What will insurance look like in 30 years?
January 21, 2019 by Jason ContantInsurance company survival and relevancy will be big issues for the industry in the coming decade, predicts a P&C industry consultant. “We are facing somewhat of a crisis in that our industry is only picking up 32% of catastrophic losses…
What the industry paid out for severe weather in 2018
January 17, 2019 by Greg MeckbachThe industry lost nearly $2 billion last year in Canada alone from the combined effect of several weather catastrophes. “No single event caused the high amount paid out for losses,” the Insurance Bureau of Canada said Wednesday in a release.…
How emergency generators can help reduce insured losses
January 11, 2019 by Jason ContantEmergency generators not only temporarily provide electricity during a power outage, but can also mitigate property damage and help reduce insured losses, says a new report from the Institute for Catastrophic Loss Reduction (ICLR). These generators can help reduced insured…
Lloyd’s disputes claim over diamond-studded statue
January 8, 2019 THE CANADIAN PRESSVANCOUVER – A major insurance company is fighting back after a British Columbia court required it to make good on a policy covering a gold, diamond-encrusted eagle statue allegedly stolen in Metro Vancouver more than two years ago. The B.C.…
2019 Executive Outlook | Ulrich Kadow, AGCS Canada
January 3, 2019 Canadian UnderwriterCanadian Underwriter approached Canadian P&C industry executives with two questions: 1) What is the single most important change the industry must make looking forward into 2019? 2) How might this change be brought about? Their answers, featured in our 2019…
Marriott data breach could cost over $200 million: AIR
December 20, 2018 by Greg MeckbachThe hacking of a hotel reservation system affecting Sheraton, Westin, Starwood and Marriott could cost up to $600 million for direct losses alone, AIR Worldwide said this week. AIR, a subsidiary of Verisk Analytics Inc. that produces catastrophe loss models,…
Calgary claims vendor now owned by CoreLogic
December 19, 2018 by Greg MeckbachCoreLogic Inc. announced Wednesday it has closed its acquisition of Symbility Solutions Inc. Irvine, Calif.-based CoreLogic – which provides risk data on properties to property and casualty insurers – already owned 28% of Symbility, a Calgary-based vendor of claims processing…
CoreLogic takeover of Symbility approved by shareholders
December 14, 2018 by Greg MeckbachCanadian claims software vendor Symbility Solutions Inc. is a step closer to being acquired by data provider CoreLogic Inc. Calgary-based Symbility said Thursday an overwhelming majority of its shareholders have approved a $160-million deal originally announced Oct. 22. The deal…
How costly is the fire peril for Canadian insurers?
December 13, 2018 by Jason ContantThe traditional fire peril continues to cost Canadian insurers, with fire/explosion accounting for almost a quarter (23%) of commercial claims by value, Allianz Global Corporate & Specialty (AGCS) said in its new Global Claims Review report, released Thursday. AGCS analyzed…
This commercial insurers’ concern caught the auditor general’s attention
December 12, 2018 by Greg MeckbachConcerns from insurers about boiler explosions has prompted an Ontario safety watchdog to recommend more regulatory oversight of pressure vessels and boilers used in wineries and other agricultural operations, the auditor general noted in a recent report. “Ontario is the only…
Does CGL’s duty to defend apply to the insurance policy as a whole?
December 10, 2018 by Jason ContantAn insurer’s duty to defend under a provision in a commercial general liability (CGL) form is applicable to the insurance policy as a whole, the Court of Queen’s Bench of Alberta has ruled. In a decision released Friday, the court…
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.…