Canadian Underwriter

Topic Emerging Risks

Power lines in Ottawa knocked out by the May 22 derecho storm
News AlbertaB.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurersLoss TrendsManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.Personal AutoPersonal HomePropertyQuebecSaskatchewanYukon

Where 2022 tallies for insured damages in Canada

January 18, 2023 by Canadian Underwriter Staff

Severe weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersBusiness InterruptionCatastrophesClaimsCommercialCommercial AutoCyberEmerging RisksEnvironmentalInsurersOperationsProperty

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

Lighthouse in a hurricane
News CatastrophesClaimsCommercialConstructionEmerging RisksEnvironmentalInsurersRisk Managers

What’s driving reinsurer underwriting margins in 2023?

January 16, 2023 by Philip Porado

Underwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal

Figurines of six businesspeople examining a concrete globe
News CatastrophesEmerging RisksEnvironmentalInsurers

Which risks will trouble the globe in 2023?

January 13, 2023 by Alyssa DiSabatino

The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023.  Two years from now, experts expect the cost of living will still be the number one risk on

Economists are expecting a mild recession in Canada.
News Emerging RisksInsurersTrending

Bank economists see mild recession likely ahead despite surprising resilience

January 13, 2023 by The Canadian Press

TORONTO – Big bank economists say the surprisingly resilient economy is likely headed for a mild slowdown in the year ahead, but that recent events show how difficult it is to predict the future. Speaking at an Economic Club of

Shot of a stressed businesswoman with headache in the office.
News BrokersCatastrophesClaimsCommercialCyberEmerging RisksInsurersPersonal AutoPersonal HomeProperty

Hard market “fatigue” setting in, P&C industry survey suggests

January 12, 2023 by David Gambrill

Hard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many

the perfect wave (black and white)
News BrokersCatastrophesClaimsClaims ProfessionalsEmerging RisksInsurers

“Perfect storm”: How Canada’s P&C insurance industry feels about 2023

January 11, 2023 by David Gambrill

Canada’s property and casualty insurance industry may not be facing its “toughest” year ever in 2023, but more than 89% of industry professionals agree the multitude of issues facing the industry at once is creating a “perfect storm.” “Every year

Steel mill by Hamilton harbour
News ClaimsEmerging RisksEnvironmentalLiabilityOntario

City uncovers another decades-old leak dumping sewage into Lake Ontario  

January 10, 2023 by The Canadian Press

HAMILTON – The City of Hamilton says it has uncovered another sewage leak that has been dumping waste into Lake Ontario for more than two decades.   The revelation comes after the city reported in November that a leak discovered to

Cannabis company executives examine the goods
News CannabisClaimsCommercialEmerging RisksInsurersLegalLiability

How better boards may improve cannabis companies’ D&O options

January 6, 2023 by Philip Porado

Improvements in capacity in the directors and officers (D&O) insurance space, combined with a rising quality of boards of directors membership, is making coverage for cannabis producers and distributors more accessible. “We’ve seen a real shift in the experience levels

Small business owner looking at inventory
News CommercialEmerging RisksHR

What 2023 looks like for your small business clients

January 4, 2023 by The Canadian Press

TORONTO – Small business owners have a slightly better outlook on the year ahead than a month ago but their short-term outlook has worsened, the latest survey results from the Canadian Federation of Independent Business (CFIB) said. The small business

White icon of "Dollar increase" in a flat design style isolated on a gray background and with a long shadow effect.
News CatastrophesEmerging RisksInsurersProperty

Why your reinsurance bills are up this year

January 3, 2023 by Alyssa Di Sabatino

January 1 reinsurance renewals are proving to be “one of the most challenging reinsurance markets” the insurance sector has experienced, says Guy Carpenter, a Marsh McLennan global risk and reinsurance specialist firm. Property insurers in particular can expect rates to escalate due

Red and orange trees in the lower third of image, with city skyline in background. Hamilton, Ontario during Autumn as seen from the Niagara Escarpment.
News Emerging RisksEnvironmental

Ontario auditor general finds Niagara Escarpment protections lacking

December 20, 2022 by Allison Jones - The Canadian Press

TORONTO – Ontario is not providing enough funding to allow proper protection of the Niagara Escarpment, where nearly all development permit applications have been approved in the last five years, the province’s auditor general says. A recent report by the