Topic Loss Control
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…
Who’s at fault when AI’s driving a cargo ship?
June 29, 2023 by Philip PoradoIt’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.…
What’s changing the way commercial brokers view loss control?
June 26, 2023 by David GambrillIt’s possible the pandemic, combined with the P&C industry’s ongoing hard market, may have permanently altered how insurers assess their risk appetites. And brokers wise to this shift have adjusted their approach to advising clients accordingly. Given that insurers are…
How trade agreements could change claims adjusting in Canada
June 20, 2023 by Alyssa Di SabatinoWhen a NatCat occurs in Canada, it’s common for U.S. adjusters to be on the scene — sometimes before Canadian adjusters, who are bound by provincial licensing restrictions. And while processes for getting either country’s adjusters on the scene are…
How commercial brokers have evolved into holistic risk advisors
June 20, 2023 by David GambrillWith insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their…
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,…
How inflation is affecting small business owners and carriers
June 16, 2023 by Jason ContantAlthough 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…
How carriers get real-time info on property (and other) risk exposures
June 15, 2023 by Jason ContantCarriers 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…
Is market segmentation helping to soften pricing?
June 14, 2023 by David GambrillA 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…