Canadian Underwriter

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Risk

Man standing in water with an umbrella and dark clouds overhead
News CatastrophesClaimsInsuranceMarkets / CoveragesRisk

Which insured perils are of most concern to your clients?

December 5, 2022 by David Gambrill

Winter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe

raindrops falling on the street
News BrokersClaimsClimate ChangeInsuranceMarkets / CoveragesRisk

Flood policy education: What brokers are up against

November 30, 2022 by David Gambrill

Half of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water

Discussing cyber insurance while using a laptop
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

Is cyber insurance underwriting headed in the right direction?

November 29, 2022 by Jason Contant

New exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security

snow plough hitting a snow drift
News ClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

Insurance forecast for snow plough operators this season

November 25, 2022 by David Gambrill

Hard market conditions in slow plough insurance are continuing to blow through, if Aviva Canada’s latest rate filing with Nova Scotia’s insurance regulator is any indication. Nova Scotia’s Utility and Review Board approved Aviva’s refinement of its rate surcharge for

A lake in the shape of the world's continents in the middle of untouched nature.
News CatastrophesClimate ChangeInsuranceRisk

How the P&C industry responded to Canada’s National Adaptation Strategy

November 24, 2022 by David Gambrill

Canada announced today a total of $1.6 billion in new federal funding to help communities adapt to climate change by building infrastructure more resilient to natural disasters. The investment is part of the federal government’s new National Adaptation Strategy: Building

Covid-19 virus image
News AdjustersClaimsCommercial LinesConstructionEmploymentInsuranceRisk

Does an immuno-compromised adjuster have to return to field work?

November 23, 2022 The CIP Society, Insurance Institute of Canada

For almost three years, there’s been confusion around COVID-19 protocols. It’s made it hard for people to get on with their daily lives. An example of how these stresses burden our industry is illustrated in a dilemma faced by a

Aerial view of harbour in Hamilton, Ont.
News ClaimsEngineeringInsuranceRisk

Hamilton, Ont. mayor calls for investigation after sewer leak went undetected for 26 years

November 23, 2022 The Canadian Press

Hamilton Mayor Andrea Horwath is calling for an investigation after city staff discovered a pipe has been dumping sewage into the local harbour undetected for 26 years. Horwath says she has asked the city auditor to be brought in after

A giant fireball is seen as a wild fire rips through the forest 16 km south of Fort McMurray, Alberta on highway 63 on May 7, 2016. THE CANADIAN PRESS/Jonathan Hayward
News CatastrophesClaimsInsuranceProductsRiskTechnology

Why insurers should invest in genetically modified trees

November 22, 2022 by David Gambrill

Insurance companies should consider investing in genetically-modified, slow-burning trees to mitigate wildfire damage, according to a first-prize pitch at the WinterHack 2022: Design Thinking Ideathon. “We will be taking advantage of state-of-the-art biotechnology and building upon it to create a

Coastal flooding remains a concern for eastern Canada
News CatastrophesClimate ChangeRisk

Climate Changed: Rising oceans, storm surges ‘disaster in slow motion’ for coasts

November 22, 2022 Hina Alam - THE CANADIAN PRESS

Tides are rising, sands are shifting and coastlines are crumbling. As studies warn of rising seas and accelerated erosion resulting from climate change, coastal communities in Canada are wondering what the future holds. “Living on the coast is part of

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

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)