Claims

Which claims trends are worth watching in 2022?

The number of contingent business interruption (CBI) claims have been increasing year-over-year and exceeding previous highs, as global supply chains were hit repeatedly by storms, fires and the pandemic, said Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022.  But CBI is just one of several global claims issues to watch, the report noted, as […]

By Alyssa DiSabatino | July 19, 2022

2 min read

How Canada’s costliest perils compare to the rest of the world

The fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major driver of loss at 8% by total value of claims, followed closely by faulty workmanship/maintenance […]

By Alyssa DiSabatino | July 19, 2022

2 min read

Splitting costs when ‘other insured’ policy clauses don’t reconcile

When two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top court has ruled. The decision addressed the question of when ‘equitable contribution’ between insurers is […]

By David Gambrill | July 15, 2022

3 min read

D&O excess policy needs to spell out exceptions from primary policy

If an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy, said Ontario’s top court. The take-away for directors and officers (D&O) underwriters from Cronos Group […]

By David Gambrill | July 14, 2022

4 min read