Industry
Alberta has become the epicentre for cat losses this year as combined insured damage could reach, if not exceed, $2 billion in the province alone after multiple natural catastrophes have hit various regions over a four-month span. The calculations come as Catastrophe Indices and Quantification Inc. (CatIQ) updated its numbers from the spring flood in […]
By Adam Malik | August 4, 2020
4 min read
Canadian Underwriter caught up with Stephen Stewart, president and CEO of Stewart Specialty Risk Underwriting Ltd., who shared his thoughts on the impact of the pandemic on MGAs
By David Gambrill, Editor in Chief | August 4, 2020
6 min read
Collaboration within the Canadian P&C insurance industry is key to fighting fraud, but this is tricky because of data sharing and privacy concerns. Fraud concerns have become more pronounced during the novel coronavirus pandemic. P&C industry experts have warned that Canadians short on cash because of the current economic recession — which itself arose from […]
By Adam Malik | July 31, 2020
3 min read
Intact Financial Corp. took a $34-million charge in bad debt during the three months ending June 30. This does not mean the insurer will be unable to collect that entire amount. The expectation is that this is the amount it could have to write off as a result of the economic disruption from the ongoing […]
By Greg Meckbach | July 30, 2020
2 min read
Autonomous vehicles need their own space to operate, a report says, and auto executives agree that putting them on the same roads as human-driven cars in a mixed-use environment will only increase liability claims. “As autonomous technology develops and matures, executives are increasingly also understanding its limitations — including its unfeasible application in mixed traffic,” […]
By Adam Malik | July 30, 2020
Two recent American court rulings in favour of insurers in COVID-related business interruption coverage disputes arose from policy wordings nearly identical to the vast majority of Intact Insurance’s BI policies, officials with Canada’s largest P&C insurer said Wednesday. “The language in our polices is very clear. The business interruption coverage requires direct physical damage from […]
By Greg Meckbach | July 29, 2020
An exemption from inspection rules for boilers and pressure vessels in Ontario’s agricultural sector is coming to an end. Starting next year, boilers and pressure vessels will have to get a certificate of inspection from the province’s Technical Standards and Safety Authority, government and consumer services minister Lisa Thompson has announced. As it stands, Ontario […]
By Greg Meckbach | July 28, 2020
Parametric solutions may be a key way to close the pandemic protection gap — the gap between those who are experience losses due to the pandemic and those who have insurance coverage for it — but the solutions generally require finding capital, which may be a difficult task during an economic recession. A recent white […]
By Adam Malik | July 28, 2020
Canadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However, the agency warned that increasing costs of such events could make regions or certain perils […]
By Adam Malik | July 27, 2020
Commercial insured losses caused by the ongoing pandemic cost The Travelers Companies Inc. more than $100 million during the three months ending June 30, but it’s difficult to predict how much more it will cost the insurer in the long run. New York City-based Travelers reported last week that company-wide, there were $114 million in […]
By Greg Meckbach | July 27, 2020
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