Topic Loss Control
6.6 million ‘unsafe vehicles’ ply the roads despite recalls: Transport Canada
August 2, 2023 by Christopher Reynolds - THE CANADIAN PRESSSome 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…
How much shareholder value drops after a cyber breach
August 2, 2023 by Alyssa DiSabatinoMajor 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…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 by Alyssa Di SabatinoNew 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…
Aging infrastructure struggling to keep up with storms, wildfires, changing climate
July 27, 2023 by Hina Alam - THE CANADIAN PRESSFREDERICTON – 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…
Prairie drought continues, forcing farmers to write off crops
July 25, 2023 by Amanda Stephenson - THE CANADIAN PRESSSaskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead. The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers…
Will reinsurers pass rate increases to consumers?
July 20, 2023 by Alyssa Di SabatinoReinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have…
What’s to blame for distracted driving trends?
July 14, 2023 by Philip PoradoBrokers hear lots of stories about minor fender-benders that don’t lead to injuries. And some could even be seen as amusing – if they weren’t linked to financial losses for insurers. “We had an incident where someone was trying to…
High building materials and labour costs still slowing home repairs
July 12, 2023 by Philip PoradoWhile inflation’s pace has eased in Canada, it’s still expensive to put homeowners back into their properties after a fire, flood, wind or other event. That’s because lingering supply chain and labour-shortage issues are extending restoration timelines. And that’s increasing…
Why auto insurers are more likely to declare cars totalled
July 7, 2023 by Philip PoradoIs that car worth repairing? Given ongoing supply chain disruption and high inflation rates, the answer for insurers may increasingly be ‘no.’ “We see significant increases in rental costs,” said Kumar Siva, senior vice president for third party administration services…
How insurers can reduce cyber claims without slashing coverages
July 6, 2023 by Alyssa DiSabatinoCyber insurers are finding that acting as incident response services for their small- to mid-sized business clients is helping to reduce overall claims, experts shared during an industry conference. Insurers should be the first ones to open the lines of…
Can we predict where cyber claims might emerge?
July 4, 2023 by Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 by Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…