Topic Insurers
Summer storms bring Cat damages past $3 billion
October 16, 2023 by Alyssa DiSabatinoA series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
How the industry is using GenAI
October 13, 2023 by Jason ContantCanadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…
Intact EVP announces retirement
October 12, 2023 by Alyssa DiSabatinoIntact’s executive vice president Debbie Coull-Cicchini will retire as of Jan. 1, 2024, the company announced Wednesday. Louis Gagnon, CEO, Intact Financial Corporation Canada, announced Coull-Cicchini’s retirement to Intact’s brokers in Atlantic, Ontario and Western Canada. “I have had the privilege…
Grand Theft Auto: P&C industry sounds the alarm
October 11, 2023 by David GambrillAuto theft costs in 2023 are projecting to break record levels established in 2022, P&C insurance professionals are warning. A recent survey by Équité Association shows auto theft in Ontario increased by 31% year-over-year in the first half of 2023.…
How this ratings agency views the Canadian MGA market
October 10, 2023 by Jason ContantRatings agency AM Best will likely maintain its positive outlook on the global delegated underwriting authority enterprises (DUAE) market, an executive said Friday during AM Best’s Canada Insurance Market Briefing in Toronto. “On Dec. 5, 2022, we did assign a…
Rebranding insurance: Tell recruits they’re changing the world
October 10, 2023 by David GambrillCanada’s property and casualty insurance industry needs rebranding to attract talent, and that may mean dropping the word “insurance” from recruitment messaging, delegates attending the National Insurance Conference of Canada (NICC) heard in late September. For consumers, “insurance” may carry…
Is FSRA planning to license aggregators?
October 6, 2023 by Philip PoradoOntario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has…
How to mobilize claims repairs in a flood-prone city
October 5, 2023 by Alyssa DiSabatinoHow do you mobilize a claims response when capacity and labour shortage issues are extending property restoration timelines in disaster-prone regions? Bring your recovery team closer to the repairs. At least, that’s the strategy First Onsite is taking. The restoration…
Why us? P&C industry responds to new foreign interference rules
October 5, 2023 by David GambrillJust when you thought it was safe to return to underwriting property and casualty (P&C) insurance risk, OSFI has new marching orders from Parliament to provide guidance on foreign interference in financial institutions, prompting yet another round of consultations with…
Behind this specialty insurer’s hybrid underwriting model
October 4, 2023 by Jason ContantSpecialty insurer Mosaic Insurance’s expansion across Canada in five specialty lines provides a unique hybrid underwriting model that allows the company to take a Lloyd’s syndicated approach locally in Canada, executives told Canadian Underwriter. Mosaic announced its expansion last month…
How auto insurance will navigate a world with self-driving cars
October 4, 2023 by Tim Crljenica, Thomas Gold Pettingill LLPSelf-driving cars have been a part of visions of the future for decades, and what was once only imaginary has started to become reality. Not only do self-driving cars exist, but five U.S. states (Arizona, California, Michigan, New Hampshire and…