Canadian Underwriter

An uneven stretch of road near Quesnel, B.C. News ClaimsClaims CanadaInsurance

Logging, forest loss may have awakened ancient B.C. landslides, at cost of about $1B 

March 24, 2023 by Brenna Owen - THE CANADIAN PRESS

A series of ancient landslides have been “reawakened” in British Columbia’s Cariboo region, costing hundreds of millions in federal disaster assistance funds and prompting warnings that logging is connected to the problem.   The slides and flooding in spring of…

Inflation is getting away from us News ClaimsInsuranceRisk

How insurers can respond to interest rate hikes and market volatility

March 24, 2023 by Philip Porado

How might high inflation, rising interest rates, and current volatility in stock and bond markets impact future P&C insurance pricing? It’s too early to tell. For insurers, the current environment requires consistent monitoring of profitability and portfolio performance, said Fiona…

Two people riding on an ATV through the snow News ClaimsInsuranceLegal

ATV roll-over decision could help insureds who are denied coverage

March 23, 2023 by Philip Porado

Recent granting of a plaintiff’s motion for summary judgement against an insurer in an all-terrain vehicle (ATV) overturn accident may make it easier for auto insurance policyholders to access their coverage. Ultimately, the decision may be of future benefit to…

Alberta Premier Danielle Smith at a press conference in February. News ClaimsClaims CanadaInsuranceMarkets / CoveragesRisk

Alberta premier says changes coming to ensure prompt reporting of oilsands spills

March 22, 2023 by Dean Bennett - THE CANADIAN PRESS

EDMONTON – Premier Danielle Smith says laggardly public notification of Imperial Oil oilsands wastewater spills has illuminated the need for Alberta to ensure future alarms are sounded quicker. Smith says her government is working with the province’s oilsands regulator to…

World map with natural disaster icons News CatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsuranceRestoration

Will the multi-billion-dollar Cat loss trend continue indefinitely?

March 22, 2023 by Jason Contant

Global insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend…

Excavator working at garbage dump. News ClaimsCommercial LinesConstructionInsuranceLegal

Court sides with Trisura in $475K construction bond case

March 22, 2023 by David Gambrill

Trisura has successfully defended a $475,000-plus claim against it after a B.C. court found a construction subcontractor couldn’t prove it had a formal contract with the principal contractor named in Trisura’s labour and materials (L&M) payment bond. “I…do not accept…

Driving on a foggy highway News ClaimsClaims CanadaInsuranceMarkets / Coverages

Insurer reveals Top 5 auto fraud claims of 2022

March 21, 2023 by Jason Contant

Some claims show obvious elements of fraud but others go above and beyond. Such was the case with Saskatchewan Government Insurance’s (SGI) Top 5 “eyebrow-raising” attempted auto insurance frauds from 2022. SGI released last week their Top 5 list of…

Soccer field center and ball in top view. News BrokersClaimsClaims CanadaInsurance

Want lower liability exposure for athletes? Don’t play sports in B.C.

March 21, 2023 by Alyssa DiSabatino

A recent Supreme Court of British Columbia case points to the difference between the standard of care for sports negligence claims in B.C. compared to the rest of Canada.   In Miller v. Cox, the court found that a recreational soccer…

Dollar vanishing to represent loss ratios. News BrokersClaimsCommercial LinesInsurance

Can cyber coverage recover from past high loss ratios?

March 20, 2023 by Jason Contant

The Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…

Snow covered carport that has collapsed on top of, and caused damage to two vehicles News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceRisk

Claims to expect in Canada after a rough winter in March

March 17, 2023 by Alyssa DiSabatino

Parts of Canada have been hit with several major snowstorms in succession this winter, and while none of the severe storms individually will likely be declared catastrophes (i.e. resulting in more than $30 million of insured damage), they may be…

Metaverse Cyberpunk Style City With Robots Walking On Street, Neon Lighting On Building Exteriors, Flying Cars And Drones News ClaimsCommercial LinesInsuranceLegalRisk

Insurers urged to prepare for ‘metaverse’ liability

March 17, 2023 by David Gambrill

Most insurers are concerned about existing digital liability risks, but in as few as three years, they may be confronting commercial liability risks associated with immersive virtual environments known as the ‘metaverse,’ a Geneva Association (GA) survey of liability insurance…

Computer screen overtaken by a cybercriminal News BrokersClaimsCommercial LinesInsuranceRiskTechnology

How to make a profit on cyber coverage

March 16, 2023 by Jason Contant

How does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…