Canadian Underwriter

Topic Insurers

Red Handle Rubber Stamper and You've Been Served text isolated on the table.
News CommercialInsurersLegalLiability

Don’t forget to serve, even if the insurer already knows about the lawsuit

July 26, 2022 by David Gambrill

A claimant in a product liability case must still go through the formal process of serving notice in China of intent to sue a Chinese manufacturer, even if the defendant manufacturer was aware of the claim since 2019, had a

Two drivers argue in front of a silver car which crashed into the back of a red car
News BrokersCommercial AutoInsurersPersonal AutoRisk Managers

Fast and furious: Which of your clients are more likely to road rage?

July 26, 2022 by Alyssa DiSabatino

Men and young people aged 18-34 are more likely than women and those aged 55+ to engage in road rage behaviours, finds a recent Ratesdotca survey.   Although men and women claim to engage in road rage equally (51% respectively), men

Stormy sky with a wall of clouds
News AlbertaB.C.BrokersEnvironmentalInsurersManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.QuebecSaskatchewanYukon

Will this week’s weather events result in Cat damages?

July 25, 2022 by Alyssa DiSabatino

While Europe is experiencing record-breaking heat waves, western Canada had some severe heat and storms of its own between July 16-20. And although they were expected to have caused millions in damage, it won’t breach catastrophe territory, according to Aon’s

Man getting into a rental vehicle
News AlbertaClaimsInsurersNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoQuebecSupply Chain

The factors driving increased car rental times in Canada

July 25, 2022 by Jason Contant

Length of rental (LOR) for collision replacement-related rentals in Canada jumped nearly six days year-over-year, driven in part by ever-changing parts availabilities and repair backlogs, said car rental agency Enterprise Rent-A-Car. The overall Canadian LOR was 16 days in 2022

Happy independent businessman
News BrokersHRInsurersLicensingManagementMergers and AqcuisitionsTrusted Advisor

Does it matter how brokers define independence?

July 25, 2022 by Jason Contant

What’s the best way for a P&C broker to maintain its independence? Depends who you ask. Back in April, Insurance Brokers Association of Ontario president Joseph Carnevale told Canadian Underwriter that independence is linked to the broker value proposition to

Blazing summer sun during a heat wave
News Business InterruptionClaimsCommercialEmerging RisksEnvironmentalInsurers

What Europe’s record heat means for insurers

July 22, 2022 by Philip Porado

Insurers covering businesses that depend on goods or industrial inputs from Europe should keep an eye on potential loss scenarios emerging from the continent’s crippling heat wave. “High temperatures harmed tarmacs of motorways in Great Britain and Germany in the

Three yellow taxi cabs lined up on the street
News BrokersCommercial AutoInsurersOntarioPersonal Auto

New program aims to bring high-risk drivers back to standard market

July 22, 2022 by Alyssa DiSabatino

Facility Association (FA) is launching a video-enabled telematics program for Ontario taxi drivers, and it may see participants earn their way back to the standard market.  The program, effective Dec. 1, 2022, is meant to help drivers improve their driving

Building blocks printed with the words regulations and standards
News InsurersLegal

OSFI releases final insurance capital guidelines for IFRS 17

July 21, 2022 by Canadian Underwriter Staff

The Office of the Superintendent of Financial Institutions (OSFI) today released final insurance capital guidelines updated to reflect implementation of International Financial Reporting Standards 17 (IFRS 17). “These guidelines recognize the improvements in the new international accounting standard of increased

Gavel with an hourglass and antique books
News B.C.ClaimsInsurersLegalPersonal Auto

Is the two-year limitation period set in stone?

July 21, 2022 by Jason Contant

A motor vehicle accident victim can proceed with her personal injury claims after British Columbia’s Civil Resolution Tribunal (CRT) found the provincial public auto insurer made an “explicit promise” not to be bound by the two-year limitation period to start

A person holds their smartphone, which displays a credit score dial ranging from green to red.
News CyberInsurers

Why cyber ratings don’t tell insurers enough about the risks

July 21, 2022 by Alyssa DiSabatino

Cyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said

A farmer wearing a straw hat and a plaid shirt kneels with one hand holding his head and one hand reaching towards his corn crop
News AlbertaInsurersOntarioRisk Managers

Risk management outlooks crop up for farm insurers

July 20, 2022 by Alyssa DiSabatino

Farmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain.   Southern Ontario farmers

An intersection in Winnipeg at night
News ClaimsInsurersManitobaPersonal Auto

Auto insurer seeks fourth consecutive rate decrease

July 20, 2022 by Jason Contant

Manitoba Public Insurance (MPI) is requesting a small average auto insurance rate decrease, its fourth consecutive annual rate-decrease request. It filed a provisional 2023/23 general rate application with Manitoba’s Public Utilities Board last week, requesting an average rate decrease for