Industry
The business email from your chief financial officer seems innocent enough: “Hey Larry, the client changed their bank account information. Can you send them money to their new bank account number?” Under ordinary circumstances — that is, before the novel coronavirus pandemic triggered an exodus of Canadian P&C industry workers from out of their offices […]
By David Gambrill | April 27, 2020
2 min read
As large sporting and entertainment events get cancelled across Canada and the world as a result of COVID-19, the insurance implications affect not only event organizers themselves, but also promotional partners, licensees and businesses involved in merchandising. While event organizers may have contingency cover for the pandemic, insurance would not necessarily be in place for […]
By Jason Contant | April 24, 2020
3 min read
The insurance industry has a lot of work to do to rebuild consumer confidence. The insurance product is a necessity, so insurers will survive this, but will brokers? Consumer confidence in commercial insurance has never been lower: Companies are suffering on a mass scale because of a business interruption (BI), and yet their BI cover […]
By David Gambrill | April 24, 2020
Despite the massive disruptions from COVID-19, commercial insurer Chubb Limited is promising no layoffs in Canada. “Concerning our no-layoff pledge, we want our 33,000 employees around the globe to be assured that their jobs are secure at this difficult time,” stated Evan Greenberg, CEO of Zurich-based Chubb, in a recent release. A Chubb spokesperson told […]
By Greg Meckbach | April 23, 2020
EDMONTON – Alberta has launched workplace safety investigations into two beef processing plants afflicted with COVID-19 outbreaks. Shawn McLeod, deputy minister of Alberta Labour, said there are probes underway at the Cargill plant near High River and at the JBS Canada facility near Brooks. “These investigations are looking at the circumstances surrounding potential exposure of […]
A company that makes sweaters can’t flip a switch the next day and start making hospital gowns for frontline healthcare workers before working through important insurance considerations, according to experts. If you have a client looking to shift production — be it a craft beer company now making hand sanitizer, a hotel now providing lodging […]
By Adam Malik | April 21, 2020
Commercial clients can buy insurance online if they want, but the COVID-19 pandemic is showing the importance of having a broker to help out, suggests Darren Rodrigues, the new president of the Insurance Brokers of Toronto Region (IBTR). “In a way, COVID has enlightened some people, because you can now buy commercial policies online – […]
By Greg Meckbach | April 21, 2020
Campbell Soup Company’s production goes into overdrive during what executives dub “soup season.” Starting in October and ending with the close of winter, Campbell’s manufacturing centres run non-stop, staffed by extra employees. Since the arrival of the COVID-19 pandemic, consumer demand has soared, eclipsing that of the company’s busiest time. In March, there were more […]
Northbridge Insurance’s premiums are up 20% compared to early 2019 and hard market conditions will continue, Fairfax Financial Holdings Ltd. officials said Thursday. “The hard market conditions that we have been experiencing through 2019 and into the first quarter of 2020 will continue,” said Andy Barnard, president of Fairfax insurance Group, during the Toronto-based firm’s […]
By Greg Meckbach | April 20, 2020
The COVID-19 pandemic was one of three “black swans” to hit the industry so far in 2020 but despite the uncertainty and panic, things will return to normal, suggests Prem Watsa, CEO of Toronto-based Fairfax Financial Holdings Ltd. “The U.S. and world economy will get started again and normalcy will return,” Watsa said Thursday during […]
By Greg Meckbach | April 17, 2020
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