Canadian Underwriter

Topic Emerging Risks

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News ClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyEmerging RisksInsurersLoss ControlLoss TrendsSupply ChainTechnology

Why claims frequency is trending for electric vehicles

May 16, 2023 by Jason Contant

Repairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in

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News CatastrophesEmerging RisksEnvironmental

Private investment needed to ramp up climate adaptation in infrastructure: report

May 16, 2023 by The Canadian Press

A new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The

The Bank of Canada pictured in Ottawa
News Emerging RisksInsurersRisk ManagersSupply Chain

Risk of shock to financial system down, but concerns linger: Bank of Canada survey

May 15, 2023 by The Canadian Press

OTTAWA – Risk management experts believe the likelihood of a shock that could impair the Canadian financial system has decreased since last year, but concern remains around geopolitical tensions, high inflation, unemployment and household debt burdens. The Bank of Canada’s

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News BrokersClaimsCommercialEmerging RisksInsurersLegalLoss Control

Why standard coverage for unions doesn’t cut it

May 15, 2023 by Alyssa DiSabatino

Unions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter.   Standard policies typically exclude important coverages for unions,

A closeup of a seismograph machine needle drawing a red line on graph paper depicting seismic and earthquake activity - 3D render
News B.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsOntarioPersonal HomeQuebec

National disaster report highlights industry loss potential

May 12, 2023 by Alyssa DiSabatino

A major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns.  Of pertinence to the industry, as insured damages for a severe earthquake could broach

Vacant retail space at an abandoned shopping mall must still be insured
News BrokersClaimsCommercialEmerging RisksLoss ControlLoss TrendsProperty

Vacant retail and office space: How to advise clients on this post-pandemic trend

May 12, 2023 by Philip Porado

With office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The

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News BrokersBusiness InterruptionClaims ProfessionalsClaims TechnologyCommercialConstructionEmerging RisksLoss ControlLoss Trends

Growth? Maybe. Why carriers aren’t promising a soft market yet

May 11, 2023 by Alyssa DiSabatino

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

Cybercrime is on the rise in Canada and companies can no longer ignore cyber insurance
News BrokersClaimsCommercialCommercial AutoConstructionCyberEmerging RisksLiabilityLoss ControlLoss TrendsRisk ManagersTechnology

Don’t let clients cheap out on cyber coverage

May 10, 2023 by Philip Porado

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

Older business person with empty wallet can't afford insurance
News BrokersCommercialCommercial AutoConstructionCyberEmerging RisksInsurersLoss Control

Tips for advising commercial clients during economic downturns

May 9, 2023 by Alyssa Di Sabatino

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,”

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News BrokersClaimsCommercialEmerging RisksInsurersLegalLiabilityTechnology

What your business clients need to know about generative AI risks

May 4, 2023 by David Gambrill

Commercial brokers and insurers should alert their business clients to new liability risks around intellectual property (IP), copyright and licensing associated with using generative artificial intelligence (AI) technologies like ChatGPT, Dall-E and Bard. “Generative AI is a type of artificial

Economic uncertainty
News Business InterruptionCommercialConstructionEmerging RisksEnvironmentalInsurersSupply Chain

Aviva reveals Number 1 risk facing Canadian businesses

May 3, 2023 by Jason Contant

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

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News BrokersCatastrophesClaimsCommercialEmerging RisksInsurersMGAs

Why MGAs are here to stay

May 2, 2023 by Alyssa DiSabatino

Hard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens.  Unlike primary insurers, MGAs provide capacity in specialized areas of