Canadian Underwriter

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Risk

Sports Photographer in an empty stadium
News ClaimsInsuranceLegalRisk

Sports insurers urged to consider video review

February 22, 2024 by David Gambrill

A legal firm urges sports insurers to require their sports association clients to install cameras to record the action, following the B.C. Court of Appeal’s January 2024 decision in Cox v. Miller. In Cox v Miller, the court found Karl

Macro photo of tooth wheels with COMPLIANCE, REGULATIONS, STANDARDS, POLICIES and RULES words imprinted on metal surface
News AnnouncementsInsuranceLegislation / RegulationRisk

FSRA’s first non-auto P&C supervision plan to include review of MGAs

February 22, 2024 by Alyssa DiSabatino

Ontario’s insurance regulator is launching a review of P&C insurers’ managing general agent (MGA) outsourcing practices as part of its first non-auto P&C supervisory plan.  “Given the risks and oversight concerns involved, insurer outsourcing to P&C MGAs is a priority

Air Canada Boeing 777 taking off from Vancouver International Airport during sunset. Date: Feb 11, 2022
News BrokersInsuranceLegalRiskTechnology

Air Canada chatbot error shows liability implications of AI

February 21, 2024 by Alyssa DiSabatino

Air Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute.   The decision is a cautionary tale for why clients need to be sure their AI chatbots

Fraser River in British Columbia
News ClaimsClaims CanadaInsuranceRisk

How insurers can help manage flood risk in Indigenous communities

February 20, 2024 by Jason Contant

Insurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to

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

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceRisk

Alberta to add firefighters for expected busy wildfire season: minister

February 9, 2024 Bob Weber – The Canadian Press

Alberta will field more firefighters, more volunteers and more high-tech gear as it braces for what it expects will be another busy wildfire season, the province’s forestry minister said Thursday. And as the province faces a summer of possibly severe

Emergency warning alert on a smartphone
News CatastrophesClaimsClaims CanadaInsuranceReinsuranceRisk

When the national earthquake early warning system goes live

February 8, 2024 by Jason Contant

Canada’s national earthquake early warning system is expected to go live in British Columbia in April followed by Ontario and Quebec this fall, a program manager for the federal government told delegates at CatIQ Connect Wednesday. The system works by

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

Car thief with flashlight
News ClaimsClaims CanadaInsuranceRiskTechnology

Feds devote $28M to beef up fight against stolen car exports

February 8, 2024 The Canadian Press

OTTAWA – The federal government is earmarking $28 million in new money to help fight the export of stolen vehicles. The Liberal government said Wednesday the money will give the Canada Border Services Agency more capacity to detect and search

Hacker spy your data file
News LegalLegislation / RegulationRisk

What the new ‘foreign interference’ guidelines mean for insurers

February 6, 2024 by David Gambrill

Managing third-party risk and conducting thorough background checks are among several regulatory guidelines for banks and insurers looking to protect themselves against ‘foreign interference,’ as outlined in the Integrity and Security Guideline released by Canada’s solvency regulator last week. The

City taxi at night
News BrokersClaimsInsuranceMarkets / CoveragesRisk

How one brokerage is making good risks out of its urban taxi clients

January 31, 2024 by Alyssa DiSabatino

With its taxi clients left in the lurch from insurer market withdrawals, one regional brokerage ventured to improve taxi fleet safety. After conducting research and leveraging data, CMB Insurance Brokers developed a loss program using telematics to ensure its clients

Squamish River in British Columbia
News Climate ChangeInsuranceRisk

Flood, avalanche risks remain elevated throughout B.C.’s South Coast

January 30, 2024 The Canadian Press

The flood and avalanche risks remain elevated throughout British Columbia’s South Coast, where atmospheric rivers continue to bring heavy rains along with unseasonably warm temperatures. B.C.’s River Forecast Centre is maintaining a flood warning for the Squamish River, saying flows