Canadian Underwriter

Topic Insurers

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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,

News ClaimsClaims Canada ArchiveClaims ProfessionalsCommercialInsurersLegalLoss TrendsOntarioPropertyRisk Managers

COVID shutdown not a ‘physical loss,’ insurance lawyer says

September 23, 2021 by Greg Meckbach

A recent Court of Appeal for Ontario ruling, in favour of commercial property insurer FM Global, could be good news for insurers facing pandemic business interruption claims but the decision may also be reviewed by the Supreme Court of Canada,

News InsurersOperations

Are you ready for the changes in IFRS 17?

September 22, 2021 by Jason Contant

Learning how to “speak IFRS 17” will be an essential skill for insurers for both ongoing effective governance and communicating business performance to stakeholders, a partner at PwC Canada said. The changes in the upcoming insurance accounting standard can significantly

News CatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss ControlLoss TrendsOperations

Why the hard market could be unsustainable

September 21, 2021 by Greg Meckbach

The Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,

News Claims TechnologyInsurersOperationsTechnology

How insurtech is making ‘significant inroads’

September 20, 2021 by Greg Meckbach

Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our

News AlbertaB.C.ClaimsConstructionInsurersOntarioPersonal Home

For how long will condo insurance rates continue to climb?

September 20, 2021 by Jason Contant

Rising condo insurance premiums will continue at least through the first two quarters of 2022, according to LowestRates.ca’s latest Home Insurance Price Index. Condo insurance premiums are continuing to rise in Canada, sustaining a years-long increase, the rate comparison site

News ClaimsClaims Canada ArchiveCommercial AutoInsurersLoss TrendsPersonal Auto

Where auto insurers are seeing the biggest profitability improvements

September 17, 2021 by Greg Meckbach

Canadian auto insurers saw both an increase in auto premiums and an improvement in their loss ratios in 2020, according to research from A.M. Best Company Inc. “Less miles driven translates into less frequency in auto losses,” A.M. Best director