Industry
Insurance Bureau of Canada (IBC) has “been very vocal” throughout the federal election campaign on the need for a national plan to reduce flood risk, Craig Stewart, the group’s vice president of government affairs told Canadian Underwriter in a recent interview. Here are the property and casualty industry’s five key wants from the next Canadian […]
By Adam Malik | October 4, 2019
3 min read
If P&C insurers are looking to use their investment returns to offset inadequate pricing strategies, Swiss Re has a chilling prediction for them – low interest rates could be with us for another 20 years or longer. Jerome Jean Haegeli, group chief economist and managing director of Swiss Re, painted a grim picture for the […]
By David Gambrill | October 4, 2019
4 min read
EDMONTON – Wildfires and too much rain this year will put a $30-million dent in Alberta’s finances. The United Conservative cabinet has declared official disasters in some communities to free up money to cover damage caused by the flames and local flooding. The disasters include wildfires that damaged the Buffalo Lake Metis Settlement, Lamont County […]
By The Canadian Press | October 4, 2019
1 min read
The CEO of Ontario’s new regulator expressed concern Tuesday about the extent to which the P&C insurance industry says it will be required to provide more capital to comply with the proposed new reinsurance guidelines of Canada’s solvency regulator. The Office of the Superintendent of Financial Institutions (OSFI) drafted its new reinsurance guidelines in a […]
By Jason Contant | October 3, 2019
SACRAMENTO, Calif. – Mercury Insurance Co. is ending its two-decade battle with California regulators over extra fees charged to customers by agreeing to pay the state more than $41 million, California Insurance Commissioner Ricardo Lara said Wednesday. He said it’s the largest property and casualty penalty and interest payment in the history of the state […]
By Jason Contant | October 2, 2019
A recent home insurance survey found that most Canadians don’t know key details about their properties, highlighting the importance of pre-fill data for Canadian home insurance application forms. While a dozen data fields in home application forms can typically be pre-filled into major broker management systems, a standard form can have 40 or more questions, […]
Canadian brokers are noticing reduced capacity and high rates for commercial insurance across the country. “We are probably expecting to see hardening market conditions continue into next year,” said Kent Rowe, the new president of the Insurance Brokers Association of Canada. By day, Rowe is vice president of commercial lines for Wedgwood Insurance, which has […]
By Greg Meckbach | October 2, 2019
2 min read
While Ontario’s new financial regulator will not license managing general agencies (MGAs), it is taking a look at the entire sales process as part of its insurance conduct initiatives. “I don’t have the authority to do that, so I’m not going to,” Mark White, CEO of the Financial Services Regulatory Authority of Ontario (FSRA), said […]
Companies providing electric scooters and similar devices are spawning a growing market for commercial insurance, an analyst with A.M. Best Company Inc. suggests. There is no standard definition of “micro mobility” but it often refers to small “last-mile” modes of transportation carrying one person, said Daniel Heitlinger, financial analyst for A.M. Best at the Oldwick, […]
By Greg Meckbach | September 30, 2019
Liability surrounding vaping is being thrust into the spotlight after a London, Ont. high school student was temporarily put on life support from a suspected “severe respiratory illness” associated with smoking electronic cigarettes. “There were lawsuits many years ago to determine liability if you were smoking cigarettes; that’s all extremely well-documented,” said Gary Hirst, president […]
By Jason Contant | September 30, 2019
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