Canadian Underwriter

Topic Commercial

Computer monitor screen displaying a padlock
News ClaimsCommercialCyberEmerging RisksInsurersMGAsTechnology

How insurers are deliberately addressing silent cyber

March 30, 2023 by Jason Contant

Cyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,

Bad extreme heavy rain storm weather. Flooded streets of the neighborhood. A flooded road junction with a drowned car. Heavy rains from tropical storm caused many flooded areas.
News BrokersCatastrophesClaimsCommercialEmerging RisksInsurersPersonal HomeProperty

Feds commit money for new national flood insurance program

March 29, 2023 by David Gambrill

Canada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,

Alberta oilsands
News AlbertaClaimsCommercialEnvironmentalLegalLiability

Alberta Energy Regulator to launch third-party probe of oilsands tailings leak

March 29, 2023 by Bob Weber - THE CANADIAN PRESS

EDMONTON – The Alberta Energy Regulator says it’s looking for an investigator to dig into releases of oilsands tailings and tailings-contaminated water that weren’t made public for nine months. In a statement Tuesday, the regulator said it’s seeking a “qualified,

Business interruption insurance form and red pen for signing.
News Business InterruptionClaimsCommercialInsurersLegalLiabilityOntarioQuebec

Aviva loses bid to quash class action for COVID-related BI losses

March 28, 2023 by David Gambrill

Ontario’s Superior Court has certified a class action lawsuit by a window and door manufacturer against Aviva Canada related to the insurer’s broad denial of pandemic-related business interruption claims. In doing so, the court rejected Aviva’s motion to have the

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

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

Alberta Premier Danielle Smith at a press conference in February.
News AlbertaClaimsClaims Canada ArchiveCommercialEnvironmental

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

Excavator working at garbage dump.
News B.C.ClaimsCommercialConstructionInsurers

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

Big rig trucks parked in a fleet facility
News AlbertaBrokersCommercialCommercial AutoInsurersTechnology

Facility’s newest approach for cracking down on trucker misrepresentations

March 22, 2023 by Alyssa DiSabatino

Facility Association (FA) is implementing a telematics program in Alberta that will collect geographic information on its participants to help ensure their premiums accurately reflect their risk. The programs allows FA the side-benefit of seeing who’s misrepresenting where they’re headquartered

Dollar vanishing to represent loss ratios.
News BrokersClaimsCommercialCyberTechnology

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

Tailings samples at an Imperial Oil research centre.
News AlbertaClaimsCommercialEmerging RisksEnvironmentalLiabilityProperty

Ottawa requests joint ‘working group’ on oilsands contamination with Alberta

March 20, 2023 by Bob Weber - THE CANADIAN PRESS

Federal Environment Minister Steven Guilbeault has further spelled out what he wants to see in a new body that would oversee monitoring and communications around pollution problems in the oilsands. In a letter dated March 16 to his Alberta counterpart

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

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

An insurance profession stands on the edge of a cliff, with a gap between another cliff.
News BrokersCatastrophesCommercialCyberEmerging RisksEnvironmentalInsurers

How the protection gap affects Canada

March 15, 2023 by Alyssa DiSabatino

A growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report.  The report identified a