Canadian Underwriter

Topic Loss Control

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News CommercialInsurersLoss ControlLoss Trends

Weakening economy convinces BoC to hold key rate, but door to more hikes stays open

September 6, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

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,

Person showing others the way out of a cave
News BrokersBusiness InterruptionClaimsCommercialCyberInsurersLoss ControlLoss TrendsTechnology

Which coverages will lead brokers out of the hard market?

September 5, 2023 by David Gambrill

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

Illustration of a woman crunching numbers to find the best price for a customers insurance policy
News ClaimsInsurersLoss ControlLoss TrendsPersonal Auto

What carriers are offering auto customers seeking lower premiums

September 1, 2023 by Philip Porado

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 attack on a business computer
News ClaimsClaims Canada ArchiveCommercialCyberLegalLoss ControlTechnology

Why ransomware is still a threat to your cyber clients

August 31, 2023 by Jason Contant

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

Man with a hoodie breaking into a car door
News AlbertaClaimsCommercial AutoInsurersLoss ControlLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoQuebec

Auto theft’s impact on your clients’ premiums

August 29, 2023 by Alyssa DiSabatino

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

Close up of a hand holding a glass of red wine in a winery vineyard
News B.C.Business InterruptionCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlNova ScotiaOntarioQuebec

Grapes of wrath: How the wildfires could burn your winery clients

August 25, 2023 by Alyssa DiSabatino

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

Donnie Creek wildfire in B.C.
News AdjustersCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlPersonal Home

How much insurers can expect to pay for Canadian wildfires

August 23, 2023 by Alyssa DiSabatino

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

Data breach
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Canadian businesses hit hard by data breach costs

August 10, 2023 by Alyssa DiSabatino

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

Automotive recall
News Loss ControlPersonal Auto

6.6 million ‘unsafe vehicles’ ply the roads despite recalls: Transport Canada

August 2, 2023 by Christopher Reynolds - THE CANADIAN PRESS

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

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News Business InterruptionClaimsCommercialCyberLoss ControlLoss TrendsTechnology

How much shareholder value drops after a cyber breach

August 2, 2023 by Alyssa DiSabatino

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

Rocket represents rising reinsurance premiums
News CatastrophesClaimsEnvironmentalInsurersLoss ControlNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.PropertyQuebec

What’s the future for Canada’s reinsurance rates?

August 2, 2023 by Alyssa Di Sabatino

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

Flood on a street in Nova Scotia
News B.C.CatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalLoss ControlLoss TrendsNova ScotiaProperty

Aging infrastructure struggling to keep up with storms, wildfires, changing climate

July 27, 2023 by Hina Alam - THE CANADIAN PRESS

FREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to