Insurers consider weekend storm in Ontario Cat event
April 16, 2018 by Greg MeckbachRecent severe weather in Ontario, with six inches of ice pellets and winds exceeding gale force in some areas, will most likely be a CAT event, insurance companies report. But with rainfall warnings persisting Monday, one insurer reported more than…
Two factors that may be contributing to ICBC’s poor fiscal performance
April 16, 2018 by Jason ContantThe combination of an unfriendly environment and “misguided provincial government policies” have contributed to the Insurance Corporation of British Columbia’s (ICBC) dismal financial performance, the Fraser Institute said in a new report. The report, titled The Decline and Fall of…
How to give your client a ‘wake-up call’ on cyber risk
April 14, 2018 by Greg MeckbachCyber insurance application forms can give companies a “good understanding” of how well prepared they are to deal with an information security-related loss, speakers said Thursday at the International Cyber Risk Management Conference in Toronto. “We have seen clients stop…
P&C industry faces looming shortage of IT workers
April 11, 2018 by David GambrillIT workers in Canada’s property and casualty insurance industry are starting to resemble the legacy systems they are servicing — nearing retirement. Fully one-third of the P&C’s industry’s IT workforce is projected to retire sometime over the next decade, according…
How blockchain will put pressure on broker commissions in 3-5 years
April 10, 2018 by David GambrillBlockchain is going to put pressure on broker commissions and fundamentally change the way the broker channel does business over the next three to five years, says a past Marsh Canada national executive and management committee member. Blockchain will reduce…
Why the Canadian broker channel is seeing more consolidation
April 9, 2018 by Jason ContantCanada is seeing a lot more consolidation in the broker channel as some manufacturers seek to guarantee delivery of their product, an analyst told Canadian Underwriter Monday. “In the Canadian landscape, the broker channel is important to all of the…
Could Calgary see 2013 flooding again?
April 9, 2018 Colette Derworiz - THE CANADIAN PRESSEDMONTON – Provincial officials are keeping a close eye on creeks and streams across Alberta as temperatures start to rise. During last week’s monthly snow survey by Alberta Environment and Parks, all of the river basins across the province still…
Chubb takes stand on sacrificing market share to maintain underwriting profit
April 7, 2018 by Greg MeckbachChubb Ltd. is willing to lose customers if they are not willing to pay higher prices for insurance. “We sacrifice market share (though not happily) in order to maintain an underwriting profit,” Evan Greenberg, chairman and CEO of Chubb Ltd.,…
It’s okay to cry at work. Millennials – and your CFO – are cool with it
April 5, 2018 by Jason ContantIf you are going to cry at work, make sure it’s not in front of a Boomer. Forty-seven per cent of Canadian workers 55 and older think workplace crying has a negative effect on your professional reputation, according to a…
Oil spill case resolved after party that was not at fault paid for the clean-up
April 5, 2018 by Greg MeckbachA homeowner whose insurance did not cover the full cost of cleaning up his furnace oil spill was recently awarded $473,000 in legal costs after he sued the fuel company. The December 2008 incident, in which hundreds litres of oil…
Tens of thousands without power in southern Ontario due to windstorm
April 4, 2018 The Canadian PressTORONTO – A powerful windstorm is sweeping through southern Ontario, knocking out power to tens of thousands of people and disrupting travel in the air and on the roads. Environment Canada has issued a wind warning for the region, saying…
You’ve got your clients’ data locked down, but can you prove it to a regulator?
March 28, 2018 by David GambrillInsurance organizations may be good at protecting their own clients’ data, but can they prove it? “In general, I would say that insurers are good at securing their data,” French Caldwell, a former advisor to the White House on cybersecurity,…