Canadian Underwriter

Topic Business Interruption

Cargo airplane flying over container ship in the ocean.
News BrokersBusiness InterruptionCommercialEmerging RisksInsurersRisk Managers

Commercial insureds favour supply chain certainty over higher costs of goods

September 14, 2022 by David Gambrill

Commercial clients of the Canadian P&C industry are pragmatically accepting higher costs of goods to achieve more certainty around product and service delivery, one P&C industry executive observed. It’s a pragmatic response to a volatile world featuring war, a looming

Aerial view of a container ship passing beneath a suspension bridge. Semi truck with pink cargo container crosses above.
News Business InterruptionCommercialConstructionEmerging RisksInsurersRisk ManagersTrending

How de-globalization will generate $33 billion in commercial premiums

September 9, 2022 by David Gambrill

Countries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial

War clouds and recession lightening could mean problems for reinsurers
News Business InterruptionCatastrophesCommercialCyberInsurers

What war, sanctions, inflation and looming recession mean for reinsurance

September 8, 2022 by Philip Porado

Despite inflation, flagging consumer confidence and slowdowns in GDP globally, reinsurers have been experiencing a firming cycle that’s lasted 19 consecutive quarters, noted David Priebe, chairman of global risk and reinsurance specialist Guy Carpenter during a Sept. 7 briefing call.

Small business owner closing her store
News Business InterruptionCommercialHRLoss ControlOperations

Uptick in business bankruptcies just the tip of the iceberg: CFIB

August 19, 2022 by The Canadian Press

TORONTO – A small business lobby group says commercial bankruptcies are rising in Canada and even more small businesses are at risk of closure. Data from the Office of the Superintendent of Bankruptcy Canada shows small business insolvencies have been

A person wearing goggles and controlling a drone in the sky
News Business InterruptionClaimsCommercialEmerging RisksInsurersLoss ControlTechnology

How tech is helping insurers mitigate equipment breakdown losses

August 17, 2022 by Alyssa DiSabatino

The use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that

High cost of housing repairs are fueling rising insurance claims costs
News Business InterruptionClaimsClaims ProfessionalsClaims TechnologyCommercialCommercial AutoConstructionEmerging RisksInsurersLoss ControlLoss TrendsPersonal AutoPersonal Home

Deloitte report: How microeconomic factors will impact claims costs

August 17, 2022 by Philip Porado

Yes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its

Man at gas pump can't bear to look at the price he'll pay to refuel.
News Business InterruptionClaimsCommercialCommercial AutoConstructionInsurersPersonal AutoPersonal HomeProperty

As inflation and supply chain concerns ease, will insurers adjust pricing?  

August 16, 2022 by Philip Porado

Supply chain issues driving inflation since early in the COVID-19 pandemic remain a concern, although emerging signs suggest some trends impacting global goods pricing are starting to abate. “We’ve seen some easing of the supply chain challenges,” said Colette Taylor,

Small business closed due to COVID-19
News Business InterruptionClaimsCommercialConstructionInsurersLoss TrendsPropertySupply Chain

Why the pandemic hit these Canadian sectors particularly hard

August 16, 2022 by Jason Contant

Hospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of

Taiwan military conducting live-fire drills
News Business InterruptionEmerging RisksLoss ControlLoss TrendsSupply ChainTrending

How China-Taiwan tensions are affecting Canada’s supply chain

August 15, 2022 by Jason Contant

Although there has been some easing in supply chain issues around the world, other disruptions are coming into play, a marine expert from Allianz Global Corporate & Specialty (AGCS) told Canadian Underwriter in an interview. One major disruption is escalating

Construction hoarding and danger sign to keep people off a building site
News Business InterruptionClaimsCommercialConstructionEmerging RisksLiabilityPropertyRisk Managers

Why the basics count in construction loss prevention

August 9, 2022 by Philip Porado

Inflated materials costs, and a need for brokers and insurers to see to it that valuations for commercial structures closely track replacement costs, are frequently mentioned in conversations about risks for the building sector these days. But site safety is

Digital fingerprint
News Business InterruptionClaimsCyberEmerging RisksLiabilityLoss ControlLoss TrendsRisk ManagersTechnology

Can multi-factor authentication beat smarter cybercriminals?

July 26, 2022 by Jason Contant

Multi-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,

Blazing summer sun during a heat wave
News Business InterruptionClaimsCommercialEmerging RisksEnvironmentalInsurers

What Europe’s record heat means for insurers

July 22, 2022 by Philip Porado

Insurers covering businesses that depend on goods or industrial inputs from Europe should keep an eye on potential loss scenarios emerging from the continent’s crippling heat wave. “High temperatures harmed tarmacs of motorways in Great Britain and Germany in the