Canadian Underwriter

Markets / Coverages

Toy auto mobile on top of a stack of note books and beside a spilled jar of coins
News ClaimsInsuranceMarkets / Coverages

How Intact plans to approach auto pricing in 2024

February 21, 2024 by David Gambrill

Intact delivered a combined ratio of 94.7% in its auto insurance business in 2023, and the company expects to post a similar auto result in 2024 as well, Intact Financial Corporation CEO Charles Brindamour said today in a virtual fireside

Arrows pointing up symbolizing growth
News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

PE-driven M&A is slowing, despite record deals in 2023

February 20, 2024 by Alyssa DiSabatino

Despite some consolidators slowing their pace — namely, private equity firms — Canadian insurance brokerage M&A reached a record level of deals in 2023. There were 108 publicly announced deals last year, Smythe LLP, a P&C insurance advisory and consulting

Concept of decreasing inflation
News InsuranceMarkets / Coverages

‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9% in January

February 20, 2024 Nojoud Al Mallees – The Canadian Press

OTTAWA – Canada’s inflation rate fell more than expected last month as price growth moderated across the economy, including outright price declines for gasoline, airfares and clothing. Statistics Canada reported Tuesday the annual inflation rate tumbled to 2.9 per cent

COVID-19 hacker
News ClaimsClaims CanadaEmploymentInsuranceMarkets / CoveragesTechnology

Inadequate security led to breach that compromised Canadians’ info: watchdog

February 16, 2024 Jim Bronskill – The Canadian Press

OTTAWA – Government departments lacked adequate protections to fend off a “sophisticated and co-ordinated” cyberattack that compromised the sensitive information of tens of thousands of Canadians, the federal privacy watchdog has found. In a report tabled Thursday, privacy commissioner Philippe

Cutting Canadian dollars to represent price cuts
News BrokersInsuranceMarkets / Coverages

Why D&O price cuts may not be justified

February 15, 2024 David Gambrill

Softer market conditions reported in some professional liability lines are premature and unjustified, a global reinsurer told September’s National Insurance Conference of Canada (NICC) in Montreal. The NICC reinsurance panel followed a presentation on the global economy by Swiss Re’s

Electronic filing cabinet concept
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

Toronto cyberattacks show public bodies need to boost security, experts say

February 14, 2024 Maan Alhmidi – The Canadian Press

As the Toronto Public Library gradually works to restore full service following a crippling October cyberattack, experts are warning that public organizations need to find ways to bolster their ransomware defences, despite having limited resources. A few months after the

Flooded homes following torrential rainfall
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

Are your clients adding water endorsements to home policies?

February 14, 2024 by Jason Contant

An increasing number of your clients are expressing interest in water endorsements on home insurance policies, according to data from rate aggregator’s home insurance quoter. The rate comparison website found 36% of all home insurance quotes on the tool

Building demolished by an earthquake, Christchurch, New Zealand
News BrokersClaimsCommercial LinesInsuranceMarkets / Coverages

The post-pandemic broker E&O trend, and how to prevent it

February 13, 2024 by Alyssa DiSabatino

Many clients’ commercial property limits aren’t being adjusted for inflation, and that’s unduly exposing brokers to errors and omissions (E&O) claims, one commercial litigation lawyer observed.  Inflationary increases are typically applied to all building values upon renewal. The problem is,

Data analytics
News Commercial LinesInsuranceMarkets / CoveragesReinsuranceRiskTechnology

Why you need to know the limits of your underwriting models

February 13, 2024 by Jason Contant

Vendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data

Ice fishing huts in Quebec
News Climate ChangeInsuranceMarkets / Coverages

Warm weather forces city in Quebec to cancel ice-fishing villages for first time

February 13, 2024 The Canadian Press

SAGUENAY, QUE. – There will be no colourful ice-fishing huts dotting the frozen water near Saguenay, Que., this year after mild winter weather forced authorities to cancel the popular tradition for the first time. The municipality about 200 kilometres north

Business acquisition sealed with a handshake
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesMergers and AqcuisitionsProfessional Development

Hub’s latest Ontario brokerage acquisition

February 12, 2024 by Jason Contant

Hub International Ltd. has enhanced its personal, commercial and employee benefits services with the acquisition of Ontario brokerage Mitchell Sandham. Located in Oakville, Ont., Mitchell Sandham is one of the oldest and largest independently owned insurance brokerages in the Greater

Wildfire in Halifax
News CatastrophesClaimsInsuranceMarkets / CoveragesProductsRisk

Should the industry incentivize wildfire mitigation?

February 8, 2024 by Alyssa DiSabatino

For the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live?  Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire