Industry
As part of business, insureds and their customers sign contracts setting out the terms of their arrangements regarding price, payment terms, delivery schedule and more. But boilerplate legal terms, which often aren’t even read, also contain binding terms and may contain insurance requirements. Clients often ask me about such requirements, including those requiring the insured […]
By Phil Porado | February 10, 2022
4 min read
The pandemic’s prompted Canadians to spend more time researching and evaluating their insurance options online, according to a recent Ratehub.ca report. Ratehub.ca’s 2021 Digital Money Trends Report, looked at how Canadians interact and evaluate insurance policies and services, based on survey data from roughly 1,500 respondents. Findings suggest COVID-19 is shifting Canadian insurance shopping behaviours. […]
By Alyssa DiSabatino | February 10, 2022
2 min read
Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms of volatility are impacting insurance market trends and the risk agenda for organizations, driving the […]
By Jason Contant | February 10, 2022
VICTORIA – The mayor of the fire-ravaged community of Lytton, B.C., says rewriting the village’s bylaws from scratch will be about as entertaining as going to the dentist but it’s another step in the massive rebuilding effort. The village’s records and backup servers were lost in last summer’s wildfire, with the content of many of […]
Tokio Marine Holdings and ICEYE, a radar data provider and expert in NatCat solutions, have announced a commercial collaboration to develop new insurance products and services that utilize satellite data. ICEYE says Tokio Marine (whose Canadian branch has underwriting offices in Toronto, Montreal and Vancouver) has made a strategic investment in the company as it […]
By Jason Contant | February 9, 2022
NatCat costs from summer 2021’s B.C. wildfires reached $77 million in insured damage in White Rock Lake and $78 million in Lytton. With renovations adding value to homes, and by extension insurable damage risk, it may make sense to encourage homeowners to get in front of those risks. “The best way to stop a fire […]
By Phil Porado | February 9, 2022
Intact Financial Corporation expects its combined ratio to marginally improve in Canada as it continues to beat its own financial result expectations, the insurer’s chief financial officer says during an earnings call. Canada’s largest insurer saw operating direct premiums written (DPW) increase 33% from $2.47 billion in Q4 2020 to $3.28 billion in Q4 2021 […]
3 min read
OTTAWA – The governor of the Bank of Canada says higher interest rates are coming, but businesses also need to boost productivity to help keep rising prices in check over the long term. Tiff Macklem, speaking virtually at a Canadian Chamber of Commerce event Wednesday, said businesses have an important role to play by increasing […]
By The Canadian Press | February 9, 2022
In considering whether an insurer is prejudiced by extending the two-year limit to file an appeal of termination of accident benefits, an appeals tribunal should be considering the period of the proposed extension, not the sum total of the time that elapsed after the claim was rejected, a court has ruled. Also, when a claimant’s […]
By David Gambrill | February 8, 2022
Canada’s P&C insurance industry has been undertaking digital transformation initiatives for a while now, some of which have been accelerated by the ongoing COVID-19 pandemic. But how does a brokerage or carrier know where to focus their investment, and understand what kind of digital transformation they’re really after? According to the authors of a recent […]
By Jason Contant | February 8, 2022
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