Canadian Underwriter

Topic Emerging Risks

A burnt out neighbourhood following the Fort McMurray, wildfire.
News CatastrophesCommercialEmerging RisksEnvironmentalTechnology

How many Canadian properties are at high risk of wildfire?

May 2, 2023 by Jason Contant

Approximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva

World map representing global trade
News BrokersBusiness InterruptionCatastrophesClaimsCommercialEmerging RisksInsurersLiabilityLoss ControlLoss Trends

Is political risk the next NatCat?

May 1, 2023 by Philip Porado

Much like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend

Vice pushing on both side of businessman to represent the hard insurance market
News BrokersCommercialCommercial AutoConstructionCyberEmerging RisksInsurersMergers and AqcuisitionsPropertyTechnologyTrusted Advisor

Brokers still worry about the hard market, but what’s next?

May 1, 2023 by Philip Porado

Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed

Selective focus of magnifying glass and insurance policy on an insurance policy
News BrokersEmerging RisksInsurers

Is insurance sexy, or does it just have a certain something?

April 27, 2023 by Alyssa DiSabatino

Of all the adjectives you could use to describe the insurance sector, sexy may not be the first you’d think of.   But the industry provides a “measure of certainty in a dangerous and uncertain world,” and that can be

Bridge over the Fraser River in Prince George, B.C.
News B.C.ClaimsEmerging RisksEnvironmental

Hot spell hikes risks of flooding, avalanches and fire across British Columbia

April 27, 2023 by The Canadian Press

VANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some

A laptop with a encrypted lock icon on the screen
News BrokersClaimsCommercialCyberEmerging RisksInsurersLoss TrendsTechnology

The case for encrypting your clients’ cyber policies

April 26, 2023 by Alyssa DiSabatino

To balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal

Bank of Canada governor Tiff Macklem at a press conference
News CommercialEmerging RisksInsurersLoss ControlLoss TrendsTrending

Bank of Canada considered raising interest rates at its last meeting

April 26, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada considered raising interest rates earlier this month, as it feared being too slow to react to sticky inflation. In its summary of deliberations released Wednesday, the central bank says its governing council contemplated another

Smiling woman talking on phone while driving a car
News BrokersClaimsEmerging RisksInsurersPersonal AutoTechnology

How brokers can help curb distracted driving

April 26, 2023 by David Gambrill

Editor’s Note: This article has been updated show 83% would be motivated to stop distracted driving behaviours if offered an insurance  discount, and has updated Paul Stone’s title.   Brokers can help put a stop to distracted driving by making

Economic downturn and recovery
News Emerging RisksLoss TrendsPersonal AutoPersonal HomeSupply Chain

Auto insurers take note: Why this economic downturn is so unusual 

April 25, 2023 by Jason Contant

Canada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week.  “Anybody here who

Aerial photo of Alberta oilsands
News AlbertaCommercialEmerging RisksEnvironmental

Oilsands emissions could be underestimated by current measuring methods, study says

April 24, 2023 by Bob Weber - THE CANADIAN PRESS

New federal research suggests greenhouse gas emissions from the Alberta oilsands may be significantly underestimated, adding to a growing pile of studies that say our understanding of what is going into the atmosphere is incomplete. In a paper published last

Canadian flag and economic downturn
News Emerging RisksInsurersLoss ControlSupply Chain

Is Canada still heading toward a recession?

April 21, 2023 by Jason Contant

Canada will likely not experience a recession in the traditional sense but rather a ‘shallow downturn,’ BMO Financial Group’s chief economist Douglas Porter said at an industry event Thursday. “I’m reluctant to call what we’re looking at in Canada a

Blurred Motion of People Walking on Spiral Staircase
News B.C.BrokersCatastrophesEmerging RisksInsurers

Flood backstop, check. Now, what’s the industry’s next agenda item?

April 21, 2023 by Alyssa DiSabatino

Now that Canada has introduced a commitment to a backstop for high-risk flood insurance, the next item for change should be an government earthquake backstop, a panellist noted at the the Insurance Institute of Canada’s Symposium in Toronto Wednesday.  Arguably,