Industry
Private equity firms should consider partnering with one carrier who is able to handle multiple lines of insurance for both the private equity firm and its portfolio companies, a mutual insurer told Canadian Underwriter. “We’ve seen benefits of having the same insurance carrier for both the private equity firm as well as portfolio companies’ D&O […]
By Jason Contant | October 14, 2021
3 min read
As premiums continue rising and capacity keeps tightening, brokers placing directors and officers (D&O) liability insurance are grappling with an unpredictable market. “The last time we saw a hardening D&O market was during the financial crisis in the late 2000s. But it was not nearly as spiky and unpredictable,” said Brooke Hunter, president & CEO […]
By Melissa Shin | October 14, 2021
2 min read
TORONTO – Imagine Parliament Hill blanketed in orange skies, floodwaters climbing the sides of BC Place stadium or a thick layer of smog fogging the view of Halifax from Citadel Hill. These are all scenes depicted on a website published Thursday that blends artificial intelligence with geography to show the potential impact of climate change […]
Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line of business for several years, an increase in network intrusions, phishing, and denial of service […]
By Jason Contant | October 13, 2021
A large part of a personal trainer’s job is making sure clients do their exercises safely. But personal trainers also need to protect themselves — using insurance. Each year, there are roughly 460,000 reported fitness injuries, according to the U.S. Consumer Product Safety Commission. Some of those injuries could result from working with a personal […]
By Melissa Shin | October 13, 2021
The COVID-19 pandemic has affected a number of P&C insurance industry segments from auto to business interruption, and cargo theft is no exception. Large events such as the pandemic will result in shifts to the methods and types of goods stolen by cargo thieves, said Scott Cornell, national practice leader, transportation, with Travelers’ inland marine […]
There are honest drivers on the roads. In fact, a 2021 survey by ValuePenguin indicates that 78% of consumers say they’ve never lied to their auto insurers. However, 8% have “misinformed” their insurers about the drivers in their households, and 8% have lied about their home addresses. And a 2017 Ipsos poll found that 3% […]
By Melissa Shin | October 12, 2021
Your cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge Canada Cyber Solutions Inc. Double extortion involves threat actors taking data out during a ransomware […]
By Jason Contant | October 12, 2021
Some Nova Scotia motorists who are caught using their wireless handheld device while driving could face steeper hikes to their auto insurance premiums. In a decision released Oct. 4 , the Nova Scotia Utility and Review Board approved the Facility Association’s rate filing, which includes an increase – from 15% to 25% – in the […]
By Greg Meckbach | October 12, 2021
The digital revolution is expected to spread more rapidly and deeply into the insurance industry over the next few years, despite relatively modest demand from customers to date. “Brokers should be putting digital strategy as part of their overall business strategy moving forward. It is a very important element,” said David Kerr, a partner in […]
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