Auto theft lists are not consistent among insurers, potentially causing consumers to wonder why one auto insurer may view their car as a high-theft risk, while another may not. Car thefts across the country have skyrocketed, costing the P&C industry…
OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,…
For several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now…
Car thefts are way up in Canada and that’s got the attention of property and casualty (P&C) insurers. Thefts have risen particularly fast in the greater Toronto area, Montreal and some other parts of Quebec, noted Paul Gilbody, SVP operations…
Ransomware is “almost certainly the most disruptive form of cybercrime facing Canada” because it’s pervasive and can have a serious impact on an organization’s ability to function, said a new report from the Canadian Centre for Cyber Security. However, it’s…
Premiums for commonly stolen vehicles have increased between 25% and 50% over the last two years, according to data from RatesDotCa. Insurers are bumping up rates after the Canadian P&C insurance industry paid out a record $1 billion for auto…
As wildfires rage across Canada, wineries might struggle to keep smoke from tainting their crops. Such was the case for wineries operating in and around southern Oregon in 2020, said Heidi Moore, insurance agent for U.S-based Country Financial and host…
Canadian insurers could see between $700 million and $1.5 billion in insured losses from this summer’s wildfire season, DBRS Morningstar predicts in new commentary. Despite the high loss figures, the claims incurred in 2023 Q3’s wildfire season will be manageable…
Even as Canadian companies become more aware of their cyber risk, threat actors are hardly deterred, a new report shows. Canadian companies are paying nearly $7 million Cdn, per incident, in data breach costs. That’s the third highest in…
Some 6.6 million “unsafe vehicles” are likely on the road despite having unresolved safety recalls, the federal government says. In an analysis from June, Transport Canada estimated that one in five of the 33.3 million vehicles registered as of 2019…
Major cyber incidents disrupt more than a corporation’s operations. Shareholder value, a key measure of a company’s financial health, was shown to fall an average 9% in the year following an event, a recent Aon report showed. With that, C-suite clients…
New risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…