Can Canada’s P&C industry withstand the 20% stock market drop?
April 7, 2020 by Greg MeckbachGiven that insurers rely on investments to supplement their underwriting income, how big of a concern is the recent nosedive in stock markets? “Right now, from the standpoint of reduction in equity values, the Canadian P&C segment as a whole…
Small businesses say singular approach to wage subsidies doesn’t fit them all
April 7, 2020 David Friend - THE CANADIAN PRESSTORONTO – When the impact of COVID-19 led Hongwei Liu to temporarily lay off some employees and slash company forecasts, the founder of Waterloo, Ont.-based technology startup MappedIn hoped he might qualify for a helping hand under the federal government’s…
Advocates pushing for this temporary accident benefit reform
April 6, 2020 by Greg MeckbachAccident benefits clients who are seriously injured could be running into issues with attendant care benefits because of the social distancing precautions in effect with the COVID-19 pandemic. FAIR Association of Victims for Accident Insurance Reform has heard that some…
How to help construction clients who are no longer deemed “essential services”
April 6, 2020 by Adam MalikOntario brokers can expect to receive calls from their clients in the province’s construction industry, some of whom were recently de-listed from the province’s essential services list. Under pressure to reduce the spread of COVID-19 in Ontario, the province recently…
Key COVID-19 exposures for the Canadian P&C industry: A.M. Best
April 6, 2020 by Greg MeckbachThe Canadian property and casualty industry is well-positioned to withstand the financial pressures exerted by COVID-19, but A.M. Best Company is nevertheless concerned about commercial premiums dropping due to business closures and coverage disputes over business interruption. “In Canadian P&C,…
Veteran broker calls for insurers to offer customers a premium freeze
April 6, 2020 by Jason ContantSaying the Canadian P&C insurance industry can do more to offer relief to consumers during the COVID-19 pandemic, one 40-year industry veteran recommends that insurers offer guaranteed renewals and a premium freeze at 2019 levels. Standard measures focus on a…
Why home Internet service can pose a problem for brokers during COVID-19
April 3, 2020 by Greg MeckbachIf your brokerage sent its employees home to work on the assumption that all they need is a broadband Internet connection, things might not go as smoothly as planned. Most residential Internet service plans are “asymmetrical,” meaning the speed at…
Fool’s errand: Why it’s difficult to estimate a return to the office
April 3, 2020 by Adam MalikReliable data related to the COVID-19 pandemic is hard to come by. That’s why “flattening the curve,” as health experts put it, and predicting a timeline to return to life similar to one pre-crisis is an exercise in futility, says…
How COVID-19 is probably affecting your auto claimants
April 3, 2020 by Greg MeckbachThe precautions underway to reduce COVID-19 transmission risk appear to be having a direct impact on auto accident benefits claimants – and not in a good way. “We have people who are seriously and catastrophically injured who are in their…
Early lessons learned from the pandemic: Global demand surge
April 3, 2020 by David GambrillCanada’s P&C industry is used to planning for demand surges in times of disaster, but the demand for resources during the global COVID-19 pandemic is on a totally different scale. “Generally, I think people associate business continuity plans with isolated…
How much auto sales have dropped recently because of COVID-19
April 3, 2020 The Canadian PressTORONTO – DesRosiers Automotive Consultants Inc. says auto sales plunged 48 per cent in March from last year because of the Covid-19 pandemic. The consultancy says March sales looked to be only declining moderately for the first half of the…
Who are the P&C industry’s heroes during the pandemic?
April 2, 2020 by David GambrillExtraordinary leadership and acts of compassion during the current global COVID-19 pandemic have spanned far and wide, both within the Canadian property and casualty insurance industry and beyond, Canadian Underwriter discovered in a recent survey. More than 200 P&C industry…