Claims
COVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a conference call Wednesday to discuss the results, a stock-and-bond analyst asked Greenberg about the overall […]
By Greg Meckbach | February 4, 2021
3 min read
A Manitoba court decision ordering the province’s public auto insurer to pay a bad faith award of $350,000 serves as a cautionary tale to the industry that bad faith awards for mishandling a claim can be made even after a settlement is reached, according to legal experts from Clark Wilson LLP. In November 2020, Manitoba […]
By David Gambrill | February 3, 2021
5 min read
Industry experts are trying to calculate how much it would cost to set up an insurance pool for homes at high risk of overland flood, an Insurance Bureau of Canada official suggests. Canada’s Task Force on Flood Insurance and Relocation met last week, Craig Stewart, IBC’s vice president of federal affairs, said in an interview […]
By Greg Meckbach | February 3, 2021
4 min read
The industry could do a better job of explaining to commercial clients exactly what business interruption insurance actually covers, A.M. Best Company Inc. suggests in a report released Monday. “Disputes over BI cover are unfavourable for the reputation of affected insurers and the overall industry,” A.M. Best said in its Feb. 1 report, U.K. Commercial […]
By Greg Meckbach | February 2, 2021
Despite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance and reinsurance is encouraging, we still believe a multi-year correction is needed,” said Albert Benchimol, […]
The drop in international air travel is not causing a corresponding decline in aviation insurance claims costs, a Calgary-based commercial specialty expert warns. Meanwhile, airlines will not see sales return to pre-pandemic levels even after most Canadians get their COVID vaccine, Canadian commercial insurer executives predict. That means aviation insurers could see a drop in […]
By Greg Meckbach | February 1, 2021
TORONTO – Four people were killed and several others were injured after flames ripped through an east-end Toronto home early Friday. Toronto’s fire service said six people were taken from the home and two were in hospital. Deborah Bies, who lives down the street, said she babysat the six-year-old son of a single mother who […]
By Jason Contant | January 29, 2021
Clients can buy insurance that would cover the financial risk of a kidnapping or hijacking, but brokers should be aware of several things. “In the event of a kidnapping, the onus is on the client to finance the ransom payment and then submit their insurance claim,” said Liam Morrissey, CEO of MS Risk Limited, in […]
By Greg Meckbach | January 28, 2021
Auto insurers are taking a variety of approaches to telematics: Some are observing from the sidelines, while others report growing interest from consumers. The Travelers Companies Inc. introduced IntelliDrive in Canada last week, as Michael Klein, president of personal insurance for New York City-based Travelers, mentioned during an earnings call Jan. 21. IntelliDrive is a […]
2 min read
An Ontario court has ordered Sovereign General to pay $187,313 to cover the legal costs of former Ontario Progressive Conservative Party leader Patrick Brown, who personally incurred the expenses while defending a defamation lawsuit arising from the publication of his 2018 book, Takedown: The Attempted Political Assassination of Patrick Brown. Brown, now the mayor of […]
By David Gambrill | January 28, 2021
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