Canadian Underwriter

Topic Supply Chain

Economic uncertainty
News Business InterruptionCommercialConstructionEmerging RisksEnvironmentalInsurersSupply Chain

Aviva reveals Number 1 risk facing Canadian businesses

May 3, 2023 by Jason Contant

Economic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very

Cargo containers at a port in Vancouver
News B.C.CommercialInsurersSupply ChainTrending

Vancouver port traffic dips in 2022, hinting at economic slowdown to come

May 3, 2023 by Christopher Reynolds - THE CANADIAN PRESS

MONTREAL – Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown. Though grain and fertilizer exports surged in the second half of 2022, the gains

Economic downturn and recovery
News Emerging RisksLoss TrendsPersonal AutoPersonal HomeSupply Chain

Auto insurers take note: Why this economic downturn is so unusual 

April 25, 2023 by Jason Contant

Canada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week.  “Anybody here who

Canadian flag and economic downturn
News Emerging RisksInsurersLoss ControlSupply Chain

Is Canada still heading toward a recession?

April 21, 2023 by Jason Contant

Canada will likely not experience a recession in the traditional sense but rather a ‘shallow downturn,’ BMO Financial Group’s chief economist Douglas Porter said at an industry event Thursday. “I’m reluctant to call what we’re looking at in Canada a

People survey the damage around their home in Montreal after the ice storm.
News AdjustersCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsEnvironmentalOntarioPersonal AutoPersonal HomeQuebecSupply Chain

How recent extreme weather compares to 1998 Quebec ice storm

April 12, 2023 by Jason Contant

The storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification

Tesla is recalling nearly 363,000 vehicles with its "full self-driving" system.
News ClaimsPersonal AutoSupply ChainTechnology

Tesla recalls ‘full self-driving’ system to fix flaws in behaviour

February 16, 2023 by Tom Krisher - THE ASSOCIATED PRESS

DETROIT (AP) – Tesla is recalling nearly 363,000 vehicles with its “Full Self-Driving” system to fix problems with the way it behaves around intersections and following posted speed limits. The recall, part of a larger investigation by U.S. safety regulators

The Bank of Canada is expected to hold its interest rate next week.
News InsurersSupply Chain

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

January 25, 2023 by The Canadian Press

OTTAWA – The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the cycle. The rate increase marks the eighth consecutive

man wearing a white hardhat and yellow safety vest is onlooking a large blue shipping container on a truck
News BrokersClaimsCommercialCommercial AutoInsurersLoss ControlLoss TrendsRisk ManagersSupply Chain

How much cargo theft rose in 2022

January 16, 2023 by Alyssa DiSabatino

Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo

Appliances ready for purchase
News AdjustersClaimsClaims ProfessionalsClaims TechnologyInsurersLoss ControlPersonal AutoPersonal HomePropertySupply Chain

How switching appliances can shorten claims cycles

December 15, 2022 by Philip Porado

Supply chain problems aren’t going away any time soon for insurance adjusters. Home improvement retailers and warehouses have been plagued by empty shelves since the first year of the COVID-19 pandemic. And goods scarcities for everything from lumber to La-Z-Boys

Adjuster assessing a damaged property on site
News AdjustersClaimsClaims ProfessionalsInsurersLoss ControlPersonal AutoPersonal HomeSupply Chain

Why claims adjusters face a labour force double whammy

December 14, 2022 by Philip Porado

Solving the P&C industry’s talent recruitment difficulties will be a key focus for 2023, according to industry respondents to Canadian Underwriter’s annual Executive Outlook survey. While respondents focused mainly on the needs of the broking and underwriting business segments, the

Cleaning up in Charlottetown after Fiona
News AdjustersCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsEnvironmentalP.E.I.Personal HomeSupply Chain

P.E.I. utility Maritime Electric estimates cost of Hurricane Fiona

December 13, 2022 by The Canadian Press

CHARLOTTETOWN – Prince Edward Island’s electric utility says it will cost about $35 million to repair damage to the company’s distribution system caused by post-tropical storm Fiona. A spokesperson for Maritime Electric said that estimate is based on invoices received

Storm damaged house
News AdjustersClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyCommercial AutoConstructionEmerging RisksEnvironmentalInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoPersonal HomePropertyQuebecRisk ManagersSupply ChainTrusted Advisor

What makes the current claims environment so challenging?

December 2, 2022 by Philip Porado

A convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,