Canadian Underwriter

Topic
Markets / Coverages

Rubble and damage from Hurricane Fiona in Newfoundland
News AdjustersCatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesRestoration

What happened to the ‘quiet’ hurricane season?

September 30, 2022 by Jason Contant

Not long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida

Magnifying glass over a key on a laptop keyboard which has a law scale symbol on it
News BrokersClaimsInsuranceLegislation / RegulationMarkets / CoveragesProducts

Will Canada’s cyber reporting be harmonized?

September 30, 2022 by Alyssa DiSabatino

The Insurance Bureau of Canada would like to see a harmonization in Canada on cyber reporting, says Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “A lot of regulators around the world

Injured woman who is using her disability insurance benefits
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesProductsReinsurance

How to use captives to manage employee benefits risks

September 28, 2022 Mauricio Suarez

By recent counts, more than 7,000 captive insurance companies exist globally, used primarily by multinational companies to take control of various risks. And yet, fewer than 200 of them are used to write employee benefits (EB) risks. Which means less

Workers cleaning up devastation from Hurricane Fiona
News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

What claims adjusters are seeing from Fiona

September 28, 2022 by Jason Contant

Claims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial

Threads intertwining to represent mergers of eight companies
News AnnouncementsBrokersInsuranceMarkets / CoveragesMergers and AqcuisitionsMGAs

Which firm racked up 8 mergers over the summer?

September 28, 2022 Canadian Underwriter Staff

Brokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in

Cleaning up in Charlottetown after Fiona
News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

How much will Fiona cost Canadian P&C insurers?

September 27, 2022 by Jason Contant

Post-tropical storm Fiona could cost the Canadian property and casualty insurance industry between $300 million and $700 million, ratings agency DBRS Morningstar said in a commentary Tuesday. “Fiona will likely be one of the largest catastrophic events in history for

Auto accidents illustrate the need to avoid distracted driving
News BrokersClaimsInsuranceMarkets / Coverages

Texting while driving, and 4 other things that boost clients’ premiums

September 27, 2022 Canadian Underwriter Staff

Client sent a text while driving and got caught? A conviction for that infraction beyond the police fine can cost a driver a 70% premium hike when it’s time to renew, said a new study from RatesDotCa. The study was

Oilsands in Alberta
News Climate ChangeInsuranceMarkets / Coverages

Environment commitments not met by Canada’s oil and gas companies, new report shows  

September 26, 2022 Caitlin Yardley - THE CANADIAN PRESS 

Most of Canada’s oilsands producers have made little progress on their goal to decarbonize the sector despite historically high profits and low capital expenditures, a new report said.   A report from the Pembina Institute said little has been done by

Two cottages destroyed by Fiona in PEI
News ClaimsInsuranceMarkets / Coverages

Atlantic Canada assesses damage from post-tropical storm Fiona

September 26, 2022 by Jason Contant

Post-tropical storm Fiona swept through Atlantic Canada and eastern Quebec this weekend, knocking out power to hundreds of thousands of people, washing away homes and cottages, and causing widespread flooding and infrastructure damage. While the insured and economic damages associated

Percentage signs going up the stairs to represent climbing interest rates
News ClaimsCommercial LinesInsuranceMarkets / Coverages

How rising interest rates impact insurers’ investment decisions

September 23, 2022 Philip Porado

Recent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment

Old piece of machinery
News BrokersClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesRisk

Why insurers are rethinking coverage for older machinery

September 22, 2022 Alyssa DiSabatino

Aging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and

The increased costs of inflation on auto insurance
News ClaimsClaims CanadaInsuranceMarkets / CoveragesTechnology

Ontario auto: The impact of inflation on rate increases

September 22, 2022 by Jason Contant

Financial Services Regulatory Authority of Ontario’s (FSRA) recent approval of auto insurance rate increases for several insurers signals inflation may finally be making its way into the world of auto insurance prices, according to rate comparison site Ratesdotca. “Currently, FSRA