Industry
The number of high net worth (HNW) households in Canada will reach 1.3 million over the next 10 years, according to projections by Investor Economics. For brokers, that means many more household contents limits. A contents limit provides the broadest coverage for all items in a person’s home, but there are sublimits (secondary limits) within […]
By Phil | November 12, 2021
3 min read
CALGARY – The consequences of last summer’s searing drought are being felt on farms and ranches across the Prairies, where some livestock producers are heading into a long, cold winter with dangerously low supplies of feed and water. On his ranch near Nanton, in southern Alberta, Canadian Cattlemen’s Association president Bob Lowe said he’s fortunate […]
By Jason Contant | November 12, 2021
Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. In this second part of the series, there will be five stories. Canada’s […]
By Jason Contant | November 11, 2021
Old-fashioned methods by brokers for obtaining cyber insurance quotes just don’t work in today’s environment, a managing general agent told Canadian Underwriter Tuesday. “The old approach to cyber insurance was, ‘Hey, let me get you an application, you bring that to your IT team. Let’s get that filled out, bring it back to me, we’ll […]
2 min read
Self-driving vehicles will change the auto liability landscape across Canada and raise data privacy concerns, said an issues paper from Quebec’s financial services regulator, the Autorité des marchés financiers (AMF). The paper identifies five levels within the connected and autonomous vehicle (CAV) spectrum – from full driver control to an entirely autonomous state that requires […]
By Phil | November 11, 2021
VICTORIA – The Canadian Coast Guard says it believes that many, if not all, of the 109 containers that fell from a cargo ship off Victoria in late October have sunk. The containers were tossed from the MV Zim Kingston during a storm near the entrance to the Juan de Fuca Strait around the time […]
1 min read
Specialty managing general agent (MGA) RAISE Underwriting in Toronto announced an agreement to acquire Mississauga-based independent MGA United Surety. The acquisition is scheduled to close January 1, 2022. RAISE CEO Matt Baynton said in a press release Nov. 4, “By combining the expertise of RAISE and United, we will be able to offer our brokers […]
By Phil | November 10, 2021
Foreign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event heard recently. “Whereas the prior guideline focused on the role and accountability of the chief […]
By Jason Contant | November 10, 2021
British Columbia’s 2021 wildfire season was severe, but it wasn’t the costliest on record from a suppression standpoint, according to a summary report from the BC Wildfire Service. Between April 1 and Sept. 30, 2021, a total of 1,610 wildfires burned 868,203 hectares in B.C. The total cost of wildfire suppression during this time was […]
By Jason Contant | November 9, 2021
The ‘S’ pillar of environmental, social, and governance (ESG) practices should be an increasingly important area of focus for D&O insurers, a specialist insurance provider said recently. While ESG is clearly a hot topic, the environmental and governance pillars have traditionally been focal points. But the social pillar should be of importance for insurers writing […]
4 min read
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