Canadian Underwriter

Topic Commercial

Magnifying glass looking at interest rates
News CommercialInsurers

Bank of Canada holds key rate for first time in a year, leaves door open to hikes

March 8, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating its wait-and-see approach to monetary policy. The central bank said Wednesday that it has decided to hold its

Corporate boardroom in chaos
News BrokersCommercialInsurersProperty

What might cause the softening D&O market to stall?

March 8, 2023 by Philip Porado

Hard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several

Torrential rain causing flood.
News BrokersCatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsTechnology

Aviva Canada now offers parametric solution for severe rain

March 8, 2023 by David Gambrill

Aviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of

Oilsands refineries near Athabasca River
News AlbertaClaimsCommercialEnvironmentalNWTProperty

N.W.T. says lack of notice on oilsands tailings spill goes against deal with Alberta

March 7, 2023 by Bob Weber - THE CANADIAN PRESS

Alberta didn’t live up to the terms of a deal it has with the Northwest Territories to inform it about threats to its shared watershed after two major oilsands tailings spills, the territory’s environment minister said Friday. Shane Thompson said

Winter storm brings heavy snow, strong winds and thunder and lightning to southern Ontario
News ClaimsClaims Canada ArchiveCommercialEnvironmentalOntarioPersonal AutoPersonal HomeProperty

Major winter storm brings snow, thunder and lightning to parts of Ontario

March 6, 2023 by The Canadian Press

TORONTO – A fierce winter storm has dumped heavy snow across southern Ontario, where strong winds, thunder and lightning were also reported.   Environment Canada meteorologist Haizhen Sun says between 22 and 30 centimetres of snow fell on the Greater Toronto

Cheering fans at a music festival
News B.C.BrokersCommercialRisk Managers

Westland expands entertainment team with latest acquisition

March 6, 2023 by Jason Contant

Westland Insurance has added to its entertainment team with the acquisition of Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc. The music insurance brokerage for more than 40 years pioneered music insurance programs for independent artists in the late 1970s,

Man in suit using rope to close gap in a bridge. Represents insurance protection gap.
News CatastrophesClaimsCommercialCommercial AutoInsurers

Why commercial insurers’ biggest risk is relevancy

March 6, 2023 by Alyssa DiSabatino

To ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report.   There’s been a change in commercial insurance penetration in

Futuristic Technology Concept: Autonomous Semi Truck with Cargo Trailer Drives at Night on the Road with Sensors Scanning Surrounding. Special Effects of Self Driving Truck Digitalizing Freeway
News CommercialCommercial AutoCyberEmerging RisksInsurersLegalLiabilityTechnology

Autonomous truck insurance questions remain

March 3, 2023 by James Menzies, Editor, Today's Trucking

A panel discussion at the Technology & Maintenance Council’s spring meeting revealed some things won’t change when it comes to insuring autonomously driven trucks. Others will. And there’s still a lot of unknowns. Some of the liability for crashes will

Claims adjuster using a tablet on site at a restoration project
News AdjustersB.C.ClaimsClaims ProfessionalsClaims TechnologyCommercialInsurersManagementOperationsPersonal HomeProperty

How this tech is speeding up the property restoration claims process

March 2, 2023 by Alyssa DiSabatino

One B.C-based startup is mobilizing the often tedious property restoration management process for adjusters and contractors through a smartphone app. RocketPlan founder and CEO Joe Tolzmann experienced the inefficiency of the restoration claims process first-hand during his time in the

Fraud prevention concept
News ClaimsCommercialEmerging RisksLoss ControlTechnology

How your commercial clients are faring with fraud prevention

March 2, 2023 by Jason Contant

Three-quarters of small and medium-sized enterprises (SME) in Canada experienced fraud within the past year, even though nearly nine in 10 reported having a fraud prevention and response program in place, according to a new survey from KPMG in Canada.

Indigo refuses to pay ransom following cyberattack
News Business InterruptionCommercialCyberTechnology

Indigo refuses to pay ransom, warns stolen employee data may be posted to dark web

March 2, 2023 by Brett Bundale - THE CANADIAN PRESS

Canada’s biggest bookstore chain has warned employees that data stolen in a cyberattack may be posted on the so-called dark web after it refused to pay a ransom demand, Indigo Books & Music Inc. said Thursday. The retailer’s network was

A gavel rests in a patch of grass. ESG legal action.
News BrokersClaimsCommercialEmerging RisksInsurersLegalLiability

Why your commercial clients may be at risk of ESG legal action

March 1, 2023 by Alyssa DiSabatino

Canadian law firms are preparing for an uptick in environmental, social, and governance (ESG)-related legal cases, based on the rise of such cases in the U.S., a litigator tells Canadian Underwriter. ESG lawsuits occur when a company is taken to