Canadian Underwriter

Topic Insurers

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News InsurersSupply Chain

Bank of Canada raises key interest rate by 0.75%, says rates likely need to go higher

September 7, 2022 by The Canadian Press

OTTAWA – The Bank of Canada raised its key interest rate by three-quarters of a percentage point Wednesday and signalled this won’t be the last increase as it continues its battle against high inflation. The rate hike was in line

Close up of a firefighter holding and spraying firefighting foam out of an extinguisher
News B.C.ClaimsEmerging RisksEnvironmentalInsurersOntario

How insurers can trim their environmental remediation costs

September 6, 2022 by Alyssa DiSabatino

Insurers can trim their environmental remediation costs by shopping around for more than one site estimate, recommends Lori Festarini, environmental director at Charles Taylor. That may involve getting technical support or peer-reviewed cost estimates, she elaborates. “One way of managing

Close up asian business woman using a calculator to calculate the numbers.
News AdjustersClaimsInsurersLegalPersonal Auto

Aviva wins appeal regarding EI deductions from IRB benefits

September 6, 2022 by David Gambrill

Aviva Canada successfully appealed a tribunal decision that called for the insurer to pay full auto insurance income replacement benefits (IRB), with no deduction, on top of the sickness benefits she was already receiving under the Employment Insurance Act (EIA).

Oil pump at oil sands well head
News AlbertaBrokersCommercialEnvironmentalInsurers

3 ways brokers can help oil and gas companies maintain coverage

September 6, 2022 by Philip Porado

Brokers with clients in the oil and gas industry are closely watching statements by insurers announcing intentions to exit from coverage of Canada’s oil sands. Those insurers, like many other companies globally, are under intense pressure from consumers and governments

Percentage sign sitting over blue financial graph background
News Insurers

Bank of Canada expected to raise interest rate for fifth time at pivotal moment for economy

September 2, 2022 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – Inflation appears to have peaked but it’s still running hot and a supersized rate hike from the Bank of Canada next week is widely expected. Some economists think Wednesday’s hike could be the last for a while. “We

Anthony Tramonte, head of AGCS Canada
News CommercialHRInsurersManagement

Insurer appoints new head of marine for Canada

September 2, 2022 by Jason Contant

Anthony Tramonte has joined Allianz Global Corporate & Specialty (AGCS) as head of marine for AGCS Canada, the insurer announced Thursday. In his new role, Tramonte will develop and lead the local strategy and proactively support the development of AGCS’

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News BrokersClaims ProfessionalsInsurersRisk Managers

Jim Abernethy Challenge: Can P&C industry top $500K for blood cancer research?

September 2, 2022 by David Gambrill

In this year’s second annual Jim Abernethy Challenge, the Leukemia & Lymphoma Society of Canada hopes Canadian P&C insurance professionals can help top last year’s $500,000 contribution to blood cancer research and community support. The Jim Abernethy Challenge is part

Hay bales float in flood waters amidst rows of corn in Nova Scotia's Colchester County.
News BrokersCatastrophesEnvironmentalInsurersLoss Trends

Swiss Re report shows trajectory of insured flood losses

September 2, 2022 by Alyssa DiSabatino

Insured flood losses doubled to $80 billion during 2011-20 compared to the previous decade, and global flood losses reached $20 billion alone in 2021, Swiss Re reports.  “Increased wealth, larger populations and urbanization have raised flood risk exposures across the

A businessman holding a coin with a tree that grows alongside a stack of coins, increasing in height
News CatastrophesEnvironmentalInsurers

How the insurance industry can invest in climate sustainability

September 1, 2022 by Alyssa DiSabatino

Climate-friendly impact investments and those promoting resilience to the damaging effects of climate change are environmentally responsible ways for insurers to allocate their capital, suggests one insurance expert.   Aside from charging premiums for policies, insurers turn a profit by

Female entrepreneur holding tablet while doing inventory in her trendy clothing shop
News AdjustersClaimsClaims ProfessionalsCommercialInsurersLegalOntarioProperty

Invoices don’t add up in commercial claim against RSA, court rules

September 1, 2022 by David Gambrill

Ontario’s Superior Court has rejected two claims made by a clothes store operator against RSA for a total of $127,000 in lost inventory due to water damage, because the retailer could not prove the value of the lost merchandise. In

Shanghai Skyline Sunset. Bridges winding through a mobile screen
News BrokersCommercialInsurersMGAs

New online platform ‘Bridges’ the gap between brokers and MGAs

August 31, 2022 by David Gambrill

Canadian managing general agencies (MGAs) have developed a new real-time, online platform that allows brokers to match their quote applications with MGAs underwriting that specific class of business. Once the match has been made, the platform promises to shave days,

A woman leans in closely to her computer screen
News BrokersHRInsurersManagementOperations

How much time you waste toggling between applications

August 31, 2022 by Alyssa DiSabatino

As insurance becomes increasingly digitized, brokers and other professionals may feel as if they’re spending more time toggling between apps and websites than they are doing their jobs, but there may be a better way to spend the workday, according