Industry
TORONTO – When the impact of COVID-19 led Hongwei Liu to temporarily lay off some employees and slash company forecasts, the founder of Waterloo, Ont.-based technology startup MappedIn hoped he might qualify for a helping hand under the federal government’s emergency wage subsidy. Like many other small businesses across the country, the indoor digital mapping […]
By Jason Contant | April 7, 2020
5 min read
The Canadian property and casualty industry is well-positioned to withstand the financial pressures exerted by COVID-19, but A.M. Best Company is nevertheless concerned about commercial premiums dropping due to business closures and coverage disputes over business interruption. “In Canadian P&C, COVID-19 would have an impact on premium revenue in commercial lines,” Greg Williams, senior director […]
By Greg Meckbach | April 6, 2020
2 min read
Sevcik was vice president of claims at Gore Mutual when she succeeded Kevin McNeil as CEO in 2014
April 6, 2020
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
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
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
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 […]
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 […]
By Jason Contant | April 1, 2020
3 min read
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. […]
By Greg Meckbach | April 1, 2020
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 […]
By David Gambrill | March 31, 2020
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