Industry

Big Moves – Gore CEO Heidi Sevcik to retire

Sevcik was vice president of claims at Gore Mutual when she succeeded Kevin McNeil as CEO in 2014

April 6, 2020

2 min read

How much auto sales have dropped recently because of COVID-19

TORONTO – DesRosiers Automotive Consultants Inc. says auto sales plunged 48 per cent in March from last year because of the Covid-19 pandemic. The consultancy says March sales looked to be only declining moderately for the first half of the month, but started to dive as provinces declared states of emergency, Quebec closed front-end dealerships, […]

By Jason Contant | April 3, 2020

1 min read

Industry

Who are the P&C industry’s heroes during the pandemic?

Extraordinary leadership and acts of compassion during the current global COVID-19 pandemic have spanned far and wide, both within the Canadian property and casualty insurance industry and beyond, Canadian Underwriter discovered in a recent survey. More than 200 P&C industry professionals shared “acts of leadership or compassion” they have witnessed while Canadians adjust to social […]

By David Gambrill | April 2, 2020

4 min read

Industry

Will COVID-19 affect the timing of Economical’s IPO?

Economical Insurance continues to work on converting from a mutual to a publicly traded firm, but officials with the Waterloo, Ont. carrier are keeping a close eye on the stock markets. “The outbreak of COVID-19 has adversely affected economic and capital market conditions in Canada and around the world,” Economical Insurance chairman John Bowey said […]

By Greg Meckbach | April 2, 2020

2 min read

Returning to profitability

Stéphane Lespérance, president of commercial risk and health solutions at Aon Canada, gives his take on recent trends in pricing, cyber coverage and the use of artificial intelligence. cu | Is commercial insurance in a hard market? I would call it a market that is under correction. As many insurance companies would say, it is […]

5 min read

How Canada’s P&C industry will weather the economic storm from COVID-19

Canada’s P&C insurance industry will likely not experience significant underwriting losses overall, but financial volatility due to COVID-19 will affect investment portfolios in the short-term, global credit ratings firm DBRS Morningstar said in a new report. “We consider the coronavirus outbreak to be largely an economic event for now, which will not result in significant […]

3 min read

Intact’s take on how COVID-19 could extend the hard market

Pricing relief offered to Canadians who are currently absorbing a financial hit from the pandemic could ultimately have the boomerang effect of prolonging the hard market, Intact’s chief executive suggests. “It is clear to me that this corrective action [on industry-wide pricing] that started in ‘19 is likely to extend further out,” Intact Financial Corp. […]

2 min read

The huge price tag of U.S. political interference with COVID-19 BI exclusions

Politicians in New Jersey, Ohio and Massachusetts have all drawn up proposed legislation that would force U.S. property and casualty insurers to pay for some business interruption claims for COVID-19 retroactively. The American Property Casualty Insurance Association (APCIA) says the legislative proposals could cost the nation’s P&C insurers between $220 billion and $383 billion per […]

3 min read

The pricing relief Intact plans for commercial clients

Intact Financial Corp. is responding to the COVID-19 pandemic by dropping commercial premiums, in some cases, if it finds the client’s risk has gone down. “We are adjusting risk profiles for customers where it might lead to premium relief,” Intact CEO Charles Brindamour said during a virtual fireside chat with Mario Mendonca, managing director of […]

By Greg Meckbach | March 31, 2020

2 min read