Canadian Underwriter

Topic Loss Trends

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News AlbertaCatastrophesClaimsCommercial AutoInsurersLoss TrendsPersonal AutoPersonal HomeProperty

Where 2023 Cat losses stand after summer storms

September 20, 2023 by David Gambrill

Summer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023.

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News ClaimsClaims Canada ArchiveCommercialCyberInsurersLiabilityLoss ControlLoss TrendsTechnologyTrending

How ransomware claims are trending

September 20, 2023 by Jason Contant

Ransomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter.  “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said

Commercial real estate for lease or sale
News BrokersBusiness InterruptionCatastrophesClaimsClaims Canada ArchiveCommercialEnvironmentalInsurersLoss ControlLoss TrendsPropertySupply Chain

What’s driving challenges in commercial property?

September 19, 2023 by Jason Contant

Challenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to

A downed tree is shown in a yard in Fredericton, N.B. during hurricane-turned post tropical storm Lee
News CatastrophesClaimsEnvironmentalInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.

Will Hurricane Lee cost as much as Fiona?

September 18, 2023 by Alyssa DiSabatino

Damage stemming from Hurricane Lee won’t be as major as last September’s Hurricane Fiona, insurance experts tell Canadian Underwriter.   “At more than $800 million in insured damage, Hurricane Fiona goes down as the costliest natural hazard-related insured loss event

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News CatastrophesClaimsCommercialLoss TrendsPersonal AutoPersonal Home

Climate change not the leading cause of NatCat losses: Verisk

September 15, 2023 by David Gambrill

Although climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is

Insurance broker using binoculars to find opportunities
News BrokersClaimsCommercialInsurersLoss ControlLoss Trends

Where brokers can find opportunity in a softer D&O market

September 13, 2023 by David Gambrill

After several years of a hard market, P&C industry executives report a plateau of price increases in directors and officers (D&O) lines. As fears of pandemic-fuelled losses fade, D&O lines are becoming more profitable and that’s leading to some increased

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News B.C.ClaimsClaims TechnologyInsurersLoss TrendsPersonal AutoQuebecTechnology

What insurers pay to repair EVs

September 11, 2023 by David Gambrill

Although electric vehicles in Canada cost an average of $1,328 more to repair than vehicles with internal combustion engines (ICE), EVs are less likely to be written off as a total loss, says a Mitchell report. The cost of the

The McDougall Creek wildfire in West Kelowna, B.C.
News AdjustersAlbertaB.C.ClaimsClaims Canada ArchiveEnvironmentalLoss TrendsNova ScotiaNWTPersonal HomeSaskatchewanYukon

Feds predict parts of Canada could see wildfires through winter

September 7, 2023 by The Canadian Press

OTTAWA – The latest federal government forecast says Canada’s already unprecedented 2023 wildfire season could continue late into the fall or winter.   Energy and Natural Resources Minister Jonathan Wilkinson says there is potential for increased wildland fire activity from eastern

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News CommercialInsurersLoss ControlLoss Trends

Weakening economy convinces BoC to hold key rate, but door to more hikes stays open

September 6, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada held its key interest rate steady at five per cent on Wednesday, deciding against another rate hike as the economy begins to falter. “With recent evidence that excess demand in the economy is easing,

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News BrokersBusiness InterruptionClaimsCommercialCyberInsurersLoss ControlLoss TrendsTechnology

Which coverages will lead brokers out of the hard market?

September 5, 2023 by David Gambrill

For several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now

Illustration of a woman crunching numbers to find the best price for a customers insurance policy
News ClaimsInsurersLoss ControlLoss TrendsPersonal Auto

What carriers are offering auto customers seeking lower premiums

September 1, 2023 by Philip Porado

Car thefts are way up in Canada and that’s got the attention of property and casualty (P&C) insurers. Thefts have risen particularly fast in the greater Toronto area, Montreal and some other parts of Quebec, noted Paul Gilbody, SVP operations

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News AlbertaClaimsCommercial AutoInsurersLoss ControlLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoQuebec

Auto theft’s impact on your clients’ premiums

August 29, 2023 by Alyssa DiSabatino

Premiums for commonly stolen vehicles have increased between 25% and 50% over the last two years, according to data from RatesDotCa.  Insurers are bumping up rates after the Canadian P&C insurance industry paid out a record $1 billion for auto