Industry
In a spirited debate about the insurance industry’s reputation during the COVID-19 pandemic, an insurance industry researcher said one big reason why some consumers don’t trust insurance companies is because when they submit a claim, they’re treated as if they’re criminals trying to put through a fraudulent claim. Christian Bieck, France-based insurance global research leader […]
By Adam Malik | November 3, 2020
3 min read
VALCOURT, Que. – Bombardier Recreational Products Inc. and Arctic Cat say they have reached a global settlement to ongoing intellectual property disputes between the two makers of snowmachines. Under terms of the confidential settlement agreement, two active court cases in the U.S. and in Canada will be dismissed. Among the matters resolved is the dispute […]
By The Canadian Press | November 3, 2020
1 min read
Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than […]
By Jason Contant | November 2, 2020
2 min read
An Ontario property developer owed approximately $1.8 million by its contractor has failed in its bid to recover the money from the contractor’s insurer, the main reason being that it took nine years to notify the insurer of the claim. In Svia Homes Limited v. Northbridge General Insurance Corporation, property developer Svia Homes obtained an […]
By David Gambrill | November 2, 2020
MONTREAL – A Montreal health agency has been forced off-line as authorities deal with a cyberattack. Quebec Health Minister Christian Dube said Thursday that specific attacks hit systems at the regional health agency covering west-central Montreal, which oversees the Jewish General Hospital among other facilities. “Our teams quickly realized that there had been these attacks, […]
As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance claims executive. John Slattery, executive general adjuster at Sedgwick, provided his Top 4 list of […]
By David Gambrill | October 30, 2020
4 min read
Insurance companies responded well and appropriately to the COVID-19 pandemic in terms of assisting customers by way of premium relief and other measures, according to industry experts. Canadian Underwriter recently checked in with insurers on the current status of relief measures. At the time, all said no additional rebates were on the horizon (though CAA […]
By Adam Malik | October 30, 2020
Brokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker, we’re always looking for other alternatives to see what we can do to alleviate the […]
By David Gambrill | October 29, 2020
Delivering value for customers and digital strategy will be two headliners in Intact’s “10-year strategic roadmap,” which will integrate some learnings from the crisis, the carrier told Canadian Underwriter recently. “We anticipate that consumers will engage digitally to a greater extent, that the savings rate will increase, and that Canadians and Americans will want more […]
By Adam Malik | October 29, 2020
A group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the team will start its work by focusing on helping the hard-hit hospitality sector in Ontario. […]
By The Canadian Press | October 29, 2020
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