Topic Loss Trends
Risk of flood loss is now on par with primary perils: Swiss Re
March 31, 2022 by Alyssa DiSabatinoSecondary 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…
How war in Ukraine may impact business loss claims
March 25, 2022 by Philip PoradoCanada’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…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 by Philip PoradoWhile 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…
How to deal with loss trends in new DCPD auto insurance scheme
March 23, 2022 by Jason ContantNova 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…
‘Antivirus on steroids’ — one way to protect your clients from ransomware
March 16, 2022 by David GambrillTo 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…
How insurers are rethinking ransom coverage
March 15, 2022 by Jason ContantRansomware 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…
What if the disaster models are wrong?
March 14, 2022 by Canadian Underwriter StaffFor 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…
Why cannabis companies are seeing lower D&O rates
February 22, 2022 by Jason ContantPricing for cannabis-related directors and officers (D&O) insurance is trending downward, but only relative to the rest of the market, said an insurance brokerage executive. “When cannabis was first legalized in Canada, you had a handful of carriers that [offered]…
How far Intact’s specialty reach has expanded
February 15, 2022 by Jason ContantIntact Financial Corporation CEO Charles Brindamour says Canada’s largest P&C insurer has established a “truly global platform” that can now reach 70% of the global specialty solutions market with the expertise it has on board. “The thing that I like…
Challenging market conditions remain for these two lines in Canada
February 10, 2022 by Jason ContantMarket conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms…
Why Intact beat its own expectations in recent quarters
February 9, 2022 by Jason ContantIntact Financial Corporation expects its combined ratio to marginally improve in Canada as it continues to beat its own financial result expectations, the insurer’s chief financial officer says during an earnings call. Canada’s largest insurer saw operating direct premiums written…
How to reduce escalating municipal insurance costs
February 4, 2022 by Jason ContantOntario’s Ministry of the Attorney General has established a ‘technical table’ to review issues surrounding rising municipal insurance costs, including joint and several liability. “Insurance costs for municipalities in Ontario have been rising, and the subject of much concern for…