Topic
Claims
Have auto premiums, loss ratios returned to pre-pandemic levels?
June 28, 2022 Philip PoradoAt least one major Canadian insurer has seen driving patterns return to pre-pandemic levels last seen in late 2019 and early 2020. Aviva closely monitors both the amount of driving and its claims frequency, said Phil Gibson, executive vice president…
Will rocketing consumer prices spark social inflation?
June 24, 2022 Philip PoradoWhile consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would…
Water damage dispute: Why the court wouldn’t end three-year dispute resolution
June 22, 2022 by David GambrillB.C.’s Supreme Court has denied a claimant’s attempt to bail out of two mandatory dispute resolution hearings with multiple insurers in a three-year dispute over the value of water damage in her strata unit. “The plaintiff is understandably frustrated by…
Will the oil shock slow auto insurers’ post-pandemic loss ratios?
June 21, 2022 by David GambrillInsurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have…
How the industry is addressing service level challenges
June 20, 2022 by Alyssa DiSabatinoConsumer behaviour, supply chain issues and staffing shortages are among the reasons why service levels have been challenged in recent months, but revamping outdated technology and insourcing claims may help ease the backlog, say industry executives. Processing claims in-house helps…
Sewer back-up or overland flood? Is a sun deck “within” a dwelling?
June 17, 2022 by David GambrillA sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual…
How to help your clients prepare for civil unrest
June 16, 2022 Philip PoradoStrikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a…
How do you insure artificial intelligence?
June 15, 2022 Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…
How your large business clients can manage cyber risks they can’t see
June 14, 2022 by David GambrillIn the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…
Travel selfie spike could prove stressful for contents insurers
June 13, 2022 Canadian Underwriter StaffSocial media savvy Canadians may find their tendency to post vacation selfies resulting in the wrong kind of house cleaning. With COVID-19 restrictions easing, summer is once again travel time and 62% of Canadians who are active on social media…
How to help your commercial clients align coverages with rising insured values
June 10, 2022 Philip PoradoSteep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…