Canadian Underwriter


News InsuranceLegislation / Regulation

How this public insurer plans to save $1 billion a year

November 13, 2018 by Jason Contant

Changes to accident benefits regulations will result in projected net savings of $1 billion annually, British Columbia’s Ministry of Attorney General said Friday. Changes to Insurance Corporation of British Columbia’s (ICBC) accident benefits will cost an estimated $200 million annually.

News InsuranceMarkets / Coverages

Why insurers urge caution on regulating condo deductibles

November 12, 2018 by Jason Contant

The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation

News AdjustersClaimsInsurance

How business interruption claims could play out in the legal marijuana space

November 8, 2018 by Jason Contant

Supply challenges associated with marijuana legalization in Canada will lead to potentially costly business interruption (BI) and contingent business interruption (CBI) claims, an adjusting firm told Canadian Underwriter Tuesday. Because it’s an emerging market, there are a limited number of

News Technology

Insurance without the carrier coming soon

November 7, 2018 by Greg Meckbach

A blockchain-based business insurance model that could see non-regulated investors as the capital providers is coming sooner that you think, although it may not necessarily arrive in Canada in the short term, predicts an executive who has led two major

News AdjustersClaimsInsuranceMarkets / Coverages

Why marijuana plant value is so important for adjusters

November 7, 2018 by Jason Contant

Claims adjusters handling recreational cannabis claims will need to consider the value of the plant at any given time in the growing process to determine actual loss, an independent adjusting firm said Tuesday. Potential cannabis greenhouse loss is much greater

News BrokersConstructionMarkets / Coverages

Navacord continues to expand its construction practice with latest partnership

November 5, 2018 by Jason Contant

Effective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance

News InsuranceMarkets / CoveragesProducts

Direct damage coverage available for cannabis product movement

November 2, 2018 by Jason Contant

A United States-based underwriter of marine cargo coverage has entered the Canadian cannabis market with a product that provides direct damage coverage to goods moving through the supply chain. North Kingstown, RI-headquartered Falvey Cargo Underwriting, which has a Canadian office

News Claims

The damage caused by this tanker truck crash on Ontario highway

November 1, 2018 Adam Burns and Alanna Rizza - THE CANADIAN PRESS

TORONTO – Two men were killed in a multi-vehicle crash that sparked a massive tanker fire on a major toll highway in the Toronto area on Wednesday, emergency officials said. The crash happened just before 5 p.m. on Highway 407

News Legislation / Regulation

Legislation puts sustainability of Ontario auto product at risk: Top 5 insurer

October 29, 2018 by Greg Meckbach

The major problems of the Ontario auto insurance product won’t be solved by changing the territorial rating system, a major insurer warns. Two private member’s bills recently tabled at Queen’s Park “have the potential to challenge the sustainability of the

News BrokersInsuranceProfessional Development

The Power of Broker Specialization

October 27, 2018 by David Gambrill

This story is one in a series reporting on the results of 2018 National Broker Survey, conducted by Canadian Underwriter.  The survey of more than 800 P&C brokers nationally was designed to identify the success strategies of both producers and principals. Find other instalments in the

News Risk

Bank of Canada raises interest rate, signals future hikes

October 24, 2018 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The Bank of Canada raised its trend-setting interest rate Wednesday and sent signals that future hikes could be upon Canadians sooner than previously expected. With a big source of trade uncertainty finally out of the way, the central

News BrokersInsuranceProducts

Wawanesa brings U.S. learnings to Canadian brokers

October 21, 2018 by David Gambrill

Brokers can learn a valuable lesson from Wawanesa’s $9.5-million investment in an online platform to provide direct-to-consumer quotes for rental insurance, the company’s president of Canadian P&C operations told brokers attending the 2018 IBAO Conference last week. Don’t try replicating