Canadian Underwriter

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P&C Companies

A glowing quantum computer
News InsuranceTechnology

How quantum computing could impact risk management and claims

March 18, 2024 Jason Contant

Quantum computing’s impact on P&C insurance operations will be wide-ranging, say several sources who spoke with CU. Almost every sector and department of the industry could be affected, including actuarial, risk management and underwriting teams, data analytics, IT, claims processing,

Rideshare driver calls his insurance company after a minor accident
News BrokersClaimsInsurance

Brokers: how to advise rideshare drivers on their deductibles

March 15, 2024 Philip Porado

Drivers working for rideshare and delivery companies must be careful when setting deductibles on personal auto coverage. And they need to make sure their personal insurers know they’re doing rideshare work and carry the appropriate endorsements. A lot of drivers

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime
News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing

Construction site accident
News CatastrophesClaimsInsurance

Who’s responsible when construction projects go wrong

March 13, 2024 By Dr. Yasser Korany, KSI Engineering

Construction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent

Quantum computing could be a game changer for the insurance industry
News InsuranceTechnology

What quantum computing could mean for insurance

March 12, 2024 Jason Contant

What will the P&C insurance industry do when quantum computers “think,” and behave, more like humans? It’s not as far off as you think. Today, quantum computing is the preserve of national intelligence agencies and the world’s largest technology companies, such

Discussing financial results
News ClaimsClaims CanadaEarnings / RatingsInsuranceMarkets / CoveragesTechnology

How Aviva Canada is handling personal lines’ pressures

March 8, 2024 by Jason Contant

Aviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines.  The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up

Child waving Quebec flags
News InsuranceLegalMarkets / Coverages

Staying on the right side of Quebec’s language law, Bill 96

March 7, 2024 David Gambrill

Canada’s property and casualty insurance industry is advised to establish a policy and train employees to comply with Bill 96, Quebec’s French language law, which calls for all policy contracts with clients in the province to be done in French

Aviva Canada's 2023 financial results
News CatastrophesClaimsClaims CanadaCommercial LinesEarnings / RatingsInsuranceMarkets / Coverages

How Aviva Canada fared in 2023

March 7, 2024 by Jason Contant

Aviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft.  The undiscounted ratio for 2023 was up

A person's hand breaking the window of a vehicle for the purpose of auto theft
News ClaimsInsurance

How auto theft, inflation and vehicle complexity boost claims costs

March 6, 2024 Philip Porado

Late last year, Toronto’s police department wrapped an auto theft intervention, codenamed Project Stallion, that recovered 1,080 vehicles stolen citywide with a combined value of $59 million. That works out to just shy of $55,000 per vehicle. Auto theft is

Car insurance application
News BrokersInsuranceMarkets / CoveragesTechnology

FSRA’s plans for auto coverage regulation

March 5, 2024 Philip Porado

Ontario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA

Roadblocks to cyber policy sales
News BrokersInsuranceTechnology

Biggest barriers to selling cyber policies

March 1, 2024 David Gambrill

Product complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to

Expensive car wrecked on a street
News ClaimsInsurance

Why complex cars create costly problems

February 28, 2024 Philip Porado

An acute shortage of semiconductors is a big contributor to rising auto claims costs for auto insurers. “That’s had a significant impact in certain types of cars,” says Paul Gilbody, president of ClaimsPro Canada. “A huge amount of electronics now