By how much did premiums increase this year before COVID-19?
June 4, 2020 by Adam MalikGlobal insurance accounts of all sizes and in all lines were hit by premium pricing increases in 2020 Q1, including increases in some areas that haven’t been seen in nearly 20 years, a new survey has found. Premiums for all…
A provincial twist on the emergency suspension of limitation periods
June 4, 2020 by David GambrillWhile many Canadian courts continue to suspend two-year limitation periods for plaintiffs to file civil lawsuits against insurers and other defendants, Alberta’s clock has started running again as of June 1 – and for claims under the province’s Insurance Act,…
How COVID will impact the AGM of Canada’s national broker association
June 4, 2020 by Greg MeckbachThe Insurance Brokers Association of Canada (IBAC)’s annual general meeting, originally scheduled this September in New Brunswick, will not be conducted in person. “We all know that we are in the throes of a global pandemic that hasn’t been experienced…
Opinion: How COVID-19 is changing the P&C talent landscape
June 3, 2020 Michael Vecchio, SevenstepThe coronavirus pandemic could end up having a positive effect on the property and casualty insurance industry when it comes to finding new talent. COVID-19, the disease caused by the virus, has had a strong impact on the insurance industry…
How Lloyd’s is handling claims differently with COVID-19
June 3, 2020 by Greg MeckbachIn response to the ongoing pandemic, the Lloyd’s market is changing the way claims are handled when multiple syndicates write one risk. “One challenge with COVID-19 is the subscription nature of the market, whereby it is often several syndicates writing…
Bank of Canada keeps key rate target on hold, expects return to growth in Q3
June 3, 2020 Jordan Press - THE CANADIAN PRESSOTTAWA – The economy appears to have avoided a worst-case scenario due to the COVID-19 pandemic, the Bank of Canada said Wednesday as it kept its key interest rate steady at its lower bound. The bank left its target for…
How liability insurers will react to military report on long-term care homes
June 2, 2020 by Greg MeckbachA recently military report on some Canadian long-term care facilities will change the way liability coverage is underwritten and could even discourage some insurers from staying in the market, a managing general agent suggests. “I think you will probably see…
COVID-related fraud schemes that IBC has observed
June 2, 2020 by Greg MeckbachFour vehicles were reported stolen to separate insurers, from the same driveway, on the same night in Brampton, Ont. This is just one example of alleged fraud identified shortly after the onset of the COVID-19 pandemic, the Insurance Bureau of…
Large protest gatherings pose COVID 19 risks: B.C. health officials
June 2, 2020 Dirk Meissner - THE CANADIAN PRESSVICTORIA – Large public gatherings, including anti-racism protests, pose health risks during a pandemic, British Columbia’s top health officials said Monday. Provincial health officer Dr. Bonnie Henry said people in B.C. have the right to protest and express their feelings,…
Better safe than sued: How to advise your clients on temperature screening, glove use
May 29, 2020 by Adam MalikYour commercial clients may expose themselves to legal risk if they don’t adhere to all government recommendations to protect clients and employees from the spread of coronavirus while re-opening, legal professionals warned. As social distancing rules loosen in various parts…
Contactless payment in a pandemic: There’s an app for that
May 29, 2020 by David GambrillRetail clients of brokers and insurers can now prevent the spread of the novel coronavirus by taking advantage of digital, contact-free payment methods now available on mobile apps. Increasingly, businesses will have to operate within the health and safety guidelines…
Hitching a ride: How risky is carpooling during COVID 19 pandemic?
May 29, 2020 Melissa Couto - THE CANADIAN PRESSWhether it’s giving your neighbour a ride to the grocery store, or letting a friend borrow your car, health experts generally advise against sharing a vehicle during the COVID-19 pandemic. But like many coronavirus-related scenarios, determining the probability of infection…