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Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s

April 7, 2021 by Greg Meckbach

The pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of

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Number of suspicious claims “at an all-time” high during COVID: RSA

April 6, 2021 by Jason Contant

Even though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss

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Why Intact says an upward correction in auto rates could be imminent

April 1, 2021 by Greg Meckbach

Motorists could be hit with more premium increases once driving levels return to pre-pandemic levels, Intact Financial Corp. CEO Charles Brindamour suggests. During the early part of 2020, Canada’s auto insurers had a collective combined ratio in auto more than

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Families reach $5.5 million settlement in lawsuit against Quebec long-term care home

April 1, 2021 Sidhartha Banerjee - THE CANADIAN PRESS

MONTREAL – Lawyers for residents and families suing a Montreal-area long-term care home ravaged by the pandemic’s first wave said Wednesday they had reached a $5.5-million settlement with the facility’s owners. The private Residence Herron was among the hardest hit

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Why now is a good time to press for auto reform

March 31, 2021 by David Gambrill

Elected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.

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What would a hybrid workplace even look like?

March 26, 2021 by David Gambrill

Canadian property and casualty insurance professionals would like a more flexible, hybrid workplace, a recent survey shows, but the question for employers now is what such an arrangement might look like. About 87% of the more than 1,150 P&C insurance

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How your business clients feel about Canada’s chances for economic recovery

March 25, 2021 by Adam Malik

The size of your commercial client appears to influence their optimism about the future as Canada’s vaccination program starts to roll out, a trio of recent reports suggests. Bigger commercial clients are feeling a sense of optimism when looking ahead,

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COVID’s impact on insurance fraud

March 25, 2021 by Jason Contant

Fraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday. For example, some body shops are charging drivers extra cleaning

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Hardest-hit businesses call for extension of federal wage, rent

March 24, 2021 Jordan Press and Joan Bryden - THE CANADIAN PRESS

OTTAWA – The federal Liberals are facing calls from some of the hardest-hit businesses in the pandemic to use the coming budget to extend emergency relief programs beyond June, saying many will still need help even as the economy picks

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Collisions saw ‘drastic reduction’ last year

March 23, 2021 by Adam Malik

With road traffic down due to stay-at-home orders and business closures to prevent the spread of COVID-19, the frequency of auto collisions in Canada was halved at one point, according to a new report. But police data show the fatality

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The demographic suffering most during remote work

March 23, 2021 by Jason Contant

Very young workers at your brokerage or insurance company are the “overlooked demographic” that may be suffering the most as we pass the one-year anniversary of working from home during the pandemic, according to a recent survey from Microsoft Corp.

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CAA says driving has dropped. By how much?

March 22, 2021 by Adam Malik

CAA Insurance has seen driving halved since the start of the COVID-19 pandemic, according to its president. Through its pay-as-you-go program, MyPace, and what customers have told the insurer about the number of kilometres they are now travelling, CAA president