Canadian Underwriter

Topic Commercial

Looking to the future concept
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What’s next for Wawanesa after senior executive shuffle?

January 30, 2023 by Jason Contant

As Wawanesa Mutual Insurance Company changes its leadership structure with the appointment of three industry professionals to more senior leadership roles, industry veteran Carol Jardine — currently the insurer’s president of Canadian P&C operations — is also set to retire

Broker standing in front of a series of doors, representing choices.
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Does your client need D&O or an ancillary coverage?

January 26, 2023 by Philip Porado

While directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a

Wooden cubes spelling out International Financial Reporting Standards
News CommercialLegalOperations

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 by Philip Porado

At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance

Metaverse city concept
News CommercialEmerging RisksTechnology

Metaverse risks: 4 areas for commercial clients to explore

January 25, 2023 by Jason Contant

Privacy is one of the four major risks associated with the metaverse — the expanding virtual universe of network connections — an industry expert told Canadian Underwriter recently. When developing a metaverse strategy, your commercial clients should look at operational,

Insurance professional holds two houses up, and prevents them from crashing along a downfacing arrow, a symbol of the recession,
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How the recession will affect personal lines

January 24, 2023 by Alyssa DiSabatino

An impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to

Profitability trending toward positive
News CommercialEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsTrending

Why P&C industry profitability is trending toward positive

January 23, 2023 by Jason Contant

Canada’s property and casualty insurers should see increased overall profitability and premium rate increases as the industry’s 2023 outlook trends to positive, ratings firm DBRS Morningstar said in a new report. “The credit rating trend for the majority of DBRS

Hand in front of a blue backdrop, denying access
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Claims denials on their way down, regulator reports

January 23, 2023 by David Gambrill

Claims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For

An explosion at a propane company in Quebec
News ClaimsCommercialPropertyQuebec

Police continue to probe fatal blast at Quebec propane company

January 18, 2023 by Morgan Lowrie - THE CANADIAN PRESS

MONTREAL – The investigation into the causes of a fatal blast at a propane company north of Montreal could be long and complex, police said Tuesday after three bodies were found at the site. Officials are dealing with a “vast”

College students in a classroom.
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Can a new college program draw talent to commercial brokerages?

January 18, 2023 by Alyssa DiSabatino

The specialized nature of commercial brokering is causing a talent shortage now that veterans are retiring in droves. “I literally get three or four different companies a week that ask for talent, and it’s amplified across the industry,” said John

Rising interest rates and inflation
News CommercialInsurersLoss ControlTrending

Despite inflation slowing in December, Bank of Canada still expected to hike rates  

January 17, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Canada’s annual inflation rate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week.   In its latest consumer price index released Tuesday, Statistics Canada said the country’s annual

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
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What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

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