Sharing economy raises ‘broader question’ around usage-based insurance: Swiss Re
April 12, 2018 Greg Meckbach, Associate EditorAlthough mobile apps make it easier to rent rooms, some insurers have probably not considered the risks arising from short-term accommodations, speakers said Tuesday at Swiss Re’s annual breakfast meeting in Toronto. At the same time, they added, it should…
The ‘conundrum’ of how to convince Quebeckers to buy earthquake insurance
April 11, 2018 by Greg MeckbachIt will take insurers an “extended period of time” to convince even one-quarter of Quebec property owners to buy adequate coverage, an industry executive suggests. Only three to four per cent of homeowners near Quebec City have earthquake coverage, Edouard…
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.,…
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…
Meet the rare insurance professional who deliberately pursued a career in the P&C industry
April 3, 2018 by Jason ContantCarrie Trudeau has officially started her new position as vice president of claims for Canada with Lloyd’s managing agent AEGIS (Associated Electric & Gas Insurance Services Limited), bringing 18 years of experience in the Canadian insurance market to the role.…
Bid for taller wood structures raises red flag for one insurer
April 3, 2018 by Greg MeckbachGiven a recent movement afoot to increase height limits for wood frame buildings in Canada, property insurance underwriters need to be wary of writing risks for such structures, an expert with one insurer notes. A private members’ bill (Bill 19)…
Canadian P&C people on the move
March 28, 2018 by Jason ContantTwo new staff members join adjusting firm Claims adjusting firm Kernaghan Adjusters said Monday it has relocated its Whistler, B.C. operation and welcomed two new staff members. Michael Unger will be Sea to Sky manager and executive adjuster. He brings…
Now with AI, you can create value for your property inspections
March 26, 2018 by David GambrillArtificial intelligence can now surgically identify Canadian homes and businesses in an insurer’s book that are most in need of inspection, thereby eliminating unnecessary home inspection orders. “Sometimes the industry will pay to have an inspection done based on criteria…
Are you leveraging IoT data?
March 23, 2018 by Jason ContantInsurers may recognize the importance of collecting and mining data, but a recent U.S. study shows few currently have an IoT strategy, are collecting IoT data, or have dedicated resources. LexisNexis Risk Solutions released a white paper Tuesday entitled, Are…
Lessons from the field in Fort Mac
March 15, 2018 Kris Rzesnoski, vice-president, business development, EncircleOn May 3, 2016 a massive wildfire swept through the remote Alberta community of Fort McMurray, necessitating the largest wildfire evacuation in Canadian history, with upwards of 88,000 people fleeing their homes. May 3rd was a turning point as well…
Economical Insurance aims to ‘participate in acquisitions’
March 8, 2018 by Greg MeckbachIf Economical Insurance demutualizes and becomes traded on the stock market, it will be looking for other insurers to acquire, CEO Rowan Saunders told Canadian Underwriter Wednesday. “Part of the rationale” of going through demutualization is to raise money from…
Donna Barclay appointed president and COO of The Guarantee
March 6, 2018 by Jason ContantThe Guarantee Company of North America announced Tuesday that Donna Barclay has been appointed as president and chief operating officer of The Guarantee Canada and North America Property & Casualty. Barclay has 30 years of property and casualty (P&C) insurance…