Claims
The Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the federal government,” said Jordan Brennan, IBC vice president of policy development, during the recent Insurance […]
By Greg Meckbach | November 2, 2020
3 min read
Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,” said Albert Benmichol, CEO of Axis Capital Holdings. This is because of several factors, including […]
By Greg Meckbach | October 30, 2020
The COVID-19 pandemic has permanently changed the way property insurance clients want their claims handled, a technology vendor suggests. “COVID has been the awakening for many companies,” said James Swayze, Toronto-based executive for Canada at CoreLogic Inc. After COVID-19 was declared a pandemic this past March by the World Health Organization, some property claimants were […]
By Greg Meckbach | October 29, 2020
Clients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s vice president of policy development. “We began in condos but we have broken out and […]
A recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision, if condo corporations wish to charge back insurance deductibles to unit owners, they will need […]
By David Gambrill | October 28, 2020
A British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be covered under business interruption,” said Tony Vecchio, a Vancouver-based personal injury lawyer. “If it is […]
By Greg Meckbach | October 27, 2020
4 min read
Selling and underwriting condo insurance these days is a tough gig, but the property and casualty insurance industry is no stranger to tough market cycles. Mainstream media are filled with stories about condo corporations seeing their premiums and deductibles increase, with the largest increases getting the lion’s share of media attention. Anecdotally, brokers and carriers […]
By David Gambrill | October 23, 2020
2 min read
After a five-year-long business relationship with Intact, ridesharing giant Uber moved its business to Economical. What prompted the move?
By Jason Contant, Online Editor | October 23, 2020
One lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital into our country,” Carol Jardine, president of Wawanesa Mutual Insurance Company’s Canadian property and casualty […]
By Greg Meckbach | October 22, 2020
Some brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential risks regarding pandemic, and failure to advise how business interruption coverage actually works in their […]
By Greg Meckbach | October 21, 2020
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