Long-range weather forecast: more flood claims for the P&C industry
April 3, 2019 by Jason ContantCoastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase…
CU Total Loss Series: How to reduce auto total loss cycle times by a week
April 3, 2019 by David GambrillMeet Jane Doe, a total loss survivor. The front end of her car was demolished when she tried to turn left at a busy intersection. She was hit by a driver who was talking on his cell phone while running…
Canada ‘much closer’ to national flood program: IBC
April 2, 2019 by Greg MeckbachThe industry is making progress on getting a national flood insurance program, but a key challenge is getting all provinces, territories and Ottawa to agree on how it should work, the Insurance Bureau of Canada’s CEO suggested Tuesday. Unlike Britain…
Jardine Lloyd Thompson acquired by Marsh & McLennan
April 1, 2019 by Greg MeckbachMarsh & McLennan Companies Inc.’s acquisition of London, England-based Jardine Lloyd Thompson Group plc is now complete, New York City-based Marsh & McLennan announced Monday. The deal – which could form the world’s largest commercial property and casualty brokerage –…
This sector is the most targeted by cyber criminals
March 29, 2019 by Jason ContantThe healthcare industry continued to be the most targeted sector by cyber criminals in 2018, accounting for 41% of attacks, according to the Beazley 2019 Breach Briefing, released Tuesday. “Healthcare records are more valuable to attackers and sell for significantly…
Auto loss ratios ‘unsustainable’ in these provinces
March 29, 2019 by Greg MeckbachOntario auto insurance is profitable but loss ratios are unsustainable in Alberta and two of the Maritime provinces, Canada’s Property and Casualty Insurance Compensation Corporation notes. “Importantly for insurers, Ontario’s private passenger auto insurance market remained profitable with a loss…
How this insurer tries to “wow” brokers and customers
March 28, 2019 by Jason ContantOffering consistency and going back to basics are just two of the ways Trisura Guarantee Insurance Company tries to stay one step ahead of the competition. Basic things like responding promptly to brokers’ inquiries can make a significant difference, suggested…
AIG Canada to stop underwriting new individual personal policies
March 28, 2019 by Jason ContantAIG Canada is pulling out of writing personal lines business in Canada. AIG communications director Lynn Woodburn confirmed to Canadian Underwriter Wednesday evening that it would no longer underwrite new policies in personal lines. This confirmed speculation among brokers that…
Ontario ministry issues guidance on paying HST on accident benefits
March 27, 2019 by Jason ContantOntario’s Ministry of Finance has proposed regulatory amendments clarifying that harmonized sales tax (HST) is required to be paid in addition to accident benefit limits. If approved, the proposed changes to the Statutory Accident Benefits Schedule (SABS) under the Insurance…
How environmental liability ruling could affect other insurance lines
March 27, 2019 by Greg MeckbachEnvironmental liability is not the only line of insurance that could be impacted by the recent Supreme Court of Canada ruling on a trustee in bankruptcy’s obligation do deal with inactive energy assets such as oil wells. In Orphan Well…
These Lloyd’s syndicates have shut down
March 27, 2019 by Greg MeckbachToronto-based Fairfax Financial Holdings is among the insurers who own Lloyd’s syndicates that were shut down at the end of 2018. The Corporation of Lloyd’s released Wednesday a list of the eight syndicates that stopped trading as of Dec. 31.…
How sports hazing and abuse affects insurers
March 26, 2019 by Jason ContantThere seems to be no shortage of hazing and abuse incidents in the news lately. Earlier this month, a Miami University student was allegedly hit “with a paddle with spikes and grooves,” forced to drink large amounts of alcohol and…