Industry
There may be fewer instances of under-insurance related to business interruption during the COVID-19 pandemic era, but brokers can’t let the issue of purchasing the right amount of cover to fall off the radar when advising their commercial clients. In business interruption, under-insurance becomes an issue when the co-insurance clause is triggered during a claim, […]
By Adam Malik | August 19, 2020
4 min read
Just because staff members are not choosing to return the office, that doesn’t mean employers can terminate them, an employment lawyer warned. If P&C organizations or their commercial business clients are culling employees for the wrong reasons, they could be opening themselves up to legal action, added Bill Anderson, Toronto-based partner at law firm Blaney […]
By Adam Malik | August 18, 2020
3 min read
Canadian P&C insurance industry icon J.R. (Bob) Tisdale is stepping down today as president and chief operating officer of Pembridge and Pafco insurance companies in Canada, coinciding with his 40-year work anniversary. Allstate Insurance Company of Canada first announced his retirement in August 2019. “In my 42 years in the industry, I have seen some […]
By David Gambrill | August 18, 2020
Given the persisting novel coronavirus infections and the economic fallout from the pandemic, it seems unlikely any reinsurers would want to set up new physical locations this year, but that’s exactly what may happen, speakers said recently during an A.M. Best webinar. “You might see a class of 2020 in terms of specialty and E&S […]
By Jason Contant | August 18, 2020
Innovation in the insurance industry has shown to be critical over the last number of months, and insurtechs are urging brokers and carriers not to lose the momentum they’ve established. Insurtechs called for closer collaboration between the property and casualty (P&C) insurance industry and insurtechs in a recent webinar, Innovating with Insurtechs — A How […]
By Adam Malik | August 17, 2020
The P&C insurance industry has technical expertise it could bring to bear in covering future pandemics (risk management and claims adjustment experience, for example), but the financial losses would best be covered through public-private partnerships, speakers said recently during an A.M. Best reinsurance webinar. “If there is a role where the governments take the vast […]
By Jason Contant | August 17, 2020
OTTAWA – The Canada Revenue Agency has temporarily suspended its online services after two cyberattacks in which hackers used thousands of stolen usernames and passwords to fraudulently obtain government services and compromise Canadians’ personal information. A total of 5,500 CRA accounts were targeted in what the federal government described as two “credential stuffing” schemes, in […]
After nearly three decades as the head of Canada’s national mutual insurance association, Normand Lafreniere, who announced his retirement recently, talked to Canadian Underwriter about his work on three major files — income tax reductions, demutualization, and limiting banks’ and fintechs’ potential encroachment in the sale of insurance. Lafreniere announced his retirement last week and […]
By Jason Contant | August 14, 2020
Steep price increases that have hit brokers’ commercial clients will not continue for the long term, but the current hard market is reminiscent of the period after Sept. 11, 2001, when two planes destroyed the World Trade Centre in New York, suggests Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd. “The hard market […]
By Greg Meckbach | August 14, 2020
Months into the COVID-19 pandemic, reinsurance industry observers are seeing a mixed forecast ahead and it’s too early to tell how the pandemic will affect rating actions, according to a recent A.M. Best webinar. “Obviously, the situation has gotten complicated with COVID prices,” said panellist Carlos Wong-Fupuy, senior director of global reinsurance ratings with ratings […]
By Jason Contant | August 13, 2020
2 min read
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