Topic Loss Trends
P&C industry must get better at modelling secondary perils: reinsurance exec
June 13, 2022 by Jason ContantThe property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We…
Remember 1970s stagflation? Why insurers should pay attention to the World Bank
June 7, 2022 by Philip PoradoLingering impacts of COVID-19 and Russia’s invasion of Ukraine have magnified a global economic slowdown and raised the risk of stagflation – in which long-term, feeble growth combines with high inflation – the World Bank says in its latest prospects…
War and other factors loom over shipping sector: report
May 27, 2022 by Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
How to speed up claims response for NatCats
May 25, 2022 by Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Why COVID-19 created opportunities for risk managers
May 19, 2022 by Jason ContantRisk management professionals are gaining a voice in the executive ranks, partially because COVID-19’s helped raise the sector’s profile. “There is now a seat at that table where there never was before,” said Steve Pottle, chairman of the RIMS Canada…
5 key trends in the Canadian P&C market, according to Aon
May 18, 2022 by Canadian Underwriter StaffP&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively…
Two auto physical damage trends of concern to one insurer
May 18, 2022 by Jason ContantDefinity Financial Corporation’s executive vice president of personal insurance is concerned about two trends in auto physical damage. “The two areas that are of concern to us are theft and total loss, where we are seeing approximately a 25% increase…
Rising lumber, materials costs lead claims professionals to tweak their approach
May 16, 2022 by Philip PoradoWith the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…
Industry’s 2022 results won’t be as good as 2021, Definity CEO predicts
May 13, 2022 by Jason ContantDefinity Financial Corporation president and CEO Rowan Saunders doesn’t expect the Canadian P&C insurance industry’s return on equity to remain as elevated as it was last year. In 2021, the industry’s ROE hit 17%. The industry also recorded the lowest-ever…
4 insurance industry trends to watch
May 11, 2022 by Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
Drones, phones and loss control: how inspections changed amid the pandemic
May 5, 2022 by Alyssa DiSabatinoLoss control strategies had to pivot amid the COVID-19 pandemic, and while many insurance carriers reverted to ‘Old School’ loss control inspections via the phone, some took it even further, industry experts share during a Canadian Underwriter webinar. The…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 by Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…