B.C. businesses grapple with new health protocols as reopening begins Tuesday
May 19, 2020 Brenna Owen - THE CANADIAN PRESSVANCOUVER – As some British Columbia businesses prepare to reopen their doors on Tuesday when the province enters the second phase of its COVID-19 restart plan, others say they’re holding off while they grapple with new health protocols. Claire Wyrostok…
Lloyd’s estimates COVID’s cost to the industry and its own market
May 15, 2020 by Greg MeckbachThe Lloyd’s market will pay “in the range” of $3 billion to $4.3 billion “as a result of the far-reaching impacts of COVID-19,” the Corporation of Lloyd’s announced Thursday. Comparing the overall COVID-related losses to the 2001 terror attack in…
Broker licensing exams now available in online format
May 15, 2020 by David GambrillThe Insurance Institute of Canada, the educational arm of the Canadian property and casualty insurance industry, will be providing OTL/Level 1 broker agent licensing exams in an online format. The online format allows licensing candidates to complete their exams from…
Pandemic traffic on the rise as provincial economies prepare to re-open
May 15, 2020 by Adam MalikPeople are driving less, but by how much? Canadian Underwriter put the question to a number of organizations to find the answer: Anywhere from 20-70%. However, despite ongoing local travel and social distancing restrictions, and as provincial governments start to…
Working from home: How listening to your client can improve your mental health
May 15, 2020 by David GambrillListening carefully to your clients on the phone or on Zoom — as opposed to letting your mind wander while they talk — will not only improve your performance while working from home, but it can also improve your own…
How pandemic impacted ICBC’s claim costs, investment income
May 15, 2020 THE CANADIAN PRESSVICTORIA – The COVID-19 pandemic has sideswiped British Columbia’s public vehicle insurer, but the attorney general says it’s too soon to assess the potential damage. David Eby, who is also the minister responsible for the Insurance Corporation of B.C., said…
Despite re-openings, time is ticking on construction clients’ inactivity limits
May 14, 2020 by Adam MalikA “snowball effect” could leave some construction companies facing major financial challenges despite the slow re-opening of some of their closed worksites, one brokerage warns. In some situations, the damage may already be done, leaving brokers scrambling to help out…
‘BI coverage’ misnomer puts the P&C industry behind the 8-ball: U.S. expert
May 14, 2020 by Adam MalikThe insurance industry set itself up for a public relations disaster when it comes to business interruption claims, and it should be prepared to be called out more often on the name given to the coverage, says one risk researcher.…
How curbside retail re-opening creates liability risk
May 14, 2020 by Greg MeckbachRetailers who are partially re-opening without letting customers into their stores could face liability risk if customers are somehow injured just outside the store, an insurance defence lawyer suggests. Since May 11, some Ontario retailers who were originally ordered closed…
Bank of Canada warns in report of business, household debt from COVID 19
May 14, 2020 Jordan Press - THE CANADIAN PRESSOTTAWA – The Bank of Canada says there are signs in the country’s financial markets that suggest concern about the ability of companies to weather the COVID-19 economic crisis. The central bank has spent the last two months making a…
Lower auto claims frequency may not translate into reduced claims severity: Intact CEO
May 13, 2020 by Greg MeckbachIf your auto client base is driving less because of the pandemic, then its claims costs should drop in proportion. Right? Not necesessarily, suggests the head of Canada’s largest auto insurer. Intact Financial Corp. looked at its database of driving…
How to ensure social distancing while road-testing drivers
May 13, 2020 by Greg MeckbachSaskatchewan Government Insurance is resuming road tests – suspended since mid-March – for some drivers. SGI had suspended driving tests in order to reduce the risk of spreading the novel coronavirus. And so how to resume testing while social distancing…