Industry
WINNIPEG – The Manitoba government says it will be offering Disaster Financial Assistance to three areas hit by flooding in the spring and summer. Infrastructure Minister Ron Schuler says eligible costs from high water during spring flooding along the Red River Valley have been pegged at $3.7 million. Another $2 million is being set […]
By The Canadian Press | September 11, 2020
1 min read
The Canadian property and casualty insurance industry intuitively understands the benefits to brokers, carriers and consumers of better connectivity — it’s a matter of getting everybody moving in the same direction, an industry veteran told Canadian Underwriter recently. “Moving data around is not a competitive advantage — it’s table stakes,” said Tom Reid, the newly […]
By Jason Contant | September 10, 2020
3 min read
Canadian property and casualty insurance companies are in a good financial position going forward as challenges — both new and continuing ones — mount, according to A.M. Best’s latest outlook. Over the last 10 years, the vast majority of Canadian P&C insurers have been rated at superior or excellent levels, with distribution over that time […]
By Adam Malik | September 10, 2020
Toronto-Dominion Bank is facing a class-action lawsuit over its refusal to pay travel insurance claims following trip cancellations triggered by the COVID-19 pandemic. Lead plaintiff Kevin Lyons cancelled his family’s flight to Italy along with their Mediterranean cruise in early March after the Canadian government advised against travel to the region, the proposed class action […]
2 min read
The property and casualty insurance industry’s response following the global declaration of the COVID-19 pandemic and how it adjusted quickly in numerous aspects, especially technology, has made the industry more attractive to new graduates, according to a recent report. While the industry has been moving into a more technologically-driven ecosystem over the last number of […]
By Adam Malik | September 9, 2020
Whether it’s your personal or commercial clients, neither are feeling too optimistic about their financial situation as the COVID-19 pandemic continues to stress them out, a pair of recent surveys have found. But the head of the national broker association said brokers are ready to respond to the new realities. Nearly half of Canadians (45%) […]
“We’ve always done it this way” are six dangerous words in the construction world, and equally dangerous for those trying to assess or procure adequate insurance for construction projects. “Doing what we’ve always done rarely is OK when we’re facing change,” said Mike Hergott, senior vice president of construction and surety, Ontario region, with Gallagher. […]
By Jason Contant | September 9, 2020
4 min read
The global pandemic isn’t necessarily causing a large number of problems around insurance issues in the real estate sector, but it’s clogging up the pathway to making things better. “The way we’re thinking about real estate and insurance is that, I would argue, COVID-19 is not one of the three driving issues right now in […]
By Adam Malik | September 8, 2020
Canadian brokers considering an upcoming merger or acquisition may understandably be concerned given the economy during the ongoing COVID-19 pandemic, but one property and casualty brokerage M&A expert says his firm’s advice is the same as it’s always been. “That is, make business decisions based on the facts in front of you rather than trying […]
By Jason Contant | September 8, 2020
An increase of residential cooking fires and business closures arising from the pandemic are among the trends affecting the Canadian property and casualty insurance industry on the radar of A.M. Best Company Inc. Overall, personal property losses are lower so far in 2020, A.M. Best suggested in COVID-19 Taking Its Toll on Canada’s Economy and […]
By Greg Meckbach | September 8, 2020
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