Do your insureds understand a “material change in risk”?
March 29, 2019 by Jason ContantIt’s not necessary for an insurer to prove that an insured knew a change in risk was “material” to the carrier, the Supreme Court of British Columbia has ruled. In May 2014, Wawanesa Mutual Insurance Company voided a homeowner’s policy…
What’s holding back Lloyd’s price increases
March 28, 2019 by Greg MeckbachProperty risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of…
What the blazes is going on with barn fires?
March 22, 2019 by David GambrillIf Ontario insurers want to reduce the risk of huge barn fires, they might want to consider advocating for the removal of an existing exemption for mandatory fire inspections of farms that is contained in the province’s Fire Code. As…
How recreational cannabis has created numerous challenges for insurers
March 14, 2019 by Greg MeckbachCannabis legalization is making things more complex for auto insurers and increasing risk for some commercial property clients, A.M. Best Company Inc. suggests in a recent report. About 25 insurers, most of whom are non-admitted, provide coverage for cannabis risks…
What insurtechs can learn from hackathons
March 13, 2019 by Greg MeckbachEditor’s Note: This article has been updated. A previous version incorrectly stated that duuo was launched at Slice Labs’ launch studio in Toronto. CU apologizes for the error. If you want to develop a new digital insurance product, it shouldn’t…
How RSA plans to shore up its personal lines results in Canada
March 11, 2019 by David GambrillExpect RSA in Canada to take remedial underwriting actions in its personal lines portfolio – including auto rate increases of between 3% and 16%, and potentially selected broker cancellations – in order to shore up results after a tough year…
Insurtech seeks to bring the ‘Uber-Netflix-Spotify-Amazon’ experience to commercial clients
March 11, 2019 by Greg MeckbachAn insurtech with offices in Ontario is looking for commercial and personal lines carriers who want to sell insurance the way Spotify sells music. “We are talking to several Canadian insurers who have an interest in launching new products” Philippe…
How to sell commercial coverage to small businesses
March 8, 2019 by Jason ContantBrokers looking to sell commercial coverage to small businesses need to keep it simple, fast and client-specific, industry professionals told Canadian Underwriter Thursday. Sometimes when buzzwords like artificial intelligence, blockchain and chatbots dominate the conversation, the cart comes before the…
Wildfire catastrophe models need improvement: Reinsurer
March 8, 2019 by Greg MeckbachThe world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause. Swiss Re is working with the Massachusetts Institute of technology…
Fatal fire damages Abbotsford, B.C. apartment building
March 7, 2019 by Greg MeckbachABBOTSFORD, B.C. – The BC Coroners Service confirms one person has died in an apartment fire in Abbotsford. Coroners service spokesman Andy Watson says a woman in her 60s died in the blaze that broke out about 10:30 p.m. Wednesday.…
What lies behind the unexpected Alberta quake
March 6, 2019 by Jason ContantPerhaps the largest-ever earthquake to hit a section of central Alberta caused no immediate reports of damage, but knocked out power for more than 4,000 customers. Could fracking be the culprit? In this case, Alberta Energy Regulator (AER) is probing…
One simple way to reduce the severity of barn fires
March 4, 2019 by Jason ContantEnhancing building codes to include early detection systems could help generate a faster response in the case of farm fires, said Ken Worsley, who leads Cowan Insurance Group’s national agri-commercial industry practice. Early response systems include things like heat, fire…