Insurance & Risk, Analysis, Events and Careers
Claims
One result of the ongoing COVID-19 pandemic will be liability claims against company boards, property and casualty industry watchers predict. “I think we will see litigation coming out of this,” Shara Roy, a partner with law firm Lenczner Slaght Royce Smith Griffin LLP, which defends publicly traded companies in class action lawsuits. Publicly-traded firms have […]
By Greg Meckbach | April 22, 2020
2 min read
As difficult as this may be for brokers to hear, market swings in the competitive environment of the P&C insurance industry are inevitable. During soft markets, when capacity is plentiful, companies will use that capacity to lower premium rates to gain market share. They make up for any underwriting losses through investment returns. Everyone in […]
April 21, 2020
Before COVID-19, there was a lively debate within the Canadian P&C industry about the virtues and pitfalls of working from home, featuring the industry’s skeptics (a.k.a. the “Boomers”) and proponents (the “Millennials”). Well, guess what? The pandemic has made us all Millennials now. And who knows for how long we’ll continue to be working remotely […]
By David Gambrill | April 21, 2020
3 min read
The Canadian insurance industry will struggle with adding exclusions related to COVID-19 in directors and officers (D&O) policies, “particularly in light of the fear that adding them now will suggest past policies did not exclude these issues,” a Toronto lawyer said last week. “We do expect, however, that more insurers will be compelled to introduce […]
By Jason Contant | April 21, 2020
A homeowner’s insurance policy will not likely be called upon to respond to a liability claim arising from the transmission of COVID-19, an insurance litigation lawyer said Friday. As such, brokers likely don’t need to take the initiative to advise insureds about exclusions in personal lines policies, Chris Blom, a partner with Miller Thomson LLP […]
By Jason Contant | April 20, 2020
Canada’s property and casualty insurance companies have upped the benefit amounts they will pay out to policyholders in the wake of an insurance company insolvency. In addition, they have broadened coverage for some commercial specialty lines customers who were previously ineligible for compensation payments. The Property and Casualty Insurance Compensation Corporation (PACICC) protects eligible Canadian […]
By David Gambrill | April 20, 2020
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site Lately, our daily lives include reading complex news items with analysis of curves, simulations and models of COVID-19. Municipal governments present predictions of possible outcomes from […]
By Greg Meckbach | April 20, 2020
4 min read
Canadian Underwriter will host a free webinar exploring how brokers’ business continuity plans have responded and will continue to respond during the unfolding drama of the global COVID-19 pandemic. Scheduled for 1 pm EST on Wednesday, Apr. 22, the panel features IBAO president Joseph Carnevale, partner and managing director of sales at Brokers Trust Insurance […]
By David Gambrill | April 17, 2020
If laws get passed retroactively changing business interruption policy wording so that pandemic losses now get covered, insurers will likely launch legal challenges that will be looked at by high court judges, Fairfax Financial CEO Prem Watsa suggests. During Fairfax’s annual general meeting April 16, a shareholder asked company officials what impact the COVID-19 pandemic […]
By Greg Meckbach | April 16, 2020
High winds affecting various areas in Eastern Canada Monday will not necessarily result in a catastrophe event for property insurers, but it’s too early to tell for sure. Early Environment Canada forecasts suggested the storm could potentially lead to the first catastrophe event during the pandemic shutdown, leading some to wonder how the industry would […]
By Greg Meckbach | April 15, 2020
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