Canadian Underwriter

Topic Loss Trends

News CommercialEducationLoss TrendsRisk Managers

Why certain commercial sub-segments are facing pricing, capacity crunch

April 12, 2021 by Greg Meckbach

Today’s hard market is different not only because of COVID-19 but also because insurers are more granular in their approach towards specific segments within the commercial market, experts suggested Monday during a Canadian Underwriter webinar. “In some industries [i.e. commercial

News ClaimsClaims Canada ArchiveCommercialLoss ControlLoss Trends

Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s

April 7, 2021 by Greg Meckbach

The pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of

News BrokersClaimsEducationInsurersLoss ControlLoss TrendsPersonal Auto

Brokers: pay attention to these insurance fraud ‘red flags’

April 7, 2021 by Jason Contant

If your client is trying to rush the insurance buying process or is not concerned about price, that’s often a red flag that the transaction is fraudulent, RSA told Canadian Underwriter recently. “We know the majority of customers aren’t looking

News ClaimsClaims TechnologyCommercialInsurersLegalLoss ControlLoss TrendsPersonal Auto

Number of suspicious claims “at an all-time” high during COVID: RSA

April 6, 2021 by Jason Contant

Even though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss

News B.C.ClaimsInsurersLegalLoss ControlLoss TrendsPersonal Auto

B.C. applying for stay in court ruling on auto injury claims: Attorney General

April 6, 2021 by The Canadian Press

VICTORIA – British Columbia is applying for a partial stay in a recent B.C. Supreme Court ruling about jurisdiction over motor vehicle injury disputes, pending its appeal of the same decision, Attorney General David Eby said this week. The March

News ClaimsClaims Canada ArchiveInsurersLoss ControlLoss TrendsPersonal Auto

Why Intact says an upward correction in auto rates could be imminent

April 1, 2021 by Greg Meckbach

Motorists could be hit with more premium increases once driving levels return to pre-pandemic levels, Intact Financial Corp. CEO Charles Brindamour suggests. During the early part of 2020, Canada’s auto insurers had a collective combined ratio in auto more than

News ClaimsInsurersLoss TrendsPersonal Auto

Why now is a good time to press for auto reform

March 31, 2021 by David Gambrill

Elected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.

News AdjustersBusiness InterruptionClaims Canada ArchiveCommercialEmerging RisksLoss TrendsPropertyRisk Managers

The biggest property risks for green energy

March 29, 2021 by Greg Meckbach

Floods, hail, fire, and lightning strikes are among the concerns for underwriters who insure green energy projects, an expert with RSA Canada says. And also, solar panel placement. Perhaps not many would link solar panel placement with flood risk, but

News ClaimsClaims ProfessionalsClaims TechnologyCommercial AutoInsurersLegalLoss ControlLoss TrendsOntarioPersonal AutoTechnology

How to detect insurance fraud before the tow truck turf wars start

March 26, 2021 by Jason Contant

Early identification of potential insurance fraud schemes through automation can help prevent scenarios like the towing turf wars in Ontario from spiralling out of control, the CEO and co-founder of FRISS said Wednesday. “I think it is crucial for the

News ClaimsClaims Canada ArchiveInsurersLoss ControlLoss TrendsOntarioPersonal HomeProperty

Ontario budget highlights property flood risk

March 25, 2021 by Greg Meckbach

Insurers are applauding the Ontario government for its commitment to improve flood mapping and to provide more money for municipal water infrastructure, measures that the industry hopes will reduce the risk of water damage to insured properties. In a press

News ClaimsInsurersLegalLoss ControlLoss TrendsTechnology

COVID’s impact on insurance fraud

March 25, 2021 by Jason Contant

Fraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday. For example, some body shops are charging drivers extra cleaning

News ClaimsCommercialCyberInsurersLiabilityLoss TrendsOperationsPersonal AutoPersonal HomeProperty

OSFI results: The good, the bad, and the ugly for Canada’s P&C industry

March 25, 2021 by David Gambrill

COVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the