Canadian Underwriter

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Risk


Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News BrokersCatastrophesClaimsClimate ChangeCommercial LinesInsuranceRisk

Ten per cent of country’s insured losses in Alberta alone

January 12, 2024 by Alyssa DiSabatino

For all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  That’s nearly 10% of all insured losses across

Flood on a street in Nova Scotia
News BrokersCatastrophesClaimsClimate ChangeCommercial LinesInsuranceMarkets / CoveragesRisk

What’s at risk if the national flood insurance program stalls

January 10, 2024 by Alyssa DiSabatino

Insurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter.   The

Digital transformation, AI and quantum computing
News InsuranceLegislation / RegulationRiskTechnology

Regulator seeks industry feedback on AI, quantum computing

January 5, 2024 by Jason Contant

Canada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer

female hand lighting red candle on christmas tree at christmas eve
News AdjustersClaimsInsuranceRisk

Holly, jolly claims follies

December 18, 2023 by David Gambrill

It wouldn’t be the holiday season without someone trying to ignite their house by attaching burning candles to the Christmas tree. An internet search for “crazy Christmas claims” finds insurance broker websites rife with holiday-related claims in the neighbourhood of

Two employees have a discussion on career possibilities
News Commercial LinesInsuranceLegalLegislation / RegulationRisk

The down low on D&O risk in 2024

December 18, 2023 by Alyssa DiSabatino

Clients will benefit from competitive market pricing for directors and officers (D&O) insurance in 2024, but can expect underwriting discipline to return, says Allianz Commercial’s D&O insurance report.  Of particular concern is inadequate responses by company directors and officers to

Earthquake impact wave and seismic activity
News InsuranceRisk

Earthquakes Canada receives hundreds of reports in B.C. after 4.9 magnitude quake

December 18, 2023 The Canadian Press

VICTORIA – Earthquakes Canada says a 4.9 magnitude earthquake was recorded Sunday afternoon and public reports poured in from hundreds of kilometres away from the event’s epicentre. John Cassidy, a seismologist with Natural Resources Canada, says people over a “very

House For Rent Sign - Metallic Meter
News InsuranceLegalLegislation / RegulationRisk

What the short-term rental crackdown means for home insurance

December 15, 2023 by David Gambrill

With the federal government cracking down on short-term rentals, property and casualty insurance providers are urging clients who rent their properties short-term to contact them to verify whether or not they are covered for property damage or liability for third-party

Tesla is recalling at least 193,000 cars in Canada to fix a defective Autopilot function.
News InsuranceMarkets / CoveragesRiskTechnology

Transport Canada says Tesla recall will affect roughly 193,000 cars in Canada

December 14, 2023 The Canadian Press

OTTAWA – Tesla’s recall over its autopilot function will affect about 193,000 vehicles in Canada. Transport Canada says Tesla will provide an over-the-air software update to fix the advanced driver assistance features. Transport Canada says the recall will be added

Chat with AI
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

4 ways ChatGPT could worsen cyber risk

December 14, 2023 by Jason Contant

Language models like ChatGPT could be used by bad actors to re-write software code and better prepare phishing emails, a cyber specialist warned recently.  The state-of-the-art language generation model is capable of understanding and generating human-like text based on a

High angle view of female agent standing with prospective buyer in lobby of modern office building and pointing to windows surrounding second floor.
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

How Cat modelling can help your real estate clients

December 8, 2023 by David Gambrill

With so many NatCats affecting the real estate property insurance sector, catastrophe (Cat) modelling is becoming a fixture for clients seeking coverage in a tightening market, a Hub International report states. “Catastrophe (CAT) modeling is…becoming essential in real estate resiliency,”

Seismograph Recording an Earthquake Activity on Grid Paper
News CatastrophesClaimsEarnings / RatingsInsuranceRisk

Where the feds stand with an earthquake backstop

December 7, 2023 by David Gambrill

Canada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there

Close up of Canadian banknotes
News Professional DevelopmentRisk

What Canadian risk managers earned in 2023

December 7, 2023 by Alyssa DiSabatino

Canadian risk managers earned a median annual base salary of $122,000, according to a recent Risk Management Society (RIMS) survey. This accounts for a 1.6% increase from $120,000 in 2021, when RIMS last conducted this survey.  However, the salary for Canadian