Canadian Underwriter

Topic Emerging Risks

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The Top 10 stolen cars in Canada

November 14, 2023 by Alyssa DiSabatino

For the second year in a row, the Honda CR-V was the most stolen vehicle in Canada, according to Équité Association.  The auto insurance fraud prevention organization today announced its Top 10 Most Stolen Vehicles in Canada, which now includes

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How Intact’s third quarter results shaped up

November 9, 2023 by Alyssa DiSabatino

Intact saw premium growth in 2023 Q3, but its profitability took a hit because of inflation and the Canadian wildfires, the company reported. Intact saw single-digit premium growth in its personal and commercial lines in 2023 Q3, and predicts this

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How to tame increasingly ferocious NatCats

November 6, 2023 by David Gambrill

Escalating natural catastrophe losses are top of mind for specialty insurers in several different commercial lines, most notably property, said Jeff Coulson, director of claims for commercial specialty at Echelon Insurance. There were 15 declared Cats (events causing insured claims

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Will building code changes affect farm fire severity?

November 2, 2023 by Jason Contant

With changes from the National Building Code of Canada (NBC) in the process of becoming law in Ontario next spring, farm insurance experts are raising concerns that the maximum barn size restriction will be removed and Ontario’s Fire Code (OFC)

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Why AI is keeping P&C regulators up at night

October 31, 2023 by Alyssa DiSabatino

Increasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory

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How to build environments that reduce staircase injuries

October 31, 2023 by By Dr. Andrew Huntley and Claire Miller, 30 Forensic Engineering

As research drives new ways to build staircases that can prevent slip-and-falls, Canada’s building codes should be updated accordingly to reflect the safer designs. The importance of code updates is illustrated by falls on stairs, which in Ontario alone led

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What’s driving rising ransomware attacks

October 30, 2023 by Philip Porado

Ransomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their

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OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job

October 30, 2023 by David Gambrill

Canada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is

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What it’s like to be a public sector risk manager

October 26, 2023 by Alyssa Di Sabatino

No two days are alike for public sector risk managers. One day, their jobs might require predicting risk for a transit facility; the next day, a long-term care home. That’s why it’s crucial for public risk managers to break out

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What P&C execs predict for 2024 reinsurance rates

October 24, 2023 by David Gambrill

Canada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of

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Why P&C execs predict 2024 will look similar to 2023

October 23, 2023 by David Gambrill

Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens

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News BrokersClaimsCommercial AutoEmerging RisksInsurersOntarioPersonal AutoQuebec

P&C industry needs help fighting auto theft: IBC CEO

October 19, 2023 by Alyssa DiSabatino

Canada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC),