Canadian Underwriter

Topic Loss Trends

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.Personal AutoPersonal HomeProperty

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during

Highway with speeding traffic at sunset.
News Commercial AutoLoss TrendsOntarioPersonal AutoProperty

Will faster highway speeds lead to more claims?

April 7, 2022 by Philip Porado and Alyssa DiSabatino

Starting Apr. 22, Ontario drivers will be able to take six sections of highway, primarily in the southern part of the province, at 110 km/h. Highway segments where speeds will permanently rise from 100 km/h to 110 km/h are: Queen

A woman and a man sit across from another man at a desk. The woman uses a pen to point at a stack of papers. They are all dressed in business attire.
News BrokersCyberEmerging RisksLoss TrendsTrending

Do clients really want brokers to be risk advisors, too?

April 7, 2022 by Alyssa DiSabatino

Although 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts.   Commercial lines consumers in Canadian

Glowing yellow arrow indicating upward growth
News ClaimsCommercialCyberInsurersLiabilityLoss TrendsPersonal AutoPersonal HomeProperty

How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry

Surf washes over a beach on Nova Scotia's Atlantic coast.
News CatastrophesEnvironmentalInsurersLegalLoss TrendsNova ScotiaPersonal Home

P&C industry’s input on coastal protection

April 6, 2022 by Alyssa DiSabatino

Nova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict

Two spheres, one red and one blue, of equal weight each on one side of a scale
News CatastrophesEnvironmentalInsurersLoss Trends

Risk of flood loss is now on par with primary perils: Swiss Re

March 31, 2022 by Alyssa DiSabatino

Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood

Ukraine war's eastern front.
News Business InterruptionClaimsCommercialEmerging RisksLoss ControlLoss TrendsSupply Chain

How war in Ukraine may impact business loss claims

March 25, 2022 by Philip Porado

Canada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and

Toll stations on an elevated bridge between the US and Canada.
News CommercialCommercial AutoCyberLiabilityLoss ControlLoss TrendsRisk Managers

Supply chain concerns overshadow logistics data hacks

March 24, 2022 by Philip Porado

While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of

Picture of taxi row
News ClaimsCommercial AutoLoss TrendsNova Scotia

How to deal with loss trends in new DCPD auto insurance scheme

March 23, 2022 by Jason Contant

Nova Scotia Utility and Review Board (NSURB) has approved Facility Association’s (FA) overall rate increase of 11.1% as well as a proposed revision of its risk classification system for taxis. In doing so, the board had some words of advice

A hacker spying your data file
News BrokersClaimsCyberInsurersLoss ControlLoss TrendsRisk ManagersTechnology

‘Antivirus on steroids’ — one way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

Digital skull and crossbones implying ransomware.
News CommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsRisk Managers

How insurers are rethinking ransom coverage

March 15, 2022 by Jason Contant

Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on

Road damaged by earthquake
News Emerging RisksEnvironmentalLoss ControlLoss TrendsOpinionRisk Managers

What if the disaster models are wrong?

March 14, 2022 by Canadian Underwriter Staff

For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by