Topic
Risk
Can we predict where cyber claims might emerge?
July 4, 2023 Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
B.C. must urgently change forest strategies or face more wildfire disasters: report
June 30, 2023 Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia’s independent forests watchdog is calling for the provincial government to make critical changes to how it manages forests to reduce the risk of catastrophic wildfires. The report, released Thursday by the B.C. Forest Practices Board, says…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
Despite easing inflation, P&C insurers face challenges
June 27, 2023 Philip PoradoCanada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts…
Reserve uncertainty could sustain hard market: Swiss Re
June 26, 2023 by David GambrillOngoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing…
What’s changing the way commercial brokers view loss control?
June 26, 2023 David GambrillIt’s possible the pandemic, combined with the P&C industry’s ongoing hard market, may have permanently altered how insurers assess their risk appetites. And brokers wise to this shift have adjusted their approach to advising clients accordingly. Given that insurers are…
How commercial brokers have evolved into holistic risk advisors
June 20, 2023 David GambrillWith insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their…
How broker tech can reduce E&O exposure
June 16, 2023 Alyssa Di SabatinoA growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which…
Swiss Re Corporate Solutions names new head of Canada
June 13, 2023 by David GambrillSwiss Re Corporate Solutions has appointed James Gasco head of Canada for Swiss Re Corporate Solutions, effective Sept. 1, 2023. Gasco succeeds Adrian Hall, who moves to London to become Head UK, Ireland, South Africa, and EMEA Wholesale for Swiss…
How Pride Toronto got swept up in entertainment line’s hard market
June 13, 2023 by Alyssa DiSabatinoPride Toronto’s executive director says the organization has seen a 300% increase in its insurance premiums ahead of this month’s parade and festival programming. This trend of higher premiums for public events is not unique to Pride Toronto; organizers of large…
Here’s what adjuster capacity is like for Canada’s wildfires
June 12, 2023 by Alyssa DiSabatinoFirefighters and other first responders have been stretched thin while battling an unprecedented wildfire season in Canada, and such may be the case for claims adjuster capacity as well. Across the industry, it’s a mixed bag of how quickly adjusters…