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News BrokersClaimsClaims CanadaCommercial LinesInsuranceMarkets / Coverages

Two welcome commercial premium trends, post-pandemic

November 25, 2022 by Jason Contant

Gallagher in Canada is seeing some interesting premium trends in liability and commercial auto lines, now that pandemic restrictions are virtually non-existent.  Businesses such as restaurants were shuttered or faced restrictions throughout the peak parts of the pandemic, meaning that

Oil and gas drilling rig
News ConstructionInsuranceMarkets / Coverages

Oil and gas drilling sector expects activity to pick up in 2023

November 25, 2022 Amanda Stephenson - THE CANADIAN PRESS

CALGARY – The organization representing Canada’s oil and gas drilling sector says it expects more activity in 2023, even as it continues to push the federal government for a new tax credit it says it needs to help the energy

Intellectual property concepts
News ClaimsCommercial LinesInsuranceLegalMarkets / CoveragesMGAsProducts

Why your SME client needs intellectual property ‘pursuit’ coverage

November 24, 2022 by Jason Contant

Your small and medium-sized enterprise (SME) clients need to consider intellectual property (IP) ‘pursuit’ coverage to allow them to take on large corporations to protect their products and market share, a specialist insurance provider told Canadian Underwriter. A business’s ability

Laptop with ransomware attack
News Commercial LinesInsuranceMarkets / CoveragesTechnology

Ontario union victim of ransomware attack, notifies members of personal data compromised

November 24, 2022 The Canadian Press

TORONTO – The union representing public high school teachers in Ontario says it was the victim of a ransomware attack earlier this year that compromised members’ personal information. The Ontario Secondary School Teachers’ Federation says it discovered in late May

Hurricane Ian
News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

What reinsurance renewals could look like on Jan. 1

November 23, 2022 by David Gambrill

Global reinsurers are expected to raise property catastrophe rates “by well over 10%” in exposed areas during January 2023 renewals, a Fitch Ratings report stated. “We expect double-digit percentage premium rate rises for property catastrophe cover in 2023 driven by

A man sits at a computer desk with a notepad in hand. Another man, both in business clothes, is leaning over his shoulder and pointing at the notepad.
News BrokersInsuranceMarkets / CoveragesMergers and AqcuisitionsProfessional Development

Why being a good broker alone won’t cut it for ownership

November 23, 2022 by Alyssa DiSabatino

Want to own your own brokerage? Get familiar with the business side of things first, said a P&C financial advisor in a Canadian Underwriter LinkedIn Live panel discussion. “When I think about what makes a successful brokerage owner, most brokerage

Concept of inflation and economics
News ClaimsClaims CanadaEarnings / RatingsInsuranceMarkets / Coverages

How claims inflation is affecting Definity’s auto, property lines

November 22, 2022 by Jason Contant

Claims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to

sea coast houses bracing for a hurricane
News AdjustersBrokersCatastrophesClaimsClaims CanadaClimate ChangeConstructionInsuranceMarkets / CoveragesReinsuranceRestorationRisk

How hurricane losses will impact pricing and capacity

November 21, 2022 Philip Porado

Watch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”

A man wearing a blue shirt sits with a laptop on his lap. On the screen is a padlock icon.
News BrokersCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

Cyber insurers’ appetites are shifting. Here’s what to expect…

November 21, 2022 by Alyssa DiSabatino

Canada’s ongoing hard market in cyber has seen most insurers capping their coverage at somewhere between $3-million and $5-million, experts observed in a Gallagher Talks session.   “We’re seeing exclusions for known [software] vulnerabilities [and] capacity restrictions as well,” said

Many hands putting together a jigsaw puzzle
News BrokersCatastrophesClimate ChangeCommercial LinesConstructionInsuranceMarkets / CoveragesMGAsReinsurance

Covering larger risks? Why subscriptions may be the way of the future

November 18, 2022 Philip Porado

As claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George

Rollercoaster of interest rates and inflation
News Earnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesRisk

How OSFI expects insurers to react to market volatility

November 18, 2022 by Jason Contant

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

Smoke from the factory chimney
News InsuranceMarkets / Coverages

Canada won’t back call to ‘phase down’ oil and gas production

November 18, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Canada won’t agree to add language calling for the phaseout of all fossil fuels – including oil and gas – to the final agreement at this year’s United Nations climate talks in Egypt, Environment Minister Steven Guilbeault said