Insurance & Risk, Analysis, Events and Careers
Claims
If you take a deep dive into the real cost to Canadians of insured major natural disasters, even though the methodology changed around 2008, it still shows a long-term trend of claims cost increases over nearly 40 years, industry experts tell Canadian Underwriter. Insurance Bureau of Canada provided data on what it calls “Natural disasters […]
By Greg Meckbach | November 4, 2020
3 min read
A recent Supreme Court of Canada ruling means construction clients need to be careful about contract wording that refers to insolvency or bankruptcy. With the Oct. 2 ruling, the Supreme Court of Canada has taken away a tool that a contractor could use to manage the risk of a subcontractor becoming insolvent, Darren Bieganek, Edmonton-based […]
By Greg Meckbach | November 3, 2020
5 min read
Long-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released its 2020 Q3 financial results Oct. 29. Fairfax owns several insurers, including OdysseyRe, Allied World, […]
By Greg Meckbach | November 2, 2020
The Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the federal government,” said Jordan Brennan, IBC vice president of policy development, during the recent Insurance […]
Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,” said Albert Benmichol, CEO of Axis Capital Holdings. This is because of several factors, including […]
By Greg Meckbach | October 30, 2020
The COVID-19 pandemic has permanently changed the way property insurance clients want their claims handled, a technology vendor suggests. “COVID has been the awakening for many companies,” said James Swayze, Toronto-based executive for Canada at CoreLogic Inc. After COVID-19 was declared a pandemic this past March by the World Health Organization, some property claimants were […]
By Greg Meckbach | October 29, 2020
Clients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s vice president of policy development. “We began in condos but we have broken out and […]
A recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision, if condo corporations wish to charge back insurance deductibles to unit owners, they will need […]
By David Gambrill | October 28, 2020
A British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be covered under business interruption,” said Tony Vecchio, a Vancouver-based personal injury lawyer. “If it is […]
By Greg Meckbach | October 27, 2020
4 min read
Selling and underwriting condo insurance these days is a tough gig, but the property and casualty insurance industry is no stranger to tough market cycles. Mainstream media are filled with stories about condo corporations seeing their premiums and deductibles increase, with the largest increases getting the lion’s share of media attention. Anecdotally, brokers and carriers […]
By David Gambrill | October 23, 2020
2 min read
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.