Canadian Underwriter

Topic Loss Control

Inflation affects small business clients
News ClaimsClaims Canada ArchiveCommercialConstructionInsurersLoss ControlLoss TrendsPropertySupply Chain

How inflation is affecting small business owners and carriers

June 16, 2023 by Jason Contant

Although inflation cooled to 4.4% in April from its high of 8.1% in June 2022, it’s still affecting small business owners and insurers, an executive at Hartford Steam Boiler told Canadian Underwriter. From a carrier perspective, claims costs are increasing

Water leak sensor alert
News ClaimsClaims Canada ArchiveClaims TechnologyCommercialInsurersLoss ControlPropertyTechnology

How carriers get real-time info on property (and other) risk exposures

June 15, 2023 by Jason Contant

Carriers in the small business space are increasingly turning to technology to understand exposure changes and help insureds manage their own risk, an expert said recently. By relying on things like sensor technology, carriers can get real-time information on changes

Melting ice cream to signify a softening market for commercial insurance
News BrokersCommercialEmerging RisksInsurersLoss ControlLoss TrendsTrusted Advisor

Is market segmentation helping to soften pricing?

June 14, 2023 by David Gambrill

A softening, but segmented, insurance market is allowing commercial lines brokers to leave some aspects of the years-long hard market behind. Improved pricing models are one key ingredient in the ‘stability’ now seen in commercial lines, brokers observed. Carriers are

Toronto Ontario, Canada- June 26th, 2022: Shoppers Drug Mart employees marching with signs during Toronto’s annual Pride parade.
News BrokersClaimsCommercialEmerging RisksInsurersLiabilityLoss ControlOntarioTrending

How Pride Toronto got swept up in entertainment line’s hard market

June 13, 2023 by Alyssa DiSabatino

Pride Toronto’s executive director says the organization has seen a 300% increase in its insurance premiums ahead of this month’s parade and festival programming. This trend of higher premiums for public events is not unique to Pride Toronto. Organizers of large

Stick shift to represent shifting focus
News BrokersCommercialLoss ControlLoss TrendsOperationsRisk Managers

Why the hard market and COVID-19 shifted brokers’ focus

June 9, 2023 by David Gambrill

Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After

Wildfires releasing CO2 emissions and other greenhouse gases
News CatastrophesClaimsEnvironmentalLoss ControlPersonal HomeQuebec

More evacuations in Quebec as record breaking fires continue to burn

June 8, 2023 by Sidhartha Banerjee and Jacob Serebrin

MONTREAL — Quebec’s wildfire season, which has forced thousands from their homes and left other communities on high alert, is the worst on record, officials said Wednesday. Premier Francois Legault told reporters in Quebec City that the areas in the

Empty shopping malls still need to keep commercial insurance coverages up to date
News BrokersClaimsCommercialEmerging RisksLiabilityLoss ControlLoss TrendsProperty

What downtown ghost towns mean for commercial coverage

June 2, 2023 by Philip Porado

Vaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t

Stressed business accountant
News EducationEmerging RisksInsurersLoss ControlLoss Trends

Do you know what’s a material change in IFRS 17?

May 26, 2023 by Jason Contant

IFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way

Businesswoman calculating finances in an office
News Emerging RisksInsurersLegalLoss ControlLoss Trends

OSFI to review earthquake risk and minimum capital tests 

May 25, 2023 by Jason Contant

Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week.  Earthquake

Accounting and bookkeeping
News Emerging RisksHRInsurersLegalLoss ControlLoss TrendsManagementTrending

How insurers are handling IFRS 17 reporting requirements

May 23, 2023 by Jason Contant

This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we

Technician working on lithium-ion rechargeable battery
News ClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyEmerging RisksInsurersLoss ControlLoss TrendsSupply ChainTechnology

Why claims frequency is trending for electric vehicles

May 16, 2023 by Jason Contant

Repairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in

Microphone on a podium with blurred crowd of strikers in the background
News BrokersClaimsCommercialEmerging RisksInsurersLegalLoss Control

Why standard coverage for unions doesn’t cut it

May 15, 2023 by Alyssa DiSabatino

Unions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter.   Standard policies typically exclude important coverages for unions,