Canadian Underwriter

Topic Insurers

News CommercialInsurersLoss TrendsOperationsProperty

The good and bad news for commercial insurance

October 1, 2021 by Jason Contant

There’s good and bad news when it comes to commercial lines in the Canadian property and casualty insurance industry. The good news is there’s encouraging signs the commercial market is stabilizing, said Don Forgeron, president and CEO of Insurance Bureau

News ClaimsClaims Canada ArchiveInsurersLoss TrendsMergers and Aqcuisitions

PACICC unpacks industry-wide P&C financial results

September 30, 2021 by Greg Meckbach

The industry made a record profit in homeowners’ insurance and overall premiums are up, but 20 Canadian insurers are losing money while dozens recently lost market share, an economist with Property and Casualty Insurance Compensation Corporation observes. “The healthy insurance

News ClaimsCommercial AutoInsurersManitobaPersonal Auto

How much claims costs decreased for one insurer

September 30, 2021 by Jason Contant

Manitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs

News B.C.ClaimsClaims Canada ArchiveClaims ProfessionalsCommercialInsurersLegalLiabilityLoss TrendsRisk Managers

‘Bodily injury expected or intended’ exclusion applies to daycare seeking liability coverage

September 29, 2021 by Greg Meckbach

Liability insurer Northbridge does not have to cover a Prince George, British Columbia daycare owner accused of shaking a child severely enough to cause brain injury, a judge ruled last week. A lawsuit, against the person operating the daycare, was

News AdjustersClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyInsurersLegalOperationsPersonal Auto

IBC investigative services to be transferred to Équité Association

September 28, 2021 by Greg Meckbach

The Insurance Bureau of Canada’s Investigative Services division is being transferred to a new organization, Équité Association, effective Oct. 1. That transfer has been approved by IBC’s board, IBC announced Monday. Équité Association integrates IBC’s investigative services division with the

News ClaimsEmerging RisksInsurersLoss ControlLoss Trends

Is it time for a larger insolvency fund for Canadian P&C insurers?

September 28, 2021 by Jason Contant

Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of

News HRInsurersManagementOperations

Where former RSA Canada president and CEO Martin Thompson is now

September 28, 2021 by Jason Contant

Martin Thompson, until recently CEO of RSA Canada, will be stepping in as interim Group CEO of Brit Ltd., which is owned by Toronto-based Fairfax Financial Holdings Limited. Brit, which covers complex risks, said in a press release Tuesday that

News AlbertaCatastrophesClaimsInsurersPersonal AutoPersonal HomeSaskatchewan

Storms in Saskatchewan and Alberta cost $120 million: CatIQ

September 27, 2021 by Jason Contant

Two storms this summer across Saskatchewan and Alberta caused a total of $120 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Severe storms beginning Aug. 31 brought flash flooding and large hail that

News B.C.CatastrophesClaimsClaims Canada ArchiveInsurersLoss ControlLoss TrendsPersonal HomePropertyRisk Managers

Okanagan Lake area wildfire could cost the industry nearly $80 million

September 24, 2021 by Greg Meckbach

An interior British Columbia wildfire this past August, which forced the evacuation of more than 1,000 properties, will cost the industry an estimated $77 million, the Insurance Bureau of Canada said Thursday. The White Rock Lake fire began on Aug.

News BrokersClaimsInsurersPersonal Auto

Talk to your clients about auto insurance myths so they don’t see red

September 24, 2021 by Brooke Smith

Red cars are more expensive to insure, right? Wrong. Yet, according to a 2019 Ratehub survey, roughly 22% of respondents thought car colour had an impact on insurance rates. Several insurer and brokerage websites have blog posts titled What New

News CatastrophesEnvironmentalInsurers

Canada’s warming may hurt access to insurance: DBRS

September 24, 2021 by James Langton - Investment Executive

An increase in extreme weather events may threaten the availability of property insurance in Canada, warns DBRS Morningstar in a new report. The rating agency said that Canadian property and casualty (P&C) insurers have, so far, proven resilient in the

News Business InterruptionCommercialInsurersLiability

Small businesses continue to be hard-hit by rising premiums this year, CFIB reports

September 24, 2021 by Jason Contant

Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,