Claims

What historical insured catastrophe losses really mean

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

How this Supreme Court ruling impacts contractor insolvency risk

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

How much Northbridge could pay out in COVID claims

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

3 min read

IBC talking to feds about future pandemic risk transfer

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 […]

By Greg Meckbach | November 2, 2020

3 min read