Canadian Underwriter

Topic Insurers

Gas prices in Carleton Place, Ont. on May 17, 2022
News Emerging RisksInsurersTrending

Canada’s inflation rate climbed to 8.1% in June as gas prices soared

July 20, 2022 by The Canadian Press

OTTAWA – Canada’s annual inflation rate rose to 8.1 per cent in June, boosted by soaring gas prices, which rose more than 50 per cent compared with a year ago, Statistics Canada said Wednesday. The June inflation rate was up

a splash of water and a large flame atop a black background
News ClaimsEnvironmentalInsurers

How Canada’s costliest perils compare to the rest of the world

July 19, 2022 by Alyssa DiSabatino

The fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major

A Metro truck pulls out of a food distribution centre in Ottawa.
News InsurersSupply Chain

Economists predict inflation climbed even higher in June amid ‘reopening effect’

July 18, 2022 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Economists are predicting an even higher reading of inflation for June as energy and food prices crept higher and the economy reopened further. The consumer price index in Canada hit a nearly 40-year high of 7.7 per cent

Investor stock market chart rising upward
News Insurers

Where rising interest rates will lead insurers in 2022-23

July 15, 2022 by Alyssa DiSabatino

Economic slowdown and high inflation will weigh down insurance market growth in 2022-23, primarily affecting property and auto insurers; still, rising interest rates may actually be a silver lining for insurers, Swiss Re Institute’s latest sigma report notes.    Swiss

Hands pointing fingers at each other.
News ClaimsCommercialInsurersLegalLiabilityOntario

Splitting costs when ‘other insured’ policy clauses don’t reconcile

July 15, 2022 by David Gambrill

When two insurers offer coverage for the same loss, and each policy states the coverage is in excess of ‘other insurance’ available, both insurers can be expected to split the cost for the insured’s defence and settlement costs, Ontario’s top

Illustration of a hand placing a red bridge between two cliffs
News BrokersInsurers

A new resource for Canada’s Black insurance professionals

July 14, 2022 by Alyssa DiSabatino

The Canadian Association of Black Insurance Professionals is looking to empower and bridge the gap of opportunities for Black insurance professionals.   “The mission was derived collectively from our own lived experience growing up in this industry,” says co-founder Dionne

Handmade collage with female portrait and her distorted mirror reflection
News CannabisClaimsCommercialInsurersLegalLiabilityOntarioRisk Managers

D&O excess policy needs to spell out exceptions from primary policy

July 14, 2022 by David Gambrill

If an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,

Car loaded on a tow truck for delivery
News ClaimsCommercial AutoInsurersLoss ControlOntarioPersonal Auto

Insurers, municipality clash over 87.5% increase in collision towing fees

July 14, 2022 by Jason Contant

Insurance Bureau of Canada (IBC) is expressing “serious concern” after Mississauga, Ont.’s city council approved an 87.5% increase to towing fees for consumers who need a tow to a Collision Reporting Centre (CRC). The City of Mississauga defended the increase

Male office worker looking at view through window of modern office over city.
News InsurersMergers and Aqcuisitions

Reinsurer makes executive changes after M&A deal closes

July 13, 2022 by David Gambrill

PartnerRe Ltd. made a few executive-level shuffles Wednesday, marking the close of a December 2021 deal in which Covéa agreed to buy Partner Re from Exor for $9 billion in cash. Thierry Derez, CEO of Covéa Group, is replacing Brian

AI robot driving a car in a futuristic city
News CommercialCommercial AutoConstructionCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsRisk Managers

Who owns the risks posed by artificial intelligence? 

July 13, 2022 by Alyssa DiSabatino

As artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be

Pathologist doctor holding hammer court as investigation of criminal law cases and civil law cases in some jurisdictions
News B.C.InsurersLegalLiabilityPersonal Auto

Court strikes down cap on costs for auto injury experts

July 13, 2022 by David Gambrill

B.C.’s Supreme Court has struck down as unconstitutional the province’s 6% cap on disbursements for experts in personal injury actions arising from auto accidents – one feature of the Insurance Corporation of B.C.’s attempt to control its auto insurance claims

Airliner landing in a vacation paradise
News BrokersClaimsInsurers

More people are flying – is that good for travel insurance profits?

July 13, 2022 by Alyssa DiSabatino

Business and leisure travel is on a post-pandemic rise, but major flight delays and cancellations will have impacts on travel insurers’ credit profiles, said a commentary from credit-rating agency DBRS Morningstar. Even though airplane travel remains below 2019 levels, staff