Canadian Underwriter

Topic Insurers

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News CommercialInsurersLoss ControlLoss Trends

Weakening economy convinces BoC to hold key rate, but door to more hikes stays open

September 6, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,

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News BrokersBusiness InterruptionClaimsCommercialCyberInsurersLoss ControlLoss TrendsTechnology

Which coverages will lead brokers out of the hard market?

September 5, 2023 by David Gambrill

For several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now

A Kelowna wildfire burns on Aug. 18
News B.C.CatastrophesClaimsInsurers

Intact reports Q3 wildfire claims losses

September 1, 2023 by David Gambrill

Intact Financial Corporation is projecting $570 million Cdn in pre-tax losses due to wildfires in 2023 Q3, the company announced Thursday. Intact has a national Canadian P&C insurance market share of 18.7% based on $12.6 billion of net premiums written

Graphic of man hanging off of a percent sign of increasing premiums
News BrokersCatastrophesCommercialCommercial AutoInsurersLiabilityProperty

Why property clients still face a hard market

September 1, 2023 by Alyssa DiSabatino

The headwinds facing commercial property premiums won’t abate anytime soon for the majority of clients, Gallagher’s Canada 2023 Mid-Year Market Conditions Report suggests.   The cost of reinsurance in Canada is still trending upward, triggered by a series of catastrophe

Illustration of a woman crunching numbers to find the best price for a customers insurance policy
News ClaimsInsurersLoss ControlLoss TrendsPersonal Auto

What carriers are offering auto customers seeking lower premiums

September 1, 2023 by Philip Porado

Car thefts are way up in Canada and that’s got the attention of property and casualty (P&C) insurers. Thefts have risen particularly fast in the greater Toronto area, Montreal and some other parts of Quebec, noted Paul Gilbody, SVP operations

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News InsurersLegal

Why OSFI changed its rules for appointed actuaries

August 31, 2023 by David Gambrill

In the wake of IFRS 17 accounting changes, Canada’s solvency regulator is requiring federally regulated P&C insurance companies to be more proactive in reporting any changes related to their appointed actuaries (AAs) and their peer reviewers. The regulator has also

News AdjustersB.C.BrokersCatastrophesClaimsCommercialEnvironmentalInsurersProperty

Adjusters respond to Kelowna fires as burn tally grows

August 30, 2023 by Alyssa DiSabatino

After close to 200 buildings burnt around Lake Okanagan, claims adjusters in Kelowna can expect to see claims range from personal and commercial across a swath of coverage types, an adjuster tells Canadian Underwriter.  “Kelowna has a diverse geography with

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News CommercialInsurersOntarioTechnology

Regulator approves proposed ‘novel way’ of commercial insurance distribution

August 30, 2023 by Jason Contant

The Financial Services Regulatory Authority of Ontario’s (FSRA) Innovation Office has approved its first application under its test-and-learn environment — a regulatory ‘sandbox’ that allows the industry to test out new ideas, concepts and innovations. An insurance company is proposing

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News AlbertaClaimsCommercial AutoInsurersLoss ControlLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoQuebec

Auto theft’s impact on your clients’ premiums

August 29, 2023 by Alyssa DiSabatino

Premiums for commonly stolen vehicles have increased between 25% and 50% over the last two years, according to data from RatesDotCa.  Insurers are bumping up rates after the Canadian P&C insurance industry paid out a record $1 billion for auto

Manitoba Premier speaks about the MPI job action
News AdjustersBrokersClaimsInsurersManitobaPersonal Auto

MPI employees’ job action: What it means for brokers

August 29, 2023 by David Gambrill

Manitoba brokers are reporting no issues thus far servicing their auto insurance clients, as the Manitoba Public Insurance (MPI) workers’ job action enters its second day. “We at IBAM [Insurance Brokers Association of Manitoba] hope for a speedy resolution that’s

Business M&A concept
News CyberInsurersMergers and AqcuisitionsTechnologyTrending

M&A predictions for second half of 2023

August 28, 2023 by Alyssa DiSabatino

M&A deals dropped globally in the first half of 2023, but are expected to rebound after a brief lull, said global law firm Clyde and Co.  Ever-changing market cycles, geopolitical uncertainty and general economic volatility has meant an uncertain growth

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News CatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsPersonal AutoPersonal HomeTrending

Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or