Topic Loss Control
MPI’s Top 5 auto fraud claims of 2023
January 2, 2024 by Jason ContantA customer who claimed amnesia following an auto collision and another who said their symptoms were so severe they were unable to work were among Manitoba Public Insurance’s (MPI) Top 5 fraud claims of 2023. Every year, it’s estimated auto…
2024 Executive Outlook |Mathias Sommer, Zurich Canada
December 28, 2023 by Canadian Underwriter StaffMathias Sommer, COO, Zurich Canada As we look ahead to 2024, leveraging data and digitalization will be critical in meeting rapidly evolving customer expectations. Today’s consumer wants a seamless, simple, digital-first experience and solutions helping them to understand and manage their…
How insurers can manage losses as NatCat events ramp up
December 18, 2023 by Philip PoradoWhatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
Canada to pilot options for national emergency response agency in 2024
December 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – A new national emergency response agency may consist of regional response teams that Ottawa can call into action when disaster strikes, Emergency Preparedness Minister Harjit Sajjan said in a recent interview. It is clear some kind of federal…
Can Canada’s P&C industry catch up to NatCats?
December 14, 2023 by Philip PoradoIn much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
How COVID-19’s wane could change commercial real estate coverage
December 13, 2023 by Philip PoradoReal estate pundits, including panellists at a Columbia University School of Business discussion early this year, are sounding the alarm about North America’s downtown cores. They’re predicting employees will shun return-to-office mandates, sparking tenancy death spirals for commercial lessors that…
How new vehicle tech is changing the auto theft equation
December 11, 2023 by Philip PoradoThere’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to…
Police, insurers collaborate to dismantle auto theft ring
November 30, 2023 by Jason ContantOntario’s Peel Regional Police (PRP) in collaboration with Équité Association have prevented more than $350,000 of insurance fraud by disrupting and dismantling an auto theft ring, the southern Ontario police force reported Wednesday. As part of the investigation dubbed Project…
How to recruit underwriters when job candidates get multiple offers
November 30, 2023 by Alyssa Di SabatinoCompetition for available qualified underwriting talent is fierce. “We’ve got candidates in the mix that will often have two or three offers in hand,” said Stefan Rolfe, associate director of insurance at Impact Recruitment. “And they can often bounce one…
Government impersonation, phishing are top financial scams, Interac survey finds
November 30, 2023 by Ritika Dubey - THE CANADIAN PRESSTORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing…
Can car dealerships manage insurance risks from vehicle thefts?
November 27, 2023 by Philip PoradoCar thefts began rising across Canada in 2020 during the COVID-19 pandemic and have been climbing ever since – fuelled by organized crime rings using new technologies to steal key fob codes and take vehicles while their owners are asleep.…
What carriers can expect for reinsurance renewals
November 22, 2023 by Alyssa DiSabatinoPrimary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the…