Canadian Underwriter

Topic Loss Trends

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

Girl after shopping discovered the loss of her automobile. Angry woman talking about missing car on phone. Vehicle theft concept
News ClaimsCommercial AutoEmerging RisksInsurersLegalLoss TrendsOntarioPersonal Auto

Auto insurers pay out record amount for auto theft

June 8, 2023 by David Gambrill

Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in

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

Business man hand protect Chess King figure and Stopping Falling wooden Blocks or Dominoes. Business, Risk Management, Solution, economic regression, Insurance, strategy and Interruption Concepts
News Business InterruptionClaimsCommercialEmerging RisksInsurersLoss TrendsPropertyRisk Managers

Aon reveals top risk exposure for Canadian companies in 2023

May 18, 2023 by David Gambrill

Canadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for

Thief In Hooded Jacket And Balaclava Opening Car's Door With Crowbar
News AlbertaClaimsInsurersLoss TrendsOntarioPersonal Auto

How theft and Alberta’s rate pause affected Definity’s auto portfolio

May 16, 2023 by David Gambrill

Auto theft, inflation, and increased claims frequency due to traffic returning to pre-pandemic levels all contributed to pushing Definity’s combined ratio in personal auto up to 100.9% in 2023 Q1, company executives reported in the company’s earnings call last week.

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

Man holding a card that reads 'auto insurance'
News ClaimsInsurersLoss ControlLoss TrendsManagementPersonal Auto

How Intact’s personal auto segment fared in 2023 Q1

May 15, 2023 by Jason Contant

Intact Financial Corporation grew its Canadian personal auto premium volume 5% in 2023 Q1 from one year ago, and continues to see positive growth in the segment, CEO Charles Brindamour said during a 2023 Q1 earnings call last week. “Top-line

A closeup of a seismograph machine needle drawing a red line on graph paper depicting seismic and earthquake activity - 3D render
News B.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsOntarioPersonal HomeQuebec

National disaster report highlights industry loss potential

May 12, 2023 by Alyssa DiSabatino

A major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns.  Of pertinence to the industry, as insured damages for a severe earthquake could broach

Vacant retail space at an abandoned shopping mall must still be insured
News BrokersClaimsCommercialEmerging RisksLoss ControlLoss TrendsProperty

Vacant retail and office space: How to advise clients on this post-pandemic trend

May 12, 2023 by Philip Porado

With office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The