Canadian Underwriter

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A price drop may be on the way for D&O and cyber insurance coverages
News BrokersClaimsCommercial LinesInsurance

Ratings reports see pricing declines for two P&C coverages

June 15, 2023 Philip Porado

New market entrants over the past year have helped ease price increases for two key property and casualty (P&C) insurance coverage segments in the U.S., according to a pair of recent reports from Fitch Ratings. Changes in the competitive landscape

Water leak sensor alert
News ClaimsClaims CanadaInsuranceMarkets / CoveragesTechnology

How carriers get real-time info on property (and other) risk exposures

June 15, 2023 by Jason Contant

Carriers in the small business space are increasingly turning to technology to understand exposure changes and help insureds manage their own risk, an expert said recently. By relying on things like sensor technology, carriers can get real-time information on changes

Global data breach
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

Nova Scotia identifies thousands more victims of data hack

June 15, 2023 Marlo Glass - THE CANADIAN PRESS

HALIFAX – Nova Scotia Cybersecurity Minister Colton LeBlanc says his department has identified thousands more people affected by a recent global data breach, and this week it is beginning the process of notifying the “most vulnerable” victims of the hack.

Quebec officials discussing wildfire situation
News ClaimsClaims CanadaInsuranceMarkets / Coverages

Rainfall inadequate to douse northern Quebec wildfires

June 14, 2023 The Canadian Press

MONTREAL – Quebec officials say the rainfall over the past 24 hours in the northern part of the province was inadequate to douse the wildfires. The province’s forest fire prevention agency – SOPFEU – says a wildfire near Lebel-sur-Quevillon, Que.,

Toronto Ontario, Canada- June 26th, 2022: Shoppers Drug Mart employees marching with signs during Toronto’s annual Pride parade.
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

How Pride Toronto got swept up in entertainment line’s hard market

June 13, 2023 by Alyssa DiSabatino

Pride Toronto’s executive director says the organization has seen a 300% increase in its insurance premiums ahead of this month’s parade and festival programming. This trend of higher premiums for public events is not unique to Pride Toronto; organizers of large

A structure destroyed by a wildfire in Drayton Valley, Alta.
News ClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

Canada is experiencing its ‘worst wildfire season of the 21st century’: Blair  

June 13, 2023 The Canadian Press

Canada is experiencing its worst wildfire season of the 21st century.   Emergency Preparedness Minister Bill Blair announced the grim milestone Monday, saying more than 47,000 square kilometres have burned so far this year, with 431 wildfires currently burning across Canada.  

A worker crosses past damage from a wildfire in Hammond's Plains, N.S., during a media tour, Tuesday, June 6, 2023. THE CANADIAN PRESS/POOL, Tim Krochak
News AdjustersCatastrophesClaimsClimate ChangeCommercial LinesInsuranceMarkets / CoveragesRisk

Here’s what adjuster capacity is like for Canada’s wildfires

June 12, 2023 by Alyssa DiSabatino

Firefighters and other first responders have been stretched thin while battling an unprecedented wildfire season in Canada, and such may be the case for claims adjuster capacity as well. Across the industry, it’s a mixed bag of how quickly adjusters

Hacker attack and data breach
News ClaimsClaims CanadaInsuranceLegalMarkets / CoveragesTechnology

Nova Scotia identifies thousands of stolen records in global security breach  

June 12, 2023 Keith Doucette - THE CANADIAN PRESS

HALIFAX – Officials in Nova Scotia have identified thousands of files stolen in a global data breach affecting the personal information of at least 100,000 people in the province.   Cybersecurity and Digital Solutions Minister Colton LeBlanc said Friday that a

Reconstruction of a drainage ditch in the middle of a forest.
News ClaimsCommercial LinesLegal

Insurer loses $255,000 subrogation claim over modified excavator

June 9, 2023 by David Gambrill

AIG Insurance Company lost a $255,275 subrogation claim Tuesday on behalf of its insured, a forest management and logging company, because the insured could not prove a fire to an excavator it bought from Volvo didn’t start because of an

Wildfire smoke over Gatineau, Que.
News CatastrophesClaims CanadaInsuranceMarkets / CoveragesRestorationRisk

Feds looking to create national emergency response agency

June 9, 2023 Sarah Ritchie - THE CANADIAN PRESS

OTTAWA – The federal government is looking at creating some kind of national disaster response agency in the face of an unusually intense and destructive start to the wildfire season across the country. At the moment, federal departments including Emergency

Girl after shopping discovered the loss of her automobile. Angry woman talking about missing car on phone. Vehicle theft concept
News AssociationsClaimsInsuranceLegalLegislation / Regulation

Auto insurers pay out record amount for auto theft

June 8, 2023 by David Gambrill

Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in

Wildfires releasing CO2 emissions and other greenhouse gases
News CatastrophesClaimsClimate ChangeInsurance

More evacuations in Quebec as record breaking fires continue to burn

June 8, 2023 Sidhartha Banerjee and Jacob Serebrin

MONTREAL — Quebec’s wildfire season, which has forced thousands from their homes and left other communities on high alert, is the worst on record, officials said Wednesday. Premier Francois Legault told reporters in Quebec City that the areas in the