Canadian Underwriter

Topic Loss Control

Concept of ransomware - businessman buying back data from a hacker
News CommercialCyberInsurersLoss ControlTechnology

Do your clients have enough (or any) coverage for ransomware attacks?

August 10, 2022 by Jason Contant

Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new

Dangerous staircase at a business to represent insurer risk
News BrokersClaimsCommercialCommercial AutoConstructionCyberEmerging RisksInsurersLoss ControlLoss TrendsPersonal AutoPersonal HomeProperty

Inflation creates opportunities for brokers to revisit risks with clients

August 8, 2022 by Philip Porado

Recent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada

Poles measuring high water marks in a lake
News InsurersLoss ControlOperations

Was 2021 a high-water mark for P&C industry returns?

August 4, 2022 by Glenn McGillivray

Despite turmoil from the ongoing COVID-19 pandemic that affected everything from the need to work remotely, auto premium rebates and the handling of Cat claims, to the availability and price of building materials and labour, Canada’s P&C insurers still managed

Burned out buildings in Lytton, B.C.
News AdjustersAlbertaB.C.ClaimsClaims ProfessionalsCommercialCommercial AutoConstructionEnvironmentalInsurersLoss ControlLoss TrendsOntarioPersonal AutoPersonal HomeProperty

2021 Cat frequency ties 2008 for second place

August 3, 2022 by Glenn McGillivray

Severe weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide,

Stack of 45-rpm hit records
News BrokersCatastrophesClaimsCommercialCommercial AutoConstructionCyberInsurersLoss ControlPersonal AutoPersonal HomeProperty

P&C industry’s 2021 results: A one-hit wonder?

July 28, 2022 by Glenn McGillivray

Last year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE

Digital fingerprint
News Business InterruptionClaimsCyberEmerging RisksLiabilityLoss ControlLoss TrendsRisk ManagersTechnology

Can multi-factor authentication beat smarter cybercriminals?

July 26, 2022 by Jason Contant

Multi-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,

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

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

News ClaimsCommercial AutoInsurersLiabilityLoss ControlPersonal Auto

Distracted driving sometimes takes a back seat to work priorities, drivers say

July 11, 2022 by Canadian Underwriter Staff

Canadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every

A leaking roof in an old office
News AdjustersClaimsCommercialEnvironmentalInsurersLiabilityLoss ControlProperty

Why your client now needs environmental insurance

July 4, 2022 by Jason Contant

Climate change is resulting in larger and non-traditional pollution losses, necessitating the need for environmental insurance to cover possible coverage gaps left by other policies, an environmental insurance expert said recently. Stronger storms coupled with increased land development can lead

Riot police dealing with a protest and fire on a city street.
News CatastrophesClaimsClaims ProfessionalsCommercialCommercial AutoConstructionCyberEmerging RisksLoss ControlLoss TrendsProperty

How to help your clients prepare for civil unrest

June 16, 2022 by Philip Porado

Strikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a

Robot holding a brain to represent artificial intelligence.
News ClaimsCommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsTechnology

How do you insure artificial intelligence?

June 15, 2022 by Alyssa DiSabatino

Picture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult