Canadian Underwriter

Topic Loss Trends

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News BrokersClaimsEmerging RisksInsurersLoss TrendsOntario

Why P&C execs predict 2024 will look similar to 2023

October 23, 2023 by David Gambrill

Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens

Aerial view a wetland stillwater surrounded by wildfire damage.
News AlbertaB.C.CatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNova ScotiaNWTProperty

P&C industry joins the $3-billion Cat club (again)

October 19, 2023 by David Gambrill

For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms

Lightning strike during summer storms
News CatastrophesClaimsInsurersLoss TrendsOntario

Summer storms bring Cat damages past $3 billion

October 16, 2023 by Alyssa DiSabatino

A series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left.  Laura Twidle, president and CEO of Catastrophe Indices and Quantification

Raging River in flood.
News CatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsPersonal HomeProperty

Devil in the details: Canada’s proposed flood program

October 13, 2023 by David Gambrill

When Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United

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News ClaimsEmerging RisksInsurersLegalLoss TrendsPersonal Auto

Grand Theft Auto: P&C industry sounds the alarm

October 11, 2023 by David Gambrill

Auto theft costs in 2023 are projecting to break record levels established in 2022, P&C insurance professionals are warning. A recent survey by Équité Association shows auto theft in Ontario increased by 31% year-over-year in the first half of 2023.

A gas station destroyed by the Bush Creek East wildfire in Squilax, B.C.
News B.C.CatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss Trends

How much B.C.’s catastrophic wildfires will cost insurers

October 4, 2023 by Alyssa DiSabatino

B.C.’s summer wildfires clocked in as the costliest insured event ever recorded in the province, and the tenth costliest insured event in Canada’s history, Insurance Bureau of Canada (IBC) said.  Wildfires in the Okanagan and Shuswap regions of B.C. will

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News CommercialCyberEmerging RisksInsurersLoss ControlLoss TrendsTechnology

Help small business clients deter cyberattacks

October 3, 2023 by Jason Contant

When it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,

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News Business InterruptionClaimsCommercialCommercial AutoConstructionEnvironmentalInsurersLegalLiabilityLoss ControlLoss TrendsProperty

Tips for insuring properties worth more than $500 million

October 2, 2023 by Philip Porado

Coverage for high-value real estate, defined as sites worth $500 million or more, is often based as much on how those sites are used as on the physical assets themselves. Multi-use sites, where activities like manufacturing, distribution, logistics and management

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News CommercialCyberLoss Trends

The cyber scam that’s trending more than ransomware

September 27, 2023 by Alyssa DiSabatino

Fraudulent funds transfer is the scam method that’s edging out ransomware when it comes to cyber claims frequency, one expert shared with Canadian Underwriter.  Fraudulent funds transfers (FFT) is a method whereby cyber scammers trick a company’s employees into sending

Scales of justice loaded with money symbolizing high cost of legal action
News AlbertaClaimsClaims Canada ArchiveInsurersLegalLiabilityLoss TrendsPersonal Auto

What’s contributing to rising auto premiums in Alberta?

September 26, 2023 by Jason Contant

Litigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%

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News ClaimsClaims Canada ArchiveCommercialInsurersLegalLiabilityLoss ControlLoss TrendsPersonal AutoPersonal Home

How well the industry protects policyholders against insolvency

September 22, 2023 by Jason Contant

Canada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and

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News ClaimsClaims Canada ArchiveCommercialInsurersLoss ControlLoss TrendsPersonal Auto

How Canada’s P&C insurers are faring under IFRS 17

September 21, 2023 by Jason Contant

Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In