Topic Loss Control
Despite inflation slowing in December, Bank of Canada still expected to hike rates
January 17, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Canada’s annual inflation rate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week. In its latest consumer price index released Tuesday, Statistics Canada said the country’s annual…
How much cargo theft rose in 2022
January 16, 2023 by Alyssa DiSabatinoCargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo…
Regulator green-lights auto insurer’s two-year rate freeze
January 11, 2023 by Jason ContantBritish Columbia’s auto insurance regulatory body has approved a 0% rate change for basic auto insurance rates in the province for two years, the fifth year in a row of no rate increase. The British Columbia Utilities Commission approved the…
How the upcoming recession will affect your home and auto clients
January 3, 2023 by Jason ContantWith a potential recession on the horizon, consumers will likely purchase fewer big-ticket items such as cars and homes. Of course, this also means a decrease in demand for the Canadian P&C insurance industry. “Cars can be seen as a…
How switching appliances can shorten claims cycles
December 15, 2022 by Philip PoradoSupply chain problems aren’t going away any time soon for insurance adjusters. Home improvement retailers and warehouses have been plagued by empty shelves since the first year of the COVID-19 pandemic. And goods scarcities for everything from lumber to La-Z-Boys…
Why claims adjusters face a labour force double whammy
December 14, 2022 by Philip PoradoSolving the P&C industry’s talent recruitment difficulties will be a key focus for 2023, according to industry respondents to Canadian Underwriter’s annual Executive Outlook survey. While respondents focused mainly on the needs of the broking and underwriting business segments, the…
Bank of Canada expected to end year with one more rate increase
December 2, 2022 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada is expected to conclude a historic year marked by high inflation and aggressive monetary policy tightening with one more interest rate hike on Wednesday. Forecasters anticipate the central bank will raise its key interest…
Is cyber insurance underwriting headed in the right direction?
November 29, 2022 by Jason ContantNew exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
The spreading tentacles of staged collision operations
November 22, 2022 by Jason ContantStaged collisions in Canada remain a significant concern for auto insurers, particularly in the Greater Toronto Area, where many interconnected players can make these operations difficult to infiltrate, an industry expert said at KPMG’s 2022 Insurance Conference last week. Violent…
Why insurers should invest in genetically modified trees
November 22, 2022 by David GambrillInsurance companies should consider investing in genetically-modified, slow-burning trees to mitigate wildfire damage, according to a first-prize pitch at the WinterHack 2022: Design Thinking Ideathon. “We will be taking advantage of state-of-the-art biotechnology and building upon it to create a…
How claims inflation is affecting Definity’s auto, property lines
November 22, 2022 by Jason ContantClaims inflation in Definity Financial Corporation’s auto and property lines appears to be stable, Definity president and CEO Rowan Saunders said during a recent virtual fireside chat with RBC Capital Markets. While inflation is at elevated levels, it’s starting to…
Covering larger risks? Why subscriptions may be the way of the future
November 18, 2022 by Philip PoradoAs claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…