Industry

Insurer urges principles-based regulation: ‘You don’t need to tell me exactly what I can do and what I cannot do’

The insurance industry needs principles-based regulation instead of a system with rules for every situation, an Allstate Canada official suggests. “If you have a good system that creates boundaries and guiding principles, and you make sure that nobody violates that, you don’t need to tell me exactly what I can do and what I cannot […]

By Greg Meckbach | November 3, 2020

3 min read

How the industry’s reputation is faring during COVID

In a spirited debate about the insurance industry’s reputation during the COVID-19 pandemic, an insurance industry researcher said one big reason why some consumers don’t trust insurance companies is because when they submit a claim, they’re treated as if they’re criminals trying to put through a fraudulent claim. Christian Bieck, France-based insurance global research leader […]

By Adam Malik | November 3, 2020

3 min read

Settlement reached over patent dispute between snowmobile rivals

VALCOURT, Que. – Bombardier Recreational Products Inc. and Arctic Cat say they have reached a global settlement to ongoing intellectual property disputes between the two makers of snowmachines. Under terms of the confidential settlement agreement, two active court cases in the U.S. and in Canada will be dismissed. Among the matters resolved is the dispute […]

By Jason Contant | November 3, 2020

1 min read

How much premium it would take for P&C insurers to absorb global BI pandemic losses

Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than […]

By Jason Contant | November 2, 2020

2 min read