Insurance & Risk, Analysis, Events and Careers
Claims
Canada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the hard market that we’re currently in, or it’s going to make the exit from the […]
By David Gambrill | April 5, 2022
3 min read
While it may be too early to tell how the end of provincial COVID-19 restrictions are influencing auto insurance claims, industry experts are bracing for higher claims severity, a return to pre-pandemic levels of traffic, higher auto rates due to inflation, and more granular pricing models. During the height of the pandemic in 2020, AM […]
By Alyssa DiSabatino | April 4, 2022
Quebec insurers with arbitration clauses written into their business interruption policies are winning battles to have pandemic BI class action suits go through arbitration rather than through the courts. Both of law firm Clyde & Co.’s Top 2 cases of 2021 dealt with resolving pandemic business interruption cases through arbitration instead of the courts. Parties […]
By David Gambrill | April 4, 2022
Inflation hit a multi-decade high of 5.7% this February. Industry observers warn this could go even higher before it goes lower, and the auto insurance industry is not immune to it. How long will it be before drivers feel the effects on their policy premiums? Consumers won’t see their rates change until their auto […]
By Alyssa DiSabatino | April 1, 2022
2 min read
Canada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the Supreme Court of Canada does not issue reasons for why it dismisses leaves to appeal. […]
By David Gambrill | April 1, 2022
Clients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And the hard market’s making it more common for brokers to try this approach. “Insurance companies […]
By Phil | March 31, 2022
Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood events today is equal to and can even exceed the losses from primary peril events,” […]
By Alyssa DiSabatino | March 31, 2022
Getting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies based in Russia. The actions are in response to EU sanctions imposed on Russia after […]
By Phil | March 30, 2022
More than seven out of 10 Canadian P&C industry professionals feel protected from COVID in their new hybrid office arrangements, according to an online poll conducted this week by Canadian Underwriter. Over 650 P&C professionals answered CU‘s survey, including brokers, insurers, risk managers and claims professionals. The poll included questions about satisfaction with hybrid work […]
By David Gambrill | March 30, 2022
4 min read
The industry is one step closer to getting updated flood maps, and a new national flood insurance program to protect homeowners in high-risk flood zones is in the works, says Canada’s public safety minister. Flood maps are being developed in partnership with provinces, territories, municipalities and Indigenous organizations, Emergency Preparedness Minister Bill Blair announced Mar. […]
By Alyssa DiSabatino | March 29, 2022
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.