Industry
Had any insurance coverage requests for an alien abduction or a zombie attack lately? Maybe if you’re a broker in the U.S., but probably not here. “I think in Canada, we don’t get as many ‘out there’ requests because our population is smaller,” says James Turner, team lead at Bryson Insurance. Still, Turner has seen […]
By Jason Contant | October 20, 2021
2 min read
If your clients are carrying cargo, they should take a comprehensive and layered approach to protecting these goods, a transportation expert from Travelers said recently. This comprehensive approach consists of three layers — good processes, procedures and practices; “hard security” devices such as locks; and technology-tracking devices, said Scott Cornell, national practice leader, transportation, with […]
3 min read
ST. JOHN’S, N.L. – Canada’s offshore oil and gas regulator has laid three charges against a Cenovus Energy Inc. subsidiary stemming from a huge oil spill off the coast of Newfoundland in 2018. The Canada-Newfoundland and Labrador Offshore Petroleum Board says the charges against Husky Oil Operations Inc. include allegations that the company, taken over […]
By The Canadian Press | October 20, 2021
1 min read
Businesses and insurers ignore environmental, social and governance (ESG) issues at their peril, an Allianz Global Corporate & Specialty (AGCS) report released this month suggests. “If an ESG issue is not handled or disclosed appropriately by the company or board, it can result in ‘bad news’ in their market, ‘bad news’ for the company share […]
By Melissa Shin | October 19, 2021
Communication between brokers and insurers could have been better during the pandemic, a Hub International executive said during Insurance Bureau of Canada’s 2021 Commercial Insurance Symposium. “We did have some good communication, but I think there was a little bit of a breakdown at times,” said Mona Krolak, senior vice president and partner with Hub […]
By Jason Contant | October 19, 2021
VICTORIA – A civil action has been filed in British Columbia Supreme Court that could see the owner of a condo in Vancouver stripped of his property after allegedly violating COVID-19 restrictions. The director of civil forfeiture filed the claim last week against Mohammad Movassaghi. A notice of civil claim alleges the penthouse apartment is […]
By The Canadian Press | October 19, 2021
Successful brokers must balance surging demand for online digital services with a clear recognition that clients want to maintain a strong human connection. “If you force all your clients to go to in-person and on-phone service, you are cutting out a massive percentage of the population. And if you make everybody go through your chatbot […]
There will be a point at which a cyber tail event will be too expensive for the insurance industry, as a whole, to cover, a speaker said Thursday during the CatIQ Connect virtual conference. “That’s where we are already starting to think about, ‘Okay, what happens in this instance?’” said Dr. Rachel Anne Carter, director […]
By Jason Contant | October 18, 2021
Global reinsurers could be underestimating climate change exposure by up to 50%, according to a recent analysis by S&P Global Ratings. “Our scenario analysis suggests that reinsurers’ estimates of their exposure to natural catastrophe risk — and therefore physical climate risk — could be underestimated by 33%-50%, which is 91% of the sector’s buffer above […]
OTTAWA – Consumers and businesses expect increases in the cost of living to stay hot over the next year, the Bank of Canada says as part of surveys results that also show people more willing to search for new jobs, and businesses willing to pay more for workers. The bank’s survey of consumer expectations shows […]
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