Topic
Insurance
Cyber claims increasing, despite underwriting refinement
April 26, 2024 by Alyssa DiSabatinoUnderwriters have tightened their underwriting controls to better price for cyber risk from its 2021 high, but claims frequency in 2023 has nevertheless increased 13% since the previous year, cyber insurer Coalition reports. Claims severity across the board also increased…
How brokerage owners want to pass on their businesses
April 26, 2024 Philip PoradoWhere would you like to leave things? It’s a critical question for Canada’s property and casualty (P&C) brokers, especially given the seniority of brokers represented in Canadian Underwriter’s 2024 annual National Broker Survey. More than 200 brokers nationwide shared views…
Minister seeking ways to end benzene exposure from chemical plant
April 26, 2024 Mia Rabson – The Canadian PressEnvironment Minister Steven Guilbeault is looking for options to protect a southern Ontario First Nation from repeated exposure to benzene from a nearby chemical plant, as the plant issues a new warning about air pollution. Leaders from Aamjiwnaang First Nation…
Is Fort McMurray still insurable?
April 26, 2024 by Jason ContantEditor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total…
Does Alberta’s auto insurance rate cap reward bad drivers?
April 25, 2024 David GambrillAlberta’s new 3.7% cap on auto insurance rate increases for good drivers may wind up hurting the province’s well-mannered motorists more than it helps them, industry sources tell Canadian Underwriter. “Your carrier probably wants to reward you for [being a…
Shariah-compliant insurance product launched in Canada
April 25, 2024 by Alyssa DiSabatinoChes Special Risk has launched Canada’s first Shariah-compliant insurance product under the name Ethical Insurance. The product conducts insurance transactions based on principles of Islamic finance — also known as Takaful — and excludes investments or coverage of industries that…
Fire bans announced in B.C. and Alberta as more than 170 wildfires burn
April 25, 2024 The Canadian PressTactical evacuations have started in northeastern British Columbia as wildfires tear through the area. An update from the B.C. Wildfire Service Wednesday night said efforts are focused on protecting public life and safety in the Peace River Regional District and…
Jeffrey Stenberg Joins SRD in the USA as an Executive General Adjuster
April 25, 2024 SCM Insurance ServicesTORONTO, ON, APRIL 25, 2024/insPRESS/ – ClaimsPro today announced Jeffrey Stenberg will join its Specialty Risk Division (SRD) as an Executive General Adjuster in the United States. ClaimsPro’s SRD is Canada’s largest team of commercial loss professionals, and Jeff’s appointment…
Manitoba government plans to lift ban on homegrown recreational cannabis
April 24, 2024 Steve Lambert – The Canadian PressThe Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. “We’re just allowing Manitobans to have the same rights that people in…
Which IFRS 17 combined ratio should you use?
April 24, 2024 by Jason ContantWhile a new key performance indicator (KPI) under IFRS 17 was intended to replicate the well-known combined ratio, this equivalence might not hold true in practice when all components and complexities of a real profit and loss statement (P&L) are…
How clients’ auto data is being breached by thieves, hackers
April 24, 2024 by Alyssa DiSabatinoYour clients’ cars store a lot of their personal data — from biometrics to driving habits, phone contacts, and more — and that can expose them to cyber-attacks. Modern cars use sensors and connected technology to make driving easier, safer…
Brokers tell us their Number 1 challenge for 2024
April 24, 2024 David GambrillFixing the labour shortage plaguing Canada’s P&C insurance industry is officially Job 1 for the broker channel, Canadian Underwriter’s 2024 National Broker Survey shows. Failing to do that, survey respondents say, puts brokerages at risk of sustaining collateral damage in…