When a NatCat occurs in Canada, it’s common for U.S. adjusters to be on the scene — sometimes before Canadian adjusters, who are bound by provincial licensing restrictions. And while processes for getting either country’s adjusters on the scene are…
Although inflation cooled to 4.4% in April from its high of 8.1% in June 2022, it’s still affecting small business owners and insurers, an executive at Hartford Steam Boiler told Canadian Underwriter. From a carrier perspective, claims costs are increasing…
AIG Insurance Company lost a $255,275 subrogation claim Tuesday on behalf of its insured, a forest management and logging company, because the insured could not prove a fire to an excavator it bought from Volvo didn’t start because of an…
Amid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national…
Beyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…
As high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Inflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”…
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…
Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
Canadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile…
Canada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance…
Want to increase the likelihood of a construction project insurance claim being accepted? Take the time to validate each aspect of that claim. The upfront work will make it easier for any umpires, mediators, consultants or lawyers brought in to…