Canadian insurance industry sees areas of growth throughout pandemic

Canadian insurance industry - Canadian Flag

While the COVID-19 crisis rages on, and insurers face challenges, some are thriving. The Canadian insurance industry has measured some pockets of growth in specific areas of coverage throughout the pandemic crisis. Insurers are struggling in the areas of coverage disagreements, particularly in business interruption policies. Business interruption and travel policies are often leading to disputes over coverage, lawsuits, angry clients and customers, and economic challenges among others. However, in other areas, some considerable opportunities have opened up for certain types of product lines to grow and developed. Among those…

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Environmental liability insurance market takes off as regulators crack down on pollution

Environmental liability insurance - Air Pollution - smoke

As standard property or general liability policies don’t cover enough, pollution coverage is increasingly common. Environmental liability insurance is rapidly growing in popularity as exposures have grown beyond the coverage from general liability and standard property policies. Claims relating to pollution and the environment are frequently complex as well as expensive. The complexity and cost relating to issues relating to pollution have sent underwriters to step away from risks relating to pollution. This has left a gap open for environmental liability insurance products to fill. The market in many countries…

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Insurance industry takes considerable interest in commercial drones

liability Insurance industry policy for drones

Insurers have started catching onto what many other sectors have been doing with these flying devices. Across the United States, Canada and several other countries, the insurance industry has been watching the use of commercial drones by real estate agents for listings, farmers for crop monitoring and even mapping for the oil sands, as the use of these flying devices does come with a certain degree of risk. Insurance companies have spotted this risk and are coming up with products to help protect businesses using drones. Drones can offer amazing…

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Berkshire Hathaway seeks to enter the insurance industry in Canada

berkshire hathaway specialty insurance industry

The company has recently announced its intentions for “expanding into the Canadian marketplace.” Berkshire Hathaway Specialty Insurance has now announced that it will be making its way into the “Canadian marketplace,” and that it already has the necessary licenses for conducting business in that insurance industry. Within that country, the company said it, “underwrites on the paper of National Liability & Fire Insurance Company.” National Liability is one of the members of the National Indemnity group of insurers which is owned by Berkshire Hathaway. This move will bring the insurer’s…

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Severe weather is forcing the insurance industry to look twice at strategies

severe weather storm tree power

Following three solid years of dramatic catastrophes from storms and droughts, insurers may need to re-think underwriting. Climate change and severe weather are beginning to change the size, frequency, and nature of claims that are being faced by the insurance industry over the last four to five years, and it is reaching the point that insurers are starting to be advised by national groups to begin rethinking their underwriting strategies. The insured losses are on the rise from claims resulting from storms, flooding, and drought have been. According to the…

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