Topic Loss Trends
Why P&C industry profitability is trending toward positive
January 23, 2023 by Jason ContantCanada’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…
Where 2022 tallies for insured damages in Canada
January 18, 2023 by Canadian Underwriter StaffSevere 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…
How much cargo theft rose in 2022
January 16, 2023 by Alyssa DiSabatinoCargo 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…
Where Ontario’s 2022 fire-related deaths ranked
January 13, 2023 by Philip PoradoOntario’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…
Regulator green-lights auto insurer’s two-year rate freeze
January 11, 2023 by Jason ContantBritish 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…
How the upcoming recession will affect your home and auto clients
January 3, 2023 by Jason ContantWith 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…
What’s the better parametric insurance trigger for Canadian hurricanes?
December 12, 2022 by Alyssa DiSabatinoHurricane risk differs in Canada, which is why parametric insurance triggers that work in the U.S. may not be as effective in Canada, said a panellist in a Canadian Underwriter webinar. Barometric pressure may be a better parametric trigger…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
Which insured perils are of most concern to your clients?
December 5, 2022 by David GambrillWinter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe…
Ontario won’t allow homes to be built on floodplains, Ford says after fed warning
December 5, 2022 by Liam Casey - THE CANADIAN PRESSCLARINGTON, Ont. — Ontario has no plans to allow homes to be built on floodplains, Premier Doug Ford said Friday after the federal environment minister warned Ottawa would not provide disaster compensation where development is greenlit in areas prone to…
What makes the current claims environment so challenging?
December 2, 2022 by Philip PoradoA convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,…
Why ‘claims holiday’ is coming to an end for auto insurers
December 1, 2022 by Jason ContantThe ‘claims holiday’ auto insurers enjoyed the last couple of years is coming to an end. Auto physical damage losses in some provinces are elevated despite fewer collisions, according to a new report from Navacord brokerage Lloyd Sadd. Insurers’ auto…