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,…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…