Underwriters have tightened their underwriting controls to better price for cyber risk from its 2021 high, but claims frequency in 2023 has nevertheless increased 13% since the previous year, cyber insurer Coalition reports. Claims severity across the board also increased…
Environment Minister Steven Guilbeault is looking for options to protect a southern Ontario First Nation from repeated exposure to benzene from a nearby chemical plant, as the plant issues a new warning about air pollution. Leaders from Aamjiwnaang First Nation…
The Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. “We’re just allowing Manitobans to have the same rights that people in…
While a new key performance indicator (KPI) under IFRS 17 was intended to replicate the well-known combined ratio, this equivalence might not hold true in practice when all components and complexities of a real profit and loss statement (P&L) are…
Your clients’ cars store a lot of their personal data — from biometrics to driving habits, phone contacts, and more — and that can expose them to cyber-attacks. Modern cars use sensors and connected technology to make driving easier, safer…
Fixing the labour shortage plaguing Canada’s P&C insurance industry is officially Job 1 for the broker channel, Canadian Underwriter’s 2024 National Broker Survey shows. Failing to do that, survey respondents say, puts brokerages at risk of sustaining collateral damage in…
Globally, the property and casualty insurance industry may be underestimating the vulnerability of property that uses technology to adapt to climate change, a speaker told attendees at the 38th Swiss Re Outlook breakfast held in Toronto last Tuesday. Also, property…
Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding. The insurance industry has been negotiating with…
Often described by Canadian property and casualty risk professionals as ‘uncertain,’ ‘volatile,’ and even just plain ‘weird,’ the post-pandemic era now has a name — we’re in a poly-crisis. “Here’s a short definition of what poly-crisis means — it comes…
Canada’s construction sector, which accounts for 7.5% of the country’s GDP according to the Canadian Construction Association, is seeing a rise in construction claims and disputes. That’s partially due to the increasing technical sophistication of construction projects, escalating price of…
Three-quarters of brokers believe their organizations must address diversity to be a successful business. Yet, this number is waning — from 91% in 2022 to 84% in 2023, and to 75% in 2024, according to a recent Canadian Underwriter survey.…
Specialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are decentralized markets in which individuals or organizations buy credits to voluntarily…