Supreme Court that could see the owner of a condo in Vancouver stripped of his property after allegedly violating COVID-19 restrictions. The director of civil forfeiture filed the claim…
How wedding insurance will adapt to a post-pandemic world
October 6, 2021 Brooke SmithWedding revenues dropped by almost 40% drop in Ontario last year, according to HelloSafe.ca, due largely to the COVID-19 pandemic. Wedding insurance, as a result, was also affected. Pre-pandemic, Front Row Insurance Brokers was receiving about 200 orders a month…
As small business sentiment drops, Liberals pressed to give benefits extra life
October 6, 2021 Jordan Press - THE CANADIAN PRESSOTTAWA – A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing…
Will cyber insurance rates double in the next couple years?
October 4, 2021 by Jason ContantPrices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate…
How much claims costs decreased for one insurer
September 30, 2021 by Jason ContantManitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs…
Ontario government pledges $100 million to help tourism sector recover from COVID-19
September 27, 2021 The Canadian PressTORONTO – Ontario is investing $100 million in the province’s tourism sector to help it recover from the impact of COVID-19. Tourism Minister Lisa MacLeod says the money will be distributed through the new Tourism Recovery Program. McLeod says the…
COVID shutdown not a ‘physical loss,’ insurance lawyer says
September 23, 2021 by Greg MeckbachA recent Court of Appeal for Ontario ruling, in favour of commercial property insurer FM Global, could be good news for insurers facing pandemic business interruption claims but the decision may also be reviewed by the Supreme Court of Canada,…
Business interruption class action against Aviva Canada now fully certified in Ontario
September 17, 2021 by Greg MeckbachAn Ontario manufacturer shuts down its factory for several weeks in the early stages of the COVID-19 pandemic. Factory managers re-configure the facility to allow workers to socially distance. Can that manufacturer get business insurance coverage if its policy wording…
Why A.M. Best says the Canadian industry profitability is improving
September 15, 2021 by Greg MeckbachDespite the ongoing COVID-19 pandemic and increasing cost of weather catastrophes, the industry-wide combined ratio still improved 3.7 points last year and the pandemic is part of the reason, A.M. Best Company Inc. suggested in a report released Wednesday. The…
How insurers are approaching mandatory vaccinations
September 15, 2021 by Jason ContantTwo Canadian mutual insurers have announced they are implementing vaccination policies for their workforces. Gore Mutual Insurance Company and Wawanesa Mutual Insurance Company made the announcements earlier this week. “After hearing from employees, and keeping the health and well-being at…
Combined ratio drops 18.2 points in the Lloyd’s market
September 14, 2021 by Greg MeckbachThe Lloyd’s market has returned to profitability. The Corporation of Lloyd’s has reported a 2.1-point improvement in its attritional loss ratio, from 52.6% in during the first six months of 2020 to 50.5% in the first half of this year.…