Industry
Canadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However, the agency warned that increasing costs of such events could make regions or certain perils […]
By Adam Malik | July 27, 2020
3 min read
Commercial insured losses caused by the ongoing pandemic cost The Travelers Companies Inc. more than $100 million during the three months ending June 30, but it’s difficult to predict how much more it will cost the insurer in the long run. New York City-based Travelers reported last week that company-wide, there were $114 million in […]
By Greg Meckbach | July 27, 2020
A plumbing firm that failed to cap an old water pipe after helping renovate a basement is on the hook to reimburse the owner for a new carpet after the property suffered flooding. This is the result of a British Columbia Civil Resolution Tribunal released this past Wednesday. Joel and Crystal Loreth had their basement […]
By Greg Meckbach | July 24, 2020
2 min read
Hub International is advising clients to submit claims related to the COVID-19 pandemic, even if there isn’t a physical damage loss. Business interruption has been the most-inquired-about coverage area over the last few months, noted Scott Fouts, vice president of risk service at Hub International. And although most general commercial policies contain BI exclusions for […]
By Adam Malik | July 24, 2020
Marine cargo policies that were drafted before the COVID-19 pandemic may need a second look because of the way business disruptions and lockdowns are affecting the global supply chain. “We are starting to see insurers already change or apply endorsements with changes in language to clearly define the word ‘pandemic’ or the word ‘disruption’ in […]
By Greg Meckbach | July 23, 2020
B.C.’s public insurer is starting to re-book road tests that were interrupted by the pandemic, prioritizing drivers whose Class 5 and 7 road tests were cancelled between Mar. 17 and June 26, 2020. The insurer is reaching out to Class 5 and 7 drivers with details of how to book their road tests online. The […]
By David Gambrill | July 23, 2020
Insurers and financial service providers have come under unrelenting cyberattack this year, with some cybercriminals even posing as an insurance company in an attempt to infect a user’s system, according to a new report. Financial services and insurance providers experienced the fifth-highest increase in attack volume, says global computer security software McAfee in its COVID-19 […]
By Adam Malik | July 23, 2020
Aviva Canada is using short message service (SMS), or texting, to communicate with customers, a technology on which it was focusing before building mobile apps. “We are already texting to our customers today,” Bryant Vernon, Aviva Canada’s chief claims officer, said during a recent webinar. “The adoption of text messaging is much higher than [a […]
By Greg Meckbach | July 22, 2020
Brokers should ensure they are providing standalone product recall insurance options to their clients. Product recalls are a regular occurrence. Without adequate coverage when one takes place, your commercial clients have a large risk exposure on their hands. One recent example in the news is Nissan. The automaker recalled hundreds of thousands of vehicles in […]
By Adam Malik | July 22, 2020
Insurers are going to need to show maximal flexibility when it comes to selling insurance policies, since a record amount of people are out of work due to the COVID-19 pandemic and won’t have a lot of extra cash to pay for insurance coverage, according to data and analytics company GlobalData. Nearly 2-million jobs were […]
By Adam Malik | July 21, 2020
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