Topic Insurers
How new vehicle tech is changing the auto theft equation
December 11, 2023 by Philip PoradoThere’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to…
How Cat modelling can help your real estate clients
December 8, 2023 by David GambrillWith so many NatCats affecting the real estate property insurance sector, catastrophe (Cat) modelling is becoming a fixture for clients seeking coverage in a tightening market, a Hub International report states. “Catastrophe (CAT) modeling is…becoming essential in real estate resiliency,”…
Where the feds stand with an earthquake backstop
December 7, 2023 by David GambrillCanada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there…
Bank of Canada holds its key interest rate steady at 5% in final decision of 2023
December 7, 2023 by The Canadian PressOTTAWA – The Bank of Canada continued to hold its key interest rate steady at five per cent today, encouraged by evidence that higher rates are helping bring inflation down. In a news release, the central bank says higher borrowing…
Why the hospitality hard market won’t end in 2024
December 6, 2023 by Alyssa DiSabatinoPersistent labour shortages, forecasted lower levels of travel, elevated inflation and rising property insurance rates will threaten the hospitality industry’s profitability in 2024, Hub International predicts in its 2024 Outlook series. Yet, with prolonged periods of government mandated shutdowns, low…
Hacker U, leaked nudes and AI: predicting 2024 cyber threats
December 5, 2023 by David GambrillHacking courses for amateurs, leaked nudes and AI-supported scams are popular cyber threats identified in dark web forums, a cybersecurity firm has warned. NordVPN is a global virtual private network (VPN) service provider founded in 2012. It establishes secure digital…
How P&C investment returns will impact carriers in 2024
December 5, 2023 by Alyssa DiSabatinoWhile repricing risk has no doubt helped P&C insurers improve profitability, investment returns driven by a higher interest rate environment are increasing insurers’ profits globally, a new Swiss Re sigma report shows. And yet, most carriers will not earn their…
Canadian multinational insurers warned of new tax rules
December 4, 2023 by David GambrillAs if P&C insurers don’t have enough regulatory issues on their plate, tax experts are urging multinational insurers based in Canada to be aware of new international tax rules featuring a minimum global tax rate. “The global tax environment is…having…
How underwriters can expedite the submission process for brokers
December 4, 2023 by Alyssa DiSabatinoUnderwriters can use generative AI to help speed up their turnaround times with their broker partners, says an insuretech executive. Underwriters can use insurtech platforms, or generative AI tools like Chat GPT, to input their submissions, along with a…
What a buyers’ market means for brokerage M&A
December 1, 2023 by David GambrillHow can consolidators afford to buy brokerages when interest rates on bank loans to finance deals have steeply increased? Firms that are actively engaged in brokerage buying and selling told CU they have become more selective. “We are getting a…
Where P&C experts stand with their economic outlooks
December 1, 2023 by Alyssa DiSabatinoEconomic uncertainty is abound in the P&C industry, and that means companies should take extra care to properly price their exposures, experts said during a Canadian Underwriter webinar last Wednesday. And those on the ground are feeling the precariousness as much…
Police, insurers collaborate to dismantle auto theft ring
November 30, 2023 by Jason ContantOntario’s Peel Regional Police (PRP) in collaboration with Équité Association have prevented more than $350,000 of insurance fraud by disrupting and dismantling an auto theft ring, the southern Ontario police force reported Wednesday. As part of the investigation dubbed Project…