Canadian Underwriter

Topic Commercial

Bear backing off the bull to represent a volatile stock market
News BrokersClaimsCommercialEmerging RisksInsurersLegalLoss Control

Will volatile stock markets spark claims against asset managers?

February 15, 2023 by Philip Porado

So far, wobbly stock markets aren’t sparking higher claims activity for asset managers’ liability coverages. But the kinds of investor claims that lead to complaints against money managers often lag the equity markets’ overall performance, noted Reid Irwin, practice leader

Joining a puzzle on a blue background; M&A concept
News BrokersCommercialCommercial AutoPersonal AutoPersonal HomePropertyQuebecSaskatchewan

Westland acquires brokerages in two provinces

February 15, 2023 by Jason Contant

Westland Insurance continues its expansion across Canada with acquisition of Quebec-based Niche Assurance Inc. and Saskatchewan-based Heritage Insurance, effective Feb. 1. The latest acquisitions come a month after industry veteran Doug Morrow joined Westland as its new vice president of

Five small wooden toy block houses are surrounded by murky brown water in a flood plain, up to their windows.
News B.C.BrokersCatastrophesClaimsCommercialEnvironmentalInsurersPersonal HomeProperty

Is there a better coverage solution for flood plain residents?

February 14, 2023 by Alyssa DiSabatino

When insurers recommend consumers pack up and move from their flood-prone homes, it’s easier said than done. That’s why the industry needs to come up with better resilience solutions and more efficient claims response to protect the customers most impacted

Oil drills in a row on the left and right, in the foreground of a sunset.
News CommercialEmerging RisksEnvironmentalInsurersManagementRisk ManagersTrending

Has Russia-Ukraine hindered insurers’ ESG plans?

February 13, 2023 by Alyssa DiSabatino

Insurers with ESG plans are still sticking to their guns to stop backing fossil fuels and thermal coal, even as geopolitical events like Russia’s Ukraine invasion put strain on the international energy sector, an industry expert told delegates at CatIQ

Cybersecurity concept - locking data
News ClaimsCommercialCyber

Indigo cyberattack highlights mounting prevalence, sophistication of hackers: Experts 

February 13, 2023 by Brett Bundale - THE CANADIAN PRESS

A cybersecurity incident stretching into its fifth day at Indigo Books & Music Inc. has illuminated the increasing risk of cyberattacks on Canadian companies and consumers, experts say.   The ongoing outage of the bookstore’s website serves as a warning of

Nova Scotia vineyard
News AdjustersBrokersBusiness InterruptionClaimsClaims ProfessionalsCommercialEnvironmentalInsurersLoss ControlNova Scotia

Recent extreme cold snap causes ‘devastating’ damage to Nova Scotia vineyards

February 10, 2023 by The Canadian Press

The president of the Grape Growers Association of Nova Scotia says it will take years for vineyards to recover from the recent extreme cold snap. Steve Ells says between 95 and 100 per cent of Nova Scotia-grown vinifera variety grapes

Industrial tugboat pulling a load in Fraser River
News B.C.CommercialLegalRisk Managers

Charges laid in fatal 2021 tug boat sinking off B.C. coast

February 9, 2023 by The Canadian Press

PRINCE RUPERT, B.C. – Charges have now been laid against a tug and barge company and one of its senior officials two years after a tug sank off British Columbia’s coast south of Kitimat, killing the captain and one crew

Small figure dwarfed by a tall percentage sign
News ClaimsCommercialInsurersLoss TrendsPersonal AutoPersonal Home

Despite inflation easing, Intact expects ongoing hard market

February 8, 2023 by David Gambrill

Despite lower inflation, Intact Insurance is nevertheless predicting an ongoing hard market in Canada in 2023 because of higher reinsurance rates and elevated natural catastrophes. “Looking at the [Canadian P&C insurance] industry, we see hard market conditions continuing, given rising

News BrokersCommercialCommercial AutoInsurersPersonal AutoPersonal HomeTrusted Advisor

Industry vet joins new brokerage

February 7, 2023 by Alyssa DiSabatino

Industry veteran Paul Martin has been appointed as chief operating officer of Lawrie Insurance Group.  Previously, Martin was president and COO of KRG Insurance Brokers for more than 40 years — a position he maintained when KRG merged with RRJ

Picture of a business man smiling underwater, his business flooded
News AlbertaCatastrophesClaimsCommercialInsurersLegal

Extension covering “influx of water” trumps broad form flood exclusion

February 6, 2023 by David Gambrill

A commercial property policy extension granting coverage for an “influx of water derived from natural sources” trumps a policy’s broad form flood exclusion, Alberta’s Appeal Court has found in a 2-1 split decision. A bowling alley in Fort McMurray, Alta.,

Three white house figurines submerged in water.
News BrokersCatastrophesClaimsCommercialEnvironmentalInsurersPersonal Home

Aviva Canada CEO on brokers’ role in climate change mitigation

February 6, 2023 by Alyssa DiSabatino

Brokers and insurers both said natcats and climate change will be the second biggest issue heading into 2023, according to a Canadian Underwriter survey last month. But one group is more vocal about climate change than the other, one CEO

Woman lamenting as two computer screens show her system has been hacked.
News BrokersCommercialCyberEmerging RisksInsurersLoss Control

Will cyber bonds help reinsurers transfer risk?

February 3, 2023 by Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said