Canadian Underwriter

Topic Emerging Risks

Unrecognizable male putting fuel dispenser in tank while refueling vehicle on self service gas station.
News Business InterruptionCatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsRisk ManagersSupply ChainTrending

Reserve uncertainty could sustain hard market: Swiss Re

June 26, 2023 by David Gambrill

Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing

Stressed workers rushing around
News BrokersCatastrophesClaimsEmerging RisksInsurers

How brokers can do a much better job of servicing clients

June 23, 2023 by Alyssa DiSabatino

Canada’s property and casualty insurance industry is doing a better job of client education generally, but organizations of all sizes can do a “much better job” of putting the client first, said one expert during the Young Brokers Conference in

Butterfly emerging from a cocoon to represent evolution in business models for insurance brokers
News BrokersCommercialEmerging RisksLoss ControlLoss TrendsOperationsRisk Managers

How commercial brokers have evolved into holistic risk advisors

June 20, 2023 by David Gambrill

With insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their

Runners in starting blocks
News BrokersClaimsEmerging RisksLegalLiabilityOntario

Did the court jump the gun on allowing a negligence claim against a brokerage?

June 16, 2023 by David Gambrill

A brokerage has been added as a defendant in a sideline negligence claim, even though the central legal action for breach of contract involving two other parties (including a defendant reinsurer) has yet to be decided. Ontario’s Superior Court applied

Melting ice cream to signify a softening market for commercial insurance
News BrokersCommercialEmerging RisksInsurersLoss ControlLoss TrendsTrusted Advisor

Is market segmentation helping to soften pricing?

June 14, 2023 by David Gambrill

A softening, but segmented, insurance market is allowing commercial lines brokers to leave some aspects of the years-long hard market behind. Improved pricing models are one key ingredient in the ‘stability’ now seen in commercial lines, brokers observed. Carriers are

Toronto Ontario, Canada- June 26th, 2022: Shoppers Drug Mart employees marching with signs during Toronto’s annual Pride parade.
News BrokersClaimsCommercialEmerging RisksInsurersLiabilityLoss ControlOntarioTrending

How Pride Toronto got swept up in entertainment line’s hard market

June 13, 2023 by Alyssa DiSabatino

Pride Toronto’s executive director says the organization has seen a 300% increase in its insurance premiums ahead of this month’s parade and festival programming. This trend of higher premiums for public events is not unique to Pride Toronto; organizers of large

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News CommercialEmerging RisksMGAsOperations

How Lloyd’s is addressing MGA pain points

June 13, 2023 by Jason Contant

Lloyd’s is looking to address a major pain point for MGAs — duplication of compliance requests from syndicates. The insurance marketplace is looking to kickstart and facilitate conversations with syndicates on compliance and due diligence, Jane Harley, head of delegated

A worker crosses past damage from a wildfire in Hammond's Plains, N.S., during a media tour, Tuesday, June 6, 2023. THE CANADIAN PRESS/POOL, Tim Krochak
News AdjustersAlbertaB.C.BrokersCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersPersonal HomeProperty

Here’s what adjuster capacity is like for Canada’s wildfires

June 12, 2023 by Alyssa DiSabatino

Firefighters and other first responders have been stretched thin while battling an unprecedented wildfire season in Canada, and such may be the case for claims adjuster capacity as well. Across the industry, it’s a mixed bag of how quickly adjusters

Wildfire smoke over Gatineau, Que.
News CatastrophesEmerging RisksEnvironmental

Feds looking to create national emergency response agency

June 9, 2023 by Sarah Ritchie - THE CANADIAN PRESS

OTTAWA – The federal government is looking at creating some kind of national disaster response agency in the face of an unusually intense and destructive start to the wildfire season across the country. At the moment, federal departments including Emergency

Girl after shopping discovered the loss of her automobile. Angry woman talking about missing car on phone. Vehicle theft concept
News ClaimsCommercial AutoEmerging RisksInsurersLegalLoss TrendsOntarioPersonal Auto

Auto insurers pay out record amount for auto theft

June 8, 2023 by David Gambrill

Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in

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News Emerging RisksInsurersSupply Chain

Bank of Canada raises key interest rate amid stubbornly high inflation

June 7, 2023 by The Canadian Press

OTTAWA – The Bank of Canada announced a quarter-percentage point rate hike Wednesday, the first interest rate increase since January, as high inflation persists. Its key interest rate now sits at 4.75 per cent, the highest it’s been since 2001.

Technology stepping up to prevent a company from risk
News ClaimsCommercialCommercial AutoEmerging RisksHRInsurersManagementOperationsPersonal AutoPersonal HomePropertyTechnology

How a shared-risk approach to tech can keep mutual insurers competitive

June 5, 2023 by Matthew Scott

Canada’s mutual insurance industry has been around for as long as the country itself and has innovated over that time. Now it’s driving digital transformation to enable new capabilities, improve service and keep pace with market competition. These changes come