Wildfire risk is elevated this year. Why the pandemic made it worse
August 7, 2020 by Adam MalikThe central and Pacific coast of British Columbia could see an increased risk of wildfires this year, a new report predicts. And COVID-19 restrictions could make the risk higher, Allianz Global Corporate & Specialty warned in its 2020 Wildfire Report,…
Opinion: It’s on us as brokers to explain BI to clients
August 6, 2020 Nick Novinger, Regional Manager (Quebec), Canadian Insurance Brokers Inc.Business interruption has become a touchy and even confusing topic for some of our clients, but it’s on us as brokers to ensure they properly understand the scope of its coverage. Business interruption will continue to be an important coverage…
How COVID has changed Intact’s digital journey
August 6, 2020 by Greg MeckbachThe COVID-19 pandemic has changed the way Intact Financial Corp. offers digital services and some of these changes could be permanent. Since several provinces imposed lockdown measures in March after the World Health Organization declared COVID-19 a pandemic, Intact has…
COVID’s impact on Aviva’s first-half results
August 6, 2020 by David GambrillAviva Canada overcame high claims costs related to pandemic losses and severe-weather catastrophe events in Alberta to trim its combined operating ratio (COR) down from 98.1% in the first half of 2019 to 95.5% during the first half of this…
Common mistakes your clients make when they re-open
August 5, 2020 by Adam MalikA number of legal claims have been filed against employers because they’re not doing what they are supposed to be doing to keep their employees safe during re-opening, a Hub International compliance expert warned. Some of the more common issues…
New 250 person public gathering limit fairly low risk: Quebec health official
August 4, 2020 Morgan Lowrie - THE CANADIAN PRESSMONTREAL – The decision to allow public gatherings of up to 250 people comes with a relatively low risk of COVID-19 transmission compared to other riskier social activities, Quebec’s public health director said Monday. Dr. Horacio Arruda said there weren’t…
Swiss Re Group books $2.5 billion for pandemic-related losses
July 31, 2020 by David GambrillSwiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars). “Based on current information and a prudent…
IBAO updates awards program to salute community leadership during the pandemic
July 30, 2020 by David GambrillShortly after the World Health Organization declared the novel coronavirus to be a global pandemic, when Canadian P&C insurance industry employees first started to work from home remotely to avoid the spread of the virus, Canadian Underwriter asked brokers in…
How much Intact could lose from customers who can’t pay their bills
July 30, 2020 by Greg MeckbachIntact Financial Corp. took a $34-million charge in bad debt during the three months ending June 30. This does not mean the insurer will be unable to collect that entire amount. The expectation is that this is the amount it…
TD Insurance’s unique defence to BI class action lawsuits
July 30, 2020 by Greg MeckbachA coverage dispute lawsuit filed in Ontario mistakenly alleges that TD General Insurance writes business interruption coverage, the insurer says. A proposed Ontario class action filed July 6 alleges TD and dozens of other insurers are in breach of contract…
Canada’s arts and recreation businesses face greatest risk of closure: CFIB
July 30, 2020 David Friend - THE CANADIAN PRESSTORONTO – Canada’s struggling independent businesses in the arts, entertainment and recreational sectors are at the highest risk of permanently closing due to COVID-19, according to the Canadian Federation of Independent Business. A new report released by the advocacy group…
Why Intact is “very confident” about defending pandemic-related BI claims
July 29, 2020 by Greg MeckbachTwo recent American court rulings in favour of insurers in COVID-related business interruption coverage disputes arose from policy wordings nearly identical to the vast majority of Intact Insurance’s BI policies, officials with Canada’s largest P&C insurer said Wednesday. “The language…