Topic Insurers
Cyber claims increasing, despite underwriting refinement
April 26, 2024 by Alyssa DiSabatinoUnderwriters have tightened their underwriting controls to better price for cyber risk from its 2021 high, but claims frequency in 2023 has nevertheless increased 13% since the previous year, cyber insurer Coalition reports. Claims severity across the board also increased…
Is Fort McMurray still insurable?
April 26, 2024 by Jason ContantEditor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total…
Does Alberta’s auto insurance rate cap reward bad drivers?
April 25, 2024 by David GambrillAlberta’s new 3.7% cap on auto insurance rate increases for good drivers may wind up hurting the province’s well-mannered motorists more than it helps them, industry sources tell Canadian Underwriter. “Your carrier probably wants to reward you for [being a…
Shariah-compliant insurance product launched in Canada
April 25, 2024 by Alyssa DiSabatinoChes Special Risk has launched Canada’s first Shariah-compliant insurance product under the name Ethical Insurance. The product conducts insurance transactions based on principles of Islamic finance — also known as Takaful — and excludes investments or coverage of industries that…
Which IFRS 17 combined ratio should you use?
April 24, 2024 by Jason ContantWhile a new key performance indicator (KPI) under IFRS 17 was intended to replicate the well-known combined ratio, this equivalence might not hold true in practice when all components and complexities of a real profit and loss statement (P&L) are…
How clients’ auto data is being breached by thieves, hackers
April 24, 2024 by Alyssa DiSabatinoYour clients’ cars store a lot of their personal data — from biometrics to driving habits, phone contacts, and more — and that can expose them to cyber-attacks. Modern cars use sensors and connected technology to make driving easier, safer…
Better public education needed around territorial auto rates: industry
April 23, 2024 by Alyssa DiSabatinoInsurers and governments need to work closer together to better educate consumers on why auto insurers use territorial ratings, claims experts say. In addition, governments need to invest in better supports and infrastructure so vulnerable communities aren’t disproportionately impacted by…
What EV accidents mean for auto insurance pricing
April 23, 2024 by Philip PoradoFast-paced electric vehicle (EV) sales could sharply change the auto insurance pricing dynamic, says a new report from Morningstar DBRS. “More than 15 countries, including the United Kingdom, Japan, and Canada, have initiated climate policies mandating 100% zero-emission vehicle (ZEV)…
Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024
April 19, 2024 by David GambrillVarying assumptions underlying the reporting of combined ratios by Canadian P&C insurers — a longstanding measure of company profitability — have, under IFRS-17 rules, undermined the intent of the new accounting standards, industry executives say. The issue bubbled to the…
Why ICLR is heading West
April 19, 2024 by Philip PoradoAs part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…
What brokers say about Ontario DCPD opt-outs
April 18, 2024 by Alyssa Di SabatinoOntario brokers tell us their phones aren’t ringing off the hook with calls from drivers wanting to take advantage of the province’s new option to decline direct compensation- property damage (DCPD) coverage on their auto policies. “I actually thought that…
What post-pandemic coverage looks like for healthcare providers
April 17, 2024 by Philip PoradoThe word ‘soft’ doesn’t spring to mind when describing the current insurance market for Canada’s healthcare providers. But four years after the start of the COVID-19 pandemic, insurers are becoming more comfortable looking at, and writing, healthcare business. “We’re having…