Canadian Underwriter

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Why AI is keeping P&C regulators up at night

October 31, 2023 by Alyssa DiSabatino

Increasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory

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News AssociationsCatastrophesEarnings / RatingsInsuranceRisk

OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job

October 30, 2023 by David Gambrill

Canada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is

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News AnnouncementsInsuranceMergers and AqcuisitionsMGAsRisk

Accelerant scoops up Omega Insurance Holdings

October 27, 2023 by David Gambrill

Accelerant Holdings U.K. Ltd. has officially entered the Canadian property and casualty insurance market, closing the deal to acquire Omega Insurance Holdings Inc. from Till Capital Corporation. Accelerant will pay Till Capital approximately $13 million Cdn in exchange for all

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News ClaimsInsuranceReinsuranceRisk

What P&C execs predict for 2024 reinsurance rates

October 24, 2023 by David Gambrill

Canada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of

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News BrokersClaimsEarnings / RatingsInsuranceMarkets / CoveragesRisk

Why P&C execs predict 2024 will look similar to 2023

October 23, 2023 by David Gambrill

Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens

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News AssociationsInsuranceLegislation / RegulationRisk

Over-regulation, populism: P&C execs sound the alarm

October 20, 2023 by David Gambrill

Canada’s P&C insurance industry is tired of shouldering the weight of “over-regulation” and populist politics. To counter these influences, the industry needs to spin its own narrative, P&C insurance company executives told attendees at the Insurance Broker Association of Ontario’s

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News CatastrophesClaimsClimate ChangeInsuranceLegislation / RegulationRisk

NatCats increasingly a factor in why insurers fail

October 17, 2023 by David Gambrill

Add natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property

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News BrokersInsuranceMarkets / CoveragesRiskTechnology

How brokers can cash in on a $900-billion cyber opportunity

October 12, 2023 by David Gambrill

With the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property

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News ClaimsInsuranceRisk

Grand Theft Auto: P&C industry sounds the alarm

October 11, 2023 by David Gambrill

Auto theft costs in 2023 are projecting to break record levels established in 2022, P&C insurance professionals are warning. A recent survey by Équité Association shows auto theft in Ontario increased by 31% year-over-year in the first half of 2023.

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News ClaimsInsuranceReinsuranceRiskTechnology

Reinsurers examining alternative ways to insure cyber

October 6, 2023 by David Gambrill

Cyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for

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News InsuranceLegislation / RegulationRisk

Why us? P&C industry responds to new foreign interference rules

October 5, 2023 by David Gambrill

Just when you thought it was safe to return to underwriting property and casualty (P&C) insurance risk, OSFI has new marching orders from Parliament to provide guidance on foreign interference in financial institutions, prompting yet another round of consultations with

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News BrokersClaimsEmploymentInsuranceLegalRisk

Brokers: Is your client’s dog “friendly?”

September 25, 2023 by David Gambrill

When two dog owners pass each other while walking their dogs, it is common to hear one ask of the other’s dog, “Friendly?” Perhaps that’s what personal lines home insurance brokers should be asking their dog-owning clients, since lawsuits against