Topic
Claims
Can we predict where cyber claims might emerge?
July 4, 2023 Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
Fierce blaze damages several businesses, forces evacuation in B.C. city
July 4, 2023 The Canadian PressVERNON, B.C. – A restaurant, boutique, salon and costume shop are among the businesses believed to have been destroyed in an early morning fire in downtown Vernon, B.C. Flames broke out in the commercial building at about 2:30 a.m., blanketing…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
B.C. must urgently change forest strategies or face more wildfire disasters: report
June 30, 2023 Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia’s independent forests watchdog is calling for the provincial government to make critical changes to how it manages forests to reduce the risk of catastrophic wildfires. The report, released Thursday by the B.C. Forest Practices Board, says…
Brokers, not insurers, advise clients of valuation changes
June 29, 2023 by David GambrillAn insurer does not displace the role of the broker if the insurer conducts its own independent replacement cost valuation (RCV) and comes up with a different number than the broker submits, the Ontario Superior Court confirmed Tuesday. It remains…
Who’s at fault when AI’s driving a cargo ship?
June 29, 2023 Philip PoradoIt’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.…
Home-sharing app specifically for insurance to go national
June 28, 2023 by David GambrillTens of thousands of Canadians have been forced to evacuate because of an active wildfire season, and a new home-sharing digital platform dedicated to insurance is expanding nationally to help adjusters find temporary accommodations for insureds whose homes have been…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
Suncor cyberattack likely to cost company millions of dollars, expert says
June 28, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – The systems breach at Suncor Energy Inc. will likely cost the company millions of dollars before it is able to resolve the issue, according to a cybersecurity expert. Jon Ferguson, general manager of cybersecurity at the Canadian Internet…
Rain helps firefighters’ efforts in Quebec, but not enough to extinguish flames
June 27, 2023 The Canadian PressMONTREAL – This week’s rainfall likely won’t be enough to extinguish the wildfires in northern Quebec, but the wet weather could give firefighters a chance to get ahead of the flames, officials said Tuesday. Quebec’s forest fire prevention agency –…
Suncor Energy suffers cybersecurity incident
June 26, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Canadian oil company Suncor Energy Inc. has confirmed it has been the victim of a cyberattack. The Calgary-based energy giant said in a news release late Sunday that it has “experienced a cyber-security incident.” Suncor provided no further…
Reserve uncertainty could sustain hard market: Swiss Re
June 26, 2023 by David GambrillOngoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing…