Canadian Underwriter

Percentage signs going up the stairs to represent climbing interest rates News ClaimsCommercial LinesInsuranceMarkets / Coverages

How rising interest rates impact insurers’ investment decisions

September 23, 2022 by Philip Porado

Recent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment…

A memorial for the fatal Humboldt Broncos bush crash in Saskatchewan News ClaimsInsuranceLegal

Appeal court removes injunction, allows Broncos bus crash lawsuit to proceed  

September 23, 2022 by The Canadian Press

REGINA – The Saskatchewan Court of Appeal has set aside a temporary injunction that halted a lawsuit filed by some parents of those who died in the Humboldt Broncos bus crash.   Sixteen people were killed and 13 were injured when…

Heavy rain in Halifax ahead of Hurricane Fiona's landfall News ClaimsClimate ChangeInsurance

Hurricane risk: What the future holds for Canada

September 23, 2022 by Jason Contant

Canada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel…

Old piece of machinery News BrokersClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesRisk

Why insurers are rethinking coverage for older machinery

September 22, 2022 by Alyssa DiSabatino

Aging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and…

The increased costs of inflation on auto insurance News ClaimsClaims CanadaInsuranceMarkets / CoveragesTechnology

Ontario auto: The impact of inflation on rate increases

September 22, 2022 by Jason Contant

Financial Services Regulatory Authority of Ontario’s (FSRA) recent approval of auto insurance rate increases for several insurers signals inflation may finally be making its way into the world of auto insurance prices, according to rate comparison site Ratesdotca. “Currently, FSRA…

Illustration of a cyber criminal standing above a laptop. Fishing hooks with envelopes, credit cards and passwords are being reeled in above him News BrokersClaimsInsuranceRiskTechnology

Who is putting your client’s company at risk for a cyber scam?

September 22, 2022 by Alyssa DiSabatino

Two-in-five employees surveyed (42%) said they’ve seen an increase in cyber scam attempts over the last year, yet only a third of surveyed employees (34%) reported their company provides mandatory cyber security awareness training, finds new research by the Insurance…

Coastal storm in Nova Scotia News ClaimsInsuranceMarkets / Coverages

Where and when Hurricane Fiona is projected to hit Canada

September 21, 2022 by Jason Contant

Environment Canada (EC) has issued a tropical cyclone warning for the Atlantic provinces and southern Quebec as Hurricane Fiona is expected to impact the region starting Thursday evening and continuing into weekend. “This storm is shaping up to be a…

BCGEU members on the picket line News ClaimsInsurance

Cannabis producer says B.C. strike, cyberattack could cause $3 million revenue loss

September 21, 2022 by Tara Deschamps - THE CANADIAN PRESS

Aurora Cannabis Inc. says it could take a revenue hit of up to $3 million because of a cyberattack that downed Ontario’s pot distributor and a strike that halted deliveries to B.C. marijuana stores. Glen Ibbott, the Edmonton-based cannabis company’s…

Model of a melting globe sitting on a shelf News BrokersClaimsClimate ChangeInsurance

Do’s and don’ts for dealing with global warming claims

September 21, 2022 by Alyssa DiSabatino

Insurers predict the frequency and sustainability of climate change-related litigation could soon become a significant issue. But there are ways for risk managers to pursue coverage effectively when their businesses are faced with climate-related claims, such as quantifying risk, working…

News BrokersCatastrophesClaimsClimate ChangeInsurance

Here’s how much western Canada’s summer storms cost the industry

September 20, 2022 by Alyssa DiSabatino

Six summer storms across western Canada in July and August will cost the industry approximately $900 million in insured damages — meaning the industry is almost halfway to last year’s total insured damages of $2 billion from these events alone.…

Fighting a wildfire in B.C. News ClaimsInsuranceMarkets / Coverages

B.C.’s largest wildfire remains out of control

September 19, 2022 by The Canadian Press

HUDSON’S HOPE, B.C. – An evacuation order for British Columbia’s largest wildfire has been rescinded, though the BC Wildfire Service says the blaze remains out of control. The Battleship Mountain wildfire in the Prince George Fire Centre is now estimated…

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It’s not always wise to base coverage solely on clients’ balance sheets

September 16, 2022 by David Gambrill

Less than one-quarter of Canadian businesses have trade credit insurance, which protects their receivables against buyer default and bankruptcies, but Intact Insurance predicts that market penetration is likely to change as the pace and size of interest rate hikes could…