Canadian Underwriter

Topic Loss Trends

Pump jack in Saskatchewan
News AlbertaClaimsCommercialEmerging RisksEnvironmentalLoss ControlLoss TrendsSaskatchewan

Alberta, Saskatchewan methane emissions almost 4 times more than reported: research  

February 21, 2023 by Jason Contant

New research using advanced technology suggests heavy oil facilities in Alberta and Saskatchewan are releasing almost four times the amount of a powerful greenhouse gas than they report to government.   The research, published in the journal Environmental Science and Technology,

Padlock symbol in circular light bubble
News ClaimsCommercialCyberInsurersLoss TrendsTechnology

Why 2022 was a good year for cyber insurers

February 21, 2023 by Jason Contant

Controls and underwriting actions that cyber insurers took over the course of 2020 and 2021 started paying off last year, a cybersecurity expert told Canadian Underwriter recently.  “I think the cyber insurance industry in general had a much better year

Driver sleeping in self-driving car
News ClaimsCommercial AutoCyberEmerging RisksInsurersLegalLiabilityLoss ControlLoss TrendsPersonal AutoTechnology

When will self-driving tech consistently prevent crashes?

February 17, 2023 by Harrison Griffiths and Hannah Van Staveren

One aim of autonomous driving technology is to take the human element out of the driving ecosystem with an eye toward preventing collisions. But right now, autonomous driving technology can’t guarantee it will detect and react to road hazards earlier

Small figure dwarfed by a tall percentage sign
News ClaimsCommercialInsurersLoss TrendsPersonal AutoPersonal Home

Despite inflation easing, Intact expects ongoing hard market

February 8, 2023 by David Gambrill

Despite lower inflation, Intact Insurance is nevertheless predicting an ongoing hard market in Canada in 2023 because of higher reinsurance rates and elevated natural catastrophes. “Looking at the [Canadian P&C insurance] industry, we see hard market conditions continuing, given rising

Satellite image of the globe with the national flag across Canada's surface
News BrokersCatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Quebec

How Canada’s insured cat losses stack up globally

January 25, 2023 by Alyssa DiSabatino

Severe weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon.  These events point to a severe gap in insurance protection in some parts of

Insurance professional holds two houses up, and prevents them from crashing along a downfacing arrow, a symbol of the recession,
News BrokersClaimsCommercialCommercial AutoInsurersLoss TrendsPersonal AutoPersonal HomeProperty

How the recession will affect personal lines

January 24, 2023 by Alyssa DiSabatino

An impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to

Profitability trending toward positive
News CommercialEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsTrending

Why P&C industry profitability is trending toward positive

January 23, 2023 by Jason Contant

Canada’s property and casualty insurers should see increased overall profitability and premium rate increases as the industry’s 2023 outlook trends to positive, ratings firm DBRS Morningstar said in a new report. “The credit rating trend for the majority of DBRS

Power lines in Ottawa knocked out by the May 22 derecho storm
News AlbertaB.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurersLoss TrendsManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.Personal AutoPersonal HomePropertyQuebecSaskatchewanYukon

Where 2022 tallies for insured damages in Canada

January 18, 2023 by Canadian Underwriter Staff

Severe weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s

man wearing a white hardhat and yellow safety vest is onlooking a large blue shipping container on a truck
News BrokersClaimsCommercialCommercial AutoInsurersLoss ControlLoss TrendsRisk ManagersSupply Chain

How much cargo theft rose in 2022

January 16, 2023 by Alyssa DiSabatino

Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo

House fire destroys building
News ClaimsInsurersLoss TrendsOntarioPersonal HomeProperty

Where Ontario’s 2022 fire-related deaths ranked

January 13, 2023 by Philip Porado

Ontario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020

Working out the financial results
News B.C.ClaimsInsurersLoss ControlLoss TrendsPersonal Auto

Regulator green-lights auto insurer’s two-year rate freeze

January 11, 2023 by Jason Contant

British Columbia’s auto insurance regulatory body has approved a 0% rate change for basic auto insurance rates in the province for two years, the fifth year in a row of no rate increase. The British Columbia Utilities Commission approved the

Recession's impact on car insurance
News BrokersClaimsInsurersLoss ControlLoss TrendsPersonal AutoPersonal Home

How the upcoming recession will affect your home and auto clients

January 3, 2023 by Jason Contant

With a potential recession on the horizon, consumers will likely purchase fewer big-ticket items such as cars and homes. Of course, this also means a decrease in demand for the Canadian P&C insurance industry.  “Cars can be seen as a